World's First Trillionaire Predicted Within a Decade
Davos, Switzerland — The world could have its first trillionaire within a decade, according to anti-poverty organization Oxfam International. The organization made this prediction in its annual assessment of global inequalities, which was released on Monday to coincide with the World Economic Forum held at the Swiss ski resort of Davos.
Oxfam has been working tirelessly for years to bring attention to the widening gap between the super-rich and the majority of the global population. However, the organization now claims that this gap has been "supercharged" since the outbreak of the coronavirus pandemic.
According to Oxfam, the fortunes of the five richest men in the world have seen a staggering increase of 114% in real terms since 2020, when the pandemic sent shockwaves across the globe. These billionaires include Tesla CEO Elon Musk, Bernard Arnault and his family of luxury company LVMH, Amazon founder Jeff Bezos, Oracle founder Larry Ellison, and investment guru Warren Buffett.
"We have witnessed the top five billionaires doubling their wealth, while nearly 5 billion people have become poorer," said Amitabh Behar in an interview held in Davos.
Oxfam Predicts Trillionaire in a Decade, While Poverty Persists for Over 200 Years
"Very soon, Oxfam predicts that we will have a trillionaire within a decade," a spokesperson from Oxfam stated. The term trillionaire refers to a person who possesses a thousand billion dollars. The spokesperson further emphasized that it would take more than 200 years to combat poverty effectively.
If someone does achieve the trillion-dollar milestone, it could be an individual who is currently not even on any list of the world's richest people. This hypothetical trillionaire would hold the same value as oil-rich Saudi Arabia.
Historically, John D. Rockefeller, known for his association with Standard Oil, is widely recognized as the world's first billionaire in 1916.
As of now, Elon Musk is considered the wealthiest individual globally, with a personal fortune estimated to be just under $250 billion, according to Oxfam's data sourced from Forbes.
Nearly 5 Billion People Impoverished Due to the Pandemic, Says Oxfam
Oxfam reports that almost 5 billion people worldwide have experienced increased poverty as a result of the COVID-19 pandemic. Many developing nations have been unable to provide the necessary financial support that wealthier nations could offer during lockdowns.
In February 2022, Russia's invasion of Ukraine caused a significant surge in energy and food costs, disproportionately affecting the poorest nations, according to Oxfam.
With Brazil hosting this year's Group of 20 (G20) summit in November, Oxfam believes it is an opportune time to raise awareness about global inequalities. Brazilian President Luiz Inacio Lula da Silva has prioritized issues concerning the developing world on the G20 agenda.
Oxfam Calls for Action to Address Global Wealth Inequality
Oxfam has proposed a series of measures to tackle global wealth inequality. The organization suggests implementing permanent taxation on the wealthiest individuals in every country, improving the taxation of large corporations, and intensifying efforts to combat tax avoidance.
According to Oxfam's analysis, the top five richest billionaires had a combined wealth of $869 billion in November 2023, as reported by Forbes. This represents a significant increase from $340 billion in March 2020, marking a nominal growth of 155%.
For the bottom 60% of the global population, Oxfam relied on data from the UBS Global Wealth Report 2023 and the Credit Suisse Global Wealth Databook 2019, which employed the same methodology.
