Five trillionaires expected within a decade, says Oxfam

The world is set to witness the emergence of five trillionaires within the next decade, according to Oxfam’s latest inequality report. This projection marks a shift from last year’s estimate that only one person would reach trillionaire status within the same period.

The report highlights the rapid accumulation of wealth among the richest individuals, driven by monopolistic market control and increasing influence over industries and politics. Elon Musk, Tesla and SpaceX CEO, leads the list of the world’s wealthiest with a net worth of $449 billion.

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Others expected to surpass $1 trillion include Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg, Oracle founder Larry Ellison, and LVMH chairman Bernard Arnault.

In 2024 alone, billionaire wealth grew by $2 trillion, equating to $5.7 billion daily, a rate three times faster than in 2023. Simultaneously, global poverty levels have remained largely unchanged since 1990, according to the World Bank.

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The Oxfam report also highlights wealth inheritance as a growing contributor to inequality. Over one-third of billionaire fortunes are inherited, with 2023 marking the first time more billionaires amassed wealth through inheritance than entrepreneurship. The report notes that most countries lack adequate inheritance taxation, further widening economic disparities.

Oxfam’s findings coincide with the annual World Economic Forum in Davos, where global leaders and billionaires gather. The report calls for governments to address inequality through progressive taxation, including a new UN-led global tax convention. It advocates for dismantling tax havens and ensuring corporations and the wealthiest individuals contribute fairly.