World's Five Richest Men Double Wealth Since 2020, Oxfam Warns

Report Predicts First Trillionaire Within a Decade Amid Growing Global Inequality

The world's five richest men have more than doubled their wealth since 2020, while nearly five billion people worldwide have grown poorer, according to a report by Oxfam.
The wealth of the five richest individuals, including Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett, rose from $405 billion in 2020 to $869 billion in 2023.
Oxfam's report warns that if current trends continue, the world could see its first trillionaire within the next decade, while efforts to eradicate poverty could take an additional 229 years.
The report also highlights the increasing power of corporations, with seven out of the ten largest publicly listed corporations having a billionaire CEO or a billionaire principal shareholder.
To address the growing wealth inequality, Oxfam calls for measures such as breaking up monopolies, capping CEO pay, and introducing new taxes on permanent wealth and excess profits.