World's top-5 richest increased their wealth 114% since 2020
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The world’s top-five richest people have posted a 114% surge in their collective net worths in over the last three years, Oxfam said Monday.
The wealth of Tesla CEO Elon Musk, LVMH CEO Bernard Arnault, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison and Berkshire Hathaway CEO Warren Buffett hit a collective $869 billion at the end of November, marking a $464 billion increase since early 2020, according to Oxfam.
Elon Musk, CEO of SpaceX and Tesla and owner of X, gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris on June 16, 2023. (REUTERS/Gonzalo Fuentes/File Photo / Reuters Photos)
The organization said its calculations factored in inflation.
Musk, Bezos, Ellison and Buffett, who all ranked highly on the Forbes 400 last year, received high scores for being self-made from the outlet. Bernard, who is French, has not received a score.
Jeff Bezos speaks during the Climate Week NYC Leaders’ Reception at PEAK at Hudson Yards on Sept. 20, 2021 in New York City. (Dimitrios Kambouris/Getty Images for Bezos Earth Fund / Getty Images)
NUMBER OF BILLIONAIRES WORLDWIDE FALLS, COLLECTIVE WEALTH DIPS
The world’s billionaires have all together added $3.3 trillion to their fortunes in three years, according to Oxfam, which suggested a trillionaire could emerge in the next 10 years «if current trends continue.»
The organization also said, citing Exerica data, it found nearly 150 of the companies with the biggest market capitalizations have together seen net profits totaling $1.8 trillion in a one-year time span ending in June of last year. They averaged profits about 52% lower than that
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