"Net Worth of the World's Five Richest Men More Than Doubled Since 2020"

The net worth of the world's five wealthiest men has more than doubled since 2020 The fortunes of these uber-wealthy individuals have skyrocketed by 114% since 2020, totalling a staggering $869 billion after adjusting for inflation, according to Oxfam's annual inequality report. If the current trends persist, the world might witness its first trillionaire within a decade. The planet's five most affluent individuals have significantly increased their wealth in recent years. From 2020 onwards, their net worth has jumped an impressive 114% to a combined $869 billion total, even after accounting for inflation, as highlighted in Oxfam's annual report on inequality released this Sunday. If these trends continue, we may witness the birth of the world's first trillionaire in the ensuing decade. At the same time, nearly 5 billion people worldwide have sunk deeper into poverty, grappling with inflation, conflict, and climate change. Under the current trajectory, it would take nearly 230 years to eradicate poverty. The report, drawing on data gathered by Forbes, is timed to coincide with the commencement of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the world's wealthiest individuals and global leaders. Even as inequality is rising, there are some encouraging signs, says Nabil Ahmed, director of economic and racial justice at Oxfam America. Workers have been flexing their muscle through strikes and agreements to enhance their compensation and working conditions. Moreover, some governments have been supportive, pushing policies geared towards strengthening workers' rights. "We stand at the threshold of a new Gilded Age, but workers, regulators, and union and community organizers are starting to chip away at it," Ahmed concluded. Elon Musk, the entrepreneur behind multiple businesses such as Tesla and SpaceX, has seen the biggest gains in recent years. His wealth surged to $245.5 billion at the end of November, a massive 737% growth since March 2020, taking inflation into account. Bernard Arnault, the chairman of French luxury brand behemoth LVMH, and his family boasted a net worth of $191.3 billion, a 111% increment. Amazon founder Jeff Bezos held a fortune worth $167.4 billion, marking a 24% increase; while Oracle founder Larry Ellison's wealth rose to $145.5 billion, a 107% boost. Rounding out the list of the five richest people was Berkshire Hathaway's CEO, Warren Buffett, whose net worth grew by 48% to $119.2 billion. In general, billionaires have watched their wealth grow by $3.3 trillion, a 34% growth, since 2020, and their fortunes expanded three times faster than the rate of inflation, according to Oxfam. America's billionaires, many of whom derive their wealth from the equity in the businesses they run, are richer by $1.6 trillion.