Since 2020, the world’s richest men doubled their wealth, while 5 billion people became poorer

The wealth of the world’s wealthiest individuals, including Elon Musk, Jeff Bezos, and Bernard Arnault, has more than doubled since 2020, as highlighted in Oxfam’s annual report on inequality. Meanwhile, the collective wealth of the poorest five billion people has declined.

The fortunes of the top five individuals surged by 114% to reach $869 billion, expanding at a rate three times faster than inflation. In stark contrast, the wealth of the poorest five billion, constituting 60% of the global population, experienced a 0.2% decrease in real terms.

The report raises concerns that if present trends persist, the world may witness its first trillionaire within the next decade, yet it could take an additional 229 years to eradicate poverty. Oxfam emphasizes corporate power as a significant driver of inequality, pointing to practices such as worker exploitation, shareholder benefits, tax avoidance, and state privatization.

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