5 world’s richest men double fortunes while 5 bln people becoming poorer - Inequality report
Elon Musk is the richest men in the world (Getty Images)
The five richest people in the world - Elon Musk, Jeff Bezos, Warren Buffett, Bernard Arnault, and Larry Ellison - have obtained even more wealth lately, doubling their fortunes. Since 2020, their combined wealth has gone up by 114% to a total of $869 billion, adjusted for inflation, according to Oxfam’s annual inequality report, CNN and CNBC report.
Oxfam, a group that studies world inequality, shares its yearly report, stating that the gap between the rich and the poor has become even more noticeable over the recent decade.
Richest people in the world
Elon Musk (Getty Images)
Elon Musk, who owns companies like Tesla, SpaceX, and X, has seen his wealth go up a lot. Between March 2020 and November 2023, it increased by 737% to $245.5 billion. Other rich folks on the list are Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett.
Jeff Bezos (Getty Images)
Jeff Bezos, Amazon and Blue Origin owner, also stands as one of the wealthiest people, with a fortune totaling $167.4 billion. His fortune has grown by $32.7 billion since 2020. Recently, Bezos made a space journey, spending $5.5 billion.
Bernard Arnault (Getty Images)
Bernard Arnault, who is the chairman of the giant French luxury goods company LVMH, along with his family, experienced a substantial increase in their net worth, reaching $191.3 billion. It is a remarkable growth of 111%.
Warren Buffett (Getty Images)
American investor Warren Buffett's fortune has increased from $405 billion in March 2020 to $869 billion in November 2023. His charity fund, the Chronicle of Philanthropy, listed the largest donations in 2023, totaling more than $3.5 billion.
Larry Ellison (Getty Images)
The list also includes Larry Ellison, a co-founder of the Oracle software company, whose estimated fortune is $130 billion. He is also known for owning 98% of the sixth-largest island in the Hawaiian Islands, Lānaʻi.
The first woman to accumulate a remarkable wealth of $100 billion is the L’Oréal heiress and entrepreneur Françoise Bettencourt Meyers. 70-year-old heiress of the family business made it to the 12th richest person in the world.
Overall, all billionaires together have become $3.3 trillion richer since 2020, growing three times faster than the normal cost of living. In the United States, billionaires got $1.6 trillion richer. Oxfam's report also says that big companies are making huge profits. Seven out of every ten big public companies have a billionaire as their boss or main owner.
Even more people becoming poorer
At the same time, almost 5 billion people worldwide are becoming poorer. The main issues the people face are rising prices, wars, and problems caused by climate change. Based on nowadays trends, it would take almost 230 years to end poverty, while the world may soon get the first person with a trillion dollars in ten years.
"A more equal world is possible if governments effectively regulate and reimagine the private sector," the report notes, suggesting breaking up big companies, supporting workers, taxing huge company profits, and investing in humanitarian aid.
This report comes out around the time when rich and powerful people gather at a meeting in Davos, Switzerland. The meeting is called the World Economic Forum, and it brings together some of the wealthiest people and world leaders.
