A corner of Davos, Switzerland. Photo: BloombergThe world is projected to have 'thousands of billionaires' within the next 10 years, according to a new report by the non-governmental organization Oxfam, published on January 15.
This prediction was made in Oxfam's annual inequality report. The term 'thousand billionaires' refers to individuals owning billions of USD. Oxfam highlighted that since 2020, the wealth of the world's five wealthiest individuals has doubled, while the wealth of approximately 5 billion people, roughly 60% of the world's population, has decreased. Currently, billionaire Elon Musk holds the title of the world's richest person, with a personal wealth of nearly $250 billion USD.
Oxfam assessed that the wealth growth of the five billionaires—Bernard Arnault and family, Jeff Bezos, Warren Buffett, Larry Ellison, and Elon Musk—can now be measured in millions of dollars per hour. Their combined wealth has surged from $405 billion USD to $869 billion USD since 2020, at a rate of $14 million USD per hour.
As an example, billionaire Jeff Bezos' wealth has increased by $32.7 billion USD since 2020, reaching $167.4 billion USD.
According to the report, the three main factors contributing to a challenging start to this decade for the majority of the world's population are significant conflicts, climate change, and the COVID-19 pandemic.
Oxfam's calculations are based on Forbes' "Real-Time Billionaires" list and the Global Wealth Report 2023 from UBS bank.
Amitabh Behar, Oxfam's interim executive director, stated that the report reveals the world entering a "decade of divergence." In an interview at the World Economic Forum (WEF) in Davos, Switzerland, he commented, "We have the top five billionaires, they have doubled their wealth. On the other hand, nearly 5 billion people have become poorer."
He added, "Oxfam predicts that we will have a trillionaire within 10 years. To combat poverty, we would need more than 200 years."
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