Warning Cookies are used on this site to provide the best user experience. If you continue, we assume that you agree to receive cookies from this site. OK

The wealth of the world’s five richest men more than doubled since 2020

today 01/15/2024
The five richest individuals in the world, including Jeff Bezos, Warren Buffett, Bernard Arnault, Larry Ellison, and Elon Musk, have experienced significant increases in their wealth in recent years. According to Oxfam's annual inequality report, their combined net worth has risen by 114% to $869 billion since 2020, even after adjusting for inflation. If this trend continues, the world could see its first trillionaire within the next decade. Meanwhile, nearly 5 billion people worldwide have become poorer due to issues such as inflation, war, and the climate crisis. At the current pace, it would take approximately 230 years to eradicate poverty. Oxfam's report, which relies on data from Forbes, coincides with the start of the World Economic Forum meeting in Davos, Switzerland, attended by some of the world's wealthiest individuals and leaders. Despite the increasing inequality, there have been some positive developments, such as workers asserting their rights through strikes and negotiations, as well as governments implementing policies to protect workers' rights. Oxfam's director of economic and racial justice, Nabil Ahmed, suggests that cracks are starting to appear in the current wealth disparity. The report also highlights the rising fortunes of specific individuals, with Elon Musk experiencing the most significant increase in wealth, followed by Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett. Overall, billionaires' wealth has grown by $3.3 trillion since 2020, outpacing inflation by three times. The report also emphasizes the influence of corporate power on wealth accumulation, with seven out of 10 of the world's largest public companies having billionaire CEOs or principal shareholders who contribute to the growing wealth disparity. The top 1% holds 43% of the world's financial assets, with higher percentages in regions such as Asia, the Middle East, and Europe. Oxfam points out that 148 of the largest corporations earned nearly $1.8 trillion in profits in the past year, exceeding their average earnings from 2018 to 2021. Oxfam specifically mentions the oil and gas industry, pharmaceutical companies, and the financial sector as contributors to this profit surge. The organization calls on governments to intervene and address these issues by breaking up monopolies, empowering workers, taxing corporate profits, and investing in public goods and services.
Stay Connected
Подпишитесь на нашу рассылку и получайте информацию о выходе новых статей, информацию об эксклюзивных скидках и другое
Или же подпишитесь на наш Telegram, чтоб всегда быть в курсе наших новостей.

Recent posts


Nvidia's market value briefly catapults to $2 trillion

Nvidia displayed its processor and superchips at the COMPUTEX forum in Taipei, Taiwan on May 29, 2023. The company's market value reached $2 trillion, following impressive earnings that excited investors. Despite a slight dip in stock value later in the day, Nvidia added $273 billion to its market cap in one day, a record-breaking increase. Only a few companies, such as Apple and Microsoft, have achieved a $2 trillion market cap. Nvidia's success in the AI space has propelled its rapid growth, making it a key player on Wall Street.

Reddit hasn't turned a profit in nearly 20 years, but it just filed to go public anyway

Reddit, a popular message board site with a dedicated online user base, has filed for its long-awaited initial public offering. This move would make Reddit the first major social media company to go public since Snapchat in 2017. Reddit is offering some of its top users the opportunity to buy shares in the IPO, a unique twist typically reserved for institutional investors. The company plans to list on the New York Stock Exchange under the ticker symbol "RDDT." Reddit aims to grow its business through advertising, e-commerce offerings, and licensing its data to other companies. The platform, known for its unique discussion forums called "subreddits," has seen significant growth and occasional controversy in its 18 years of operation. Despite not yet being profitable, Reddit seeks to expand its revenue streams and engage more with its user community.

Florida House passes legislation that would prohibit kids under 16 from having certain social media accounts

The Florida House passed a bill that would prohibit children under 16 from having social media accounts on certain platforms. The bill now goes to Governor Ron DeSantis for approval. DeSantis has expressed support for parents having a role in deciding their children's social media access. The bill defines social media platforms that would be affected and was filed in January, but its future is uncertain due to legal challenges in other states.

Japan'€™s Nikkei 225 surpasses all-time high reached in 1989

Pedestrians in Tokyo observed a surge in the value of shares on Japan's Nikkei 225 on February 22, 2024. The Nikkei 225 surpassed its all-time peak during trading, briefly reaching 39,029, exceeding the previous record set in 1989. The rally was driven by a rise in chip stocks, particularly after US chipmaker Nvidia reported strong earnings. The market had a successful year in 2023, with the Nikkei up 28%, and so far in 2024, the index has jumped 17%. The weak yen is a key factor in driving the stock market up, benefiting Japanese exporters and making shares cheaper for foreign investors. Demand for AI is also boosting the outlook for Japanese technology companies. To sustain the rally, Japan will need to deepen its corporate governance reforms to enhance shareholder returns.