The wealthiest individuals have not been as wealthy as Elon Musk and Mark Zuckerberg before 2020: 10 startling findings from an Oxfam study

The wealthiest individuals have not been as wealthy as Elon Musk and Mark Zuckerberg before 2020: 10 startling findings from an Oxfam study

The wealthiest individuals have not been as wealthy as Elon Musk and Mark Zuckerberg before 2020: 10 startling findings from an Oxfam study

The world's five wealthiest people—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg—have quadrupled their wealth to $869 billion since 2020, according to an Oxfam research, while the 60% of the world's population living in poverty have seen their standard of living decline.

The World Economic Forum (WEF) in Davos released a study this week on charity that reveals the wealth of the world's elite increased to $869 billion last year from $405 billion in 2020.

The world's five wealthiest people—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg—have quadrupled their fortune to $869 billion since 2020, according to a new Oxfam analysis. However, according to Oxfam, 5 billion people, or the poorest 60% of the world's population, have gotten poorer over that same time.

The World Economic Forum (WEF) in Davos released a study this week on charity that reveals the wealth of the world's elite increased to $869 billion last year from $405 billion in 2020.

According to the Oxfam analysis, the world will probably see the emergence of its first trillionaire within the next ten years as the gap between the affluent and the poor continues to increase.

The research also issues a warning, stating that it would take an additional 229 years to eradicate poverty worldwide if present trends continue.

The Oxfam study also exhorts countries to reject the ultra-rich's sway over tax laws.

Ten conclusions from the Oxfam study are as follows: According to the study "Inequality Inc.", seven out of the ten biggest companies in the world have a billionaire as their CEO or significant shareholder, despite the fact that millions of workers' living standards remain stagnating globally.

According to Oxfam, the wealthiest people in the planet rose at a pace three times faster than inflation, making them $3.3 trillion (£2.6 trillion) wealthier in 2020 than they were in 2015.

-According to the Oxfam research, the aggregate fortune of the world's five wealthiest persons has climbed by $464 billion, or 114 percent: Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg.

- The 4.77 billion poorest individuals in the globe, or 60% of the overall population, had a real loss in their wealth of 0.2%.

The actual salaries of over 800 million workers have decreased on average across 52 nations. Over the last two years, these workers have lost a total of $1.5 trillion, or 25 days' worth of missed pay.

-Oxfam said that the most recent Gini index, which gauges inequality, revealed that the world's income disparity was now on par with that of South Africa, the nation with the highest level of inequality worldwide.

-Oxfam discovered that by June 2023, the 148 biggest companies in the world had produced $1.8 trillion in net profit, which was 52% greater than the average net profit for the years 2018–21.

59% of all global financial assets, including stocks, bonds, and shares as well as ownership holdings in privately held companies, are owned by the wealthiest 1% of people on the planet.

-Despite the various disasters that have destroyed the global economy since the beginning of this decade, including the COVID epidemic, billionaires are $3.3 billion wealthier now than they were in 2020.

-Oxfam argued that governments have given monopolies authority, enabling businesses to control what medications people may get, food costs, and pay provided to employees.