The Oxfam analysis also revealed that the world could see its first trillionaire within the next decade.
The Oxfam report released earlier this month highlighted the inequality that exists in the world and how the rich have doubled their fortunes since 2020. Titled ‘Inequality Inc’, the report said that Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg grew their wealth at an alarming rate of $14 million per hour in the said timeframe and are now worth a combined $869 billion. It also said that despite the growth in the fortunes of the world’s richest men, five billion people have plunged into poverty.
Another interesting fact revealed by the Oxfam report was that if each of the five wealthiest men were to spend a million US dollars daily, they would take 476 years (on an average) to exhaust their combined wealth.
According to the calculation (though official methodology is not given), if Mr Musk were to spend $1 million every day, it would take an astonishing 673 years for him to exhaust his wealth. On the other hand, Jeff Bezos will exhaust his fortune in 459 years if he spends at same rate.
Oxfam further said that men globally own $105 trillion more wealth than women, and raised concern that the world’s richest one per cent own 43 per cent of all global financial assets.
The Oxfam analysis also revealed that the world could see its first trillionaire within the next decade. The charity added that ending poverty – the target for which is 2030 under the UN Sustainable Development Goals – may not be possible for another 229 years.
When the report was released, the Tesla CEO was the world’s richest man with a wealth of $226.6 billion. But earlier this week, he was dethroned from the top spot by Bernard Arnault, chairman and CEO of Moet Hennessy Louis Vuitton (LVMH). As per Forbes, the net worth of the French billionaire and his family grew to $207.6 billion after a $23.6 billion increase.
This is more than the Tesla CEO’s $204.7 billion net worth, which dropped 13 per cent with Mr Musk losing more than $18 billion.
