World to have 5 trillionaires in next decade: forecast

Within the next decade there will be at least five trillionaires, surpassing last year’s prediction that the first trillionaire will be made within that time frame, according to the latest inequality report by Oxfam.

“This ever-growing concentration of wealth is enabled by a monopolistic concentration of power, with billionaires increasingly exerting influence over industries and public opinion,” the report said.

Elon Musk, CEO of electric car maker Tesla, is now the world’s richest individual with a net worth of $449 billion, according to the Bloomberg Billionaires Index.

He is followed by Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg, Oracle founder Larry Ellison and LVHM chairman Bernard Arnault.

The Oxfam report also pointed out that billionaire wealth grew by $2 trillion in 2024 alone, equivalent to roughly $5.7 billion a day, at a rate three times faster than the year before.

Meanwhile, the number of people living in poverty has barely changed since 1990, according to World Bank data.

“The capture of our global economy by a privileged few has reached heights once considered unimaginable,” said Oxfam International Executive Director Amitabh Behar.

The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated, but so too has their power, he added.

Oxfam calls on governments to make moves to reduce inequality by ensuring that the incomes of the top 10% are no higher than the bottom 40%.

Global tax policy should fall under a new UN tax convention, ensuring the richest people and corporations pay their fair share, it said, adding that tax havens must be abolished.