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Oxfam announced on Monday that the combined net worth of the world's top five richest people has increased by 114% over the past three years.
Tesla CEO Elon Musk, LVMH CEO Bernard Arnault, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison, and Berkshire Hathaway's Warren Buffett were worth a combined $869 billion at the end of November. , an increase of $464 billion since the beginning of 2020. According to Oxfam.
Elon Musk, CEO of SpaceX and Tesla and owner of Company X, attends the Viva Technology Center dedicated to innovation and startups held at the Porte de Versailles exhibition center in Paris on June 16, 2023. Attend a conference and make gestures. (Reuters/Gonzalo Fuentes/File Photo/Reuters Photo)
The group said its calculations factored in inflation.
Musk, Bezos, Ellison and Buffett, who ranked high on last year's Forbes 400, received high scores on their own from the outlet. Frenchman Bernard has not scored any points.
Jeff Bezos speaks at the Climate Week NYC Leaders Reception at PEAK at Hudson Yards on September 20, 2021 in New York City. (Dimitrios Cambris/Getty Images for Bezos Earth Fund/Getty Images)
The number of billionaires in the world is decreasing, and collective wealth is decreasing.
According to Oxfam, the world's billionaires have collectively increased their wealth by $3.3 trillion over three years, and “if current trends continue” there could be trillionaires within the next 10 years. He suggested that there was.
The group also cited data from Exerica that found nearly 150 companies by market capitalization totaled $1.8 trillion in net profits in the year to June last year. According to Oxfam, average profits fell by around 52% from 2018 to 2021.
From left to right: Jeff Bezos, Bernard Arnault, Elon Musk. (Annegret Hilse / SVEN SIMON Reuters | Nathan Laine/Bloomberg | Photo by Britta Pedersen-Pool / Getty Images)
Meanwhile, around 4.8 billion people have seen their total wealth decline since the start of the coronavirus pandemic, according to Oxfam.
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According to the organization, it will take 229 years to bring the world's population below the poverty line of $6.85 per day.
Oxfam published the findings in its wider Inequality Inc report, calling on governments to “quickly and radically reduce the gap between the ultra-rich and the rest of society” through a range of measures.
“Every company has a responsibility to act, but very few are doing so,” said Amitabh Behar, interim executive director of Oxfam International. “Governments should step up.”
Oxfam has previously published similar reports before and after the World Economic Forum (WEF) annual meeting in Davos, Switzerland. For example, last year's report found that the richest 1% “received nearly two-thirds of the $42 trillion worth of new wealth created since 2020.”
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The WEF announced last week that it expected around 1,600 business leaders and more than 300 politicians and others to attend its five-day 2024 annual meeting, which opens on Monday.
