Oxfam's annual Inequality Report released yesterday shows that the wealth of Jeff Bezos, Larry Ellison, Elon Musk, Warren Buffett and Bernard Arnault, the five richest people on the planet, has more than doubled over the past three years.
Publish dateMonday 15 January 2024 - 16:17
Story Code : 284262
Afghan Voice Agency (AVA): Jeff Bezos, Larry Erison, Elon Musk, Warren Buffett and Bernard Arnault, five of the richest people on the planet, have become much richer in recent years.
According to CNN, Oxfam's annual inequality report, which was published on Sunday, 24 January, shows that since 2020, the net worth of these billionaires has increased by 114% after taking inflation into account, reaching a total of $869 billion.
According to this report, the increase in the wealth of these people is while nearly five billion people around the world have become poorer and are struggling with problems such as inflation, war and climate change crisis. Thus, based on the current trajectory, it is estimated that it will take nearly 230 years to eradicate poverty.
This report, based on data collected by Forbes, was published at the same time as the annual meeting of the World Economic Forum in Davos, Switzerland.
"Although inequality is increasing, there are bright spots," said Nabil Ahmed, director of racial and economic justice at Oxfam America. Workers have increased their power through strikes and contracts that improve working conditions and compensation. Some governments have also been with them and are promoting policies with the aim of strengthening workers' rights.
Elon Musk, who runs several companies including Tesla and SpaceX, has been a big winner in recent years. At the end of November, his wealth increased to 245.5 billion dollars, which was 737% more than in March 2020.
The net worth of French luxury goods manufacturer Bernard Arnault and his family reached $191.3 billion, an increase of 111 percent.
Jeff Bezos, the founder of Amazon, recorded a fortune of 167.4 billion dollars, which has increased by 24%.
The fortune of Larry Ellison, the founder of Oracle, has also reached 145.5 billion dollars, which has increased by 107%.
Warren Buffett's net worth, the CEO of Berkshire Hathaway, also increased by 48% to 119.2 billion dollars, making him the fifth richest person in the world.
According to Oxfam, billionaires have seen their wealth grow by $3.3 trillion overall, or 34 percent, since 2020, and their wealth has grown three times faster than the rate of inflation. Meanwhile, America's billionaires, many of whom made their fortunes from rising stock prices in the companies they lead, are $1.6 trillion richer.
In this year's report, Oxfam argues that some businesses make huge profits that help boost the wealth of the rich; So that out of every 10 largest companies in the world, seven companies have a billionaire CEO or a billionaire as the main shareholder.
According to this organization, about 148 of the world's largest companies earned nearly $1.8 trillion in profits in the 12 months ending June 2023, which is 52.5 percent more than the average between 2018 and 2021.
Oxfam considered the oil and gas industry, pharmaceutical companies and the financial sector to be institutions that have earned higher profits in the last one or two years than the average of the previous years. In view of this issue, Nabil Ahmed, director of economic and racial justice of Oxfam America, urged governments to act in this field and warned: "The role of monopoly power in the redistribution of wealth in the hands of billionaires should not be ignored."
According to CNN, Oxfam's annual inequality report, which was published on Sunday, 24 January, shows that since 2020, the net worth of these billionaires has increased by 114% after taking inflation into account, reaching a total of $869 billion.
According to this report, the increase in the wealth of these people is while nearly five billion people around the world have become poorer and are struggling with problems such as inflation, war and climate change crisis. Thus, based on the current trajectory, it is estimated that it will take nearly 230 years to eradicate poverty.
This report, based on data collected by Forbes, was published at the same time as the annual meeting of the World Economic Forum in Davos, Switzerland.
"Although inequality is increasing, there are bright spots," said Nabil Ahmed, director of racial and economic justice at Oxfam America. Workers have increased their power through strikes and contracts that improve working conditions and compensation. Some governments have also been with them and are promoting policies with the aim of strengthening workers' rights.
Elon Musk, who runs several companies including Tesla and SpaceX, has been a big winner in recent years. At the end of November, his wealth increased to 245.5 billion dollars, which was 737% more than in March 2020.
The net worth of French luxury goods manufacturer Bernard Arnault and his family reached $191.3 billion, an increase of 111 percent.
Jeff Bezos, the founder of Amazon, recorded a fortune of 167.4 billion dollars, which has increased by 24%.
The fortune of Larry Ellison, the founder of Oracle, has also reached 145.5 billion dollars, which has increased by 107%.
Warren Buffett's net worth, the CEO of Berkshire Hathaway, also increased by 48% to 119.2 billion dollars, making him the fifth richest person in the world.
According to Oxfam, billionaires have seen their wealth grow by $3.3 trillion overall, or 34 percent, since 2020, and their wealth has grown three times faster than the rate of inflation. Meanwhile, America's billionaires, many of whom made their fortunes from rising stock prices in the companies they lead, are $1.6 trillion richer.
In this year's report, Oxfam argues that some businesses make huge profits that help boost the wealth of the rich; So that out of every 10 largest companies in the world, seven companies have a billionaire CEO or a billionaire as the main shareholder.
According to this organization, about 148 of the world's largest companies earned nearly $1.8 trillion in profits in the 12 months ending June 2023, which is 52.5 percent more than the average between 2018 and 2021.
Oxfam considered the oil and gas industry, pharmaceutical companies and the financial sector to be institutions that have earned higher profits in the last one or two years than the average of the previous years. In view of this issue, Nabil Ahmed, director of economic and racial justice of Oxfam America, urged governments to act in this field and warned: "The role of monopoly power in the redistribution of wealth in the hands of billionaires should not be ignored."
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