It's amazing that Elon Musk and Bernard Arnault, despite spending $1 million a day, can live for 476 years. In this manner

It's amazing that Elon Musk and Bernard Arnault, despite spending $1 million a day, can live for 476 years. In this manner

According to an Oxfam study that was published earlier this month, there has been a staggering increase in global inequality, with over five billion people falling into poverty during that time.

As to an Oxfam International analysis, the wealthiest five people globally have seen a significant increase in wealth and a twofold increase in fortune since 2020. The shocking disparity in the globe is highlighted in the study, which was issued earlier this month. Almost five billion people have fallen into poverty worldwide during that time.

According to an Oxfam research, the five wealthiest persons in the world, Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, as well as Mark Zuckerberg, have increased their net worth and income at a pace of $14,000 per hour since 2020. It costs $869. Arab.

To put the numbers in perspective, the paper states that it would take (on average) 476 years for the wealth of one in five individuals to be consumed, even if they spent $1 million every day. Elon Musk would need 673 years to spend $1 million a day to exhaust his riches, but Jeff Bezos, the founder of Amazon, will need 459 years.

In a decade, the first trillionaire

According to the Oxfam study, the world will see its first trillionaire—someone with a net worth of $1 trillion—within ten years, but it also notes that, at present rates, poverty would take 230 years to eradicate.

The consolidation of corporate and monopolistic power on a worldwide scale is leading to a rise in economic inequality. Either a billionaire CEO or a billionaire is the top shareholder in seven of the ten largest companies in the world. According to the Oxfam research, companies are contributing to rising inequality and making their affluent owners even wealthier than before by exploiting workers, dodging taxes, privatizing government services, and accelerating climate change. Are.

Governments must return common people's authority from companies and billionaires in order to eradicate severe inequality. If governments properly control and rethink the private sector, a more equitable society may be achieved."