World may have its first trillionaire in next decade if inequality worsens. Here's a list of probables
livemint.comThe Time Magazine, ending poverty – the target for which is 2030 under the UN Sustainable Development Goals – may not be possible for another 229 years. The report mentioned that the world got its first billionaire John D Rockefeller in 1916, when he achieved the status largely through his ownership of Standard Oil. ALSO READ: Davos 2024: Oxfam asks governments to control corporate power, break up monopolies as WEF heads for annual summit Following this, the concern over systemic exploitation lurking behind the widening wealth gap due to the rise of ultra-rich people began.
However, the gap between the rich and the poor has only widened despite criticism. In the Oxfam report, it was said that since 2020, the world's five richest people have more than doubled their wealth. It included the names of Tesla CEO Elon Musk, LVMH owner Bernard Arnault, Amazon founder Jeff Bezos, Oracle founder Larry Ellison and investor Warren Buffett.
With Oxfam naming the five billionaires, media outlets across the globe – Fortune and USA Today – are claiming that one of them could reach trillionaire status. According to Forbes' real-time rankings released on Wednesday, Musk is on top with a wealth of $226.6 billion, followed by Bernard Arnault and his family at $175.1 billion, Jeff Bezos with $173.6 billion, Larry Ellison with $134.9 billion and Warren buffet with $119.5 billion. The report by Oxfam even noted that the disparity has been 'supercharged' since the pandemic and meant that billionaires are $3.3 billion richer than in 2020.
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