The world’s five richest men own a combined wealth of $869 billion. According to Oxfam’s annual inequality report, their net worth increased by 114% since the COVID-19 pandemic.
The report usually coincides with the annual World Economic Forum meeting held in Davos, Switzerland. There, some of the world’s richest people and world leaders gather.
The report indicated that almost 5 billion people across the world have become poorer since the pandemic as they deal with the climate crisis, war and inflation. According to the stats, it would take about 230 years for the world to eliminate poverty based on the current figures.
Nabil Ahmed, Oxfam America’s director of economic and racial justice, said there might be some light at the end of the tunnel.
“We find ourselves in a new Gilded Age, but workers, regulators and union and community organisers are starting to make cracks in it.”
This is visible in strikes and deals by workers that improve their compensation and working conditions.
The top five richest people in the world are Elon Musk, owner of Tesla, SpaceX and X; Bernard Arnault, chairman of LVMH the French luxury goods company; Amazon founder Jeff Bezos; Larry Ellison who founded Oracle; and Berkshire Hathaway CEO Warren Buffet.
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