Oxfam International, in its annual assessment of global inequalities presented at the World Economic Forum in Davos, predicts that the world could witness its first trillionaire within a decade.
The organization emphasizes the widening wealth gap, which it claims has been “supercharged” by the COVID-19 pandemic. The fortunes of the top five billionaires—Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett—have reportedly surged by 114% in real terms since 2020. Oxfam’s interim executive director, Amitabh Behar, warns of a “decade of division,” highlighting that while the top five billionaires doubled their wealth, almost 5 billion people have become poorer. Behar predicts the emergence of a trillionaire within a decade, emphasizing the urgency to address poverty, which would require more than 200 years.
The current richest person, Elon Musk, is valued at just under $250 billion, with Oxfam suggesting that he could potentially double his fortune to $500 billion by 2029 and reach $1 trillion by 2034. In contrast, nearly 5 billion people have seen a decline in their economic conditions since the pandemic, especially in developing nations lacking the financial resources to support their populations during lockdowns. Oxfam points out that Russia’s invasion of Ukraine in 2022 further exacerbated the situation by causing a surge in energy and food costs, disproportionately affecting the poorest nations.
Oxfam advocates for an “inequality-busting” agenda, proposing permanent taxation of the wealthiest individuals in every country, more effective taxation of large corporations, and intensified efforts against tax avoidance. The organization’s call for action coincides with Brazil hosting the Group of 20 summit, providing an opportune moment to address global inequalities. Oxfam calculates that the combined wealth of the top five billionaires reached $869 billion in November 2023, marking a nominal increase of 155% since March 2020. The organization uses figures from Forbes and the UBS Global Wealth Report 2023 and Credit Suisse Global Wealth Databook 2019 for its assessment.
