The world‘s richest people have seen their fortunes skyrocket in recent years, according to a new report by Oxfam. The net worth of the five richest billionaires has soared 114% to a total of US$869 billion since 2020, after taking inflation into account. This comes at a time when nearly 5 billion people around the world have become poorer and are facing various challenges, including inflation, war, and the climate crisis.
The report, based on data compiled by Forbes, has been published to coincide with the start of the World Economic Forum’s annual meeting in Davos, Switzerland. The report points out that while inequality is increasing, there are some bright spots. Workers around the world are showing their strength through strikes and agreements that improve their compensation and working conditions. Additionally, there are governments promoting policies aimed at strengthening workers’ rights.
Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett are the top five billionaires whose wealth has seen significant growth in recent years. Elon Musk leads with a fortune of $245.5 billion, up 737% from March 2020. The overall wealth of billionaires has grown by $3.3 trillion, three times faster than the rate of inflation.
Oxfam’s report also highlights the role of corporate power in contributing to the wealth of the rich. Seven in 10 of the world‘s largest companies have a billionaire CEO or a billionaire as a major shareholder. The richest 1% own 43% of the world‘s financial assets, and some 148 of the world‘s largest corporations made almost $1.8 trillion in profits in the 12 months to June 2023.
Oxfam is urging governments to intervene to curb runaway corporate power and inequality, prioritize fair market practices, and invest in public goods and services. According to the report, public power can help in dismantling monopolies, empowering workers, and ensuring fair taxation of corporate profits.