Musk and Zuckerberg's wealth doubles, poorest got poorer since 2020: Oxfam Report

In a recent Oxfam report, it's revealed that the fortunes of the world's five wealthiest individuals—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg—have reportedly doubled to 869 billion dollars since 2020. However, within the same period world's poorest 60%, which account for 5 billion people, became poorer. Released as global elites convene at the World Economic Forum in Davos, the charity's report highlights that the combined wealth of these five billionaires surged from 405 billion dollars in 2020 to 869 billion dollars in the past year.

The report goes on to caution that this growing wealth gap might pave the way for the world's first trillionaire within the next decade, underscoring the pressing need to address economic inequality globally.

The Oxfam report predicts a widening wealth gap, foreseeing the world's first trillionaire emerging within a decade. Additionally, the report grimly warns that global poverty will persist for another 229 years if current economic trends persist.

Here are key highlights from the Oxfam report, titled "Inequality Inc.":

Seven out of 10 of the world’s largest corporations have a billionaire as CEO or principal shareholder, despite stagnation in living standards for millions of workers worldwide.

Oxfam reveals that the world’s billionaires collectively became $3.3 trillion (£2.6 trillion) richer than in 2020, growing their wealth three times faster than the rate of inflation.

The combined wealth of the top five richest individuals—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg—increased by $464 billion, marking a staggering 114% rise.

The total wealth of the poorest 60% of the global population, comprising 4.77 billion people, has declined by 0.2% in real terms.

Across 52 countries, the average real wages of nearly 800 million workers have fallen, resulting in a collective loss of $1.5 trillion over the past two years—equivalent to 25 days of lost wages for each worker.

The most recent Gini index, measuring inequality, indicates that global income inequality is now comparable to that of South Africa, the country with the highest inequality globally.

The 148 largest corporations worldwide saw a 52% jump in total net profits to $1.8 trillion in the year ending June 2023, compared with average net profits in 2018-21.

The world’s richest 1% own 59% of all global financial assets, including stocks, shares, bonds, and stakes in privately held businesses.

Despite numerous economic crises, including the Covid pandemic, billionaires are $3.3 billion richer than they were in 2020.

Oxfam points out that states have relinquished power to monopolies, enabling corporations to influence wages, food prices, and individuals' access to medicines.