Research shows: Since 2020, the wealth of the world's top five richest people has doubled

According to data released by the international charity organization Oxfam on the 15th, the latest annual global inequality report pointed out that as of January 16, 2021, the total net worth of the five richest people in the world has increased after accounting for inflation. An increase of 114%, reaching a total of US$869 billion (approximately 6.24 trillion yuan). This data reveals the unequal status of global wealth distribution. The wealth of the wealthy group has accumulated rapidly, while the wealth of the broad masses of the people has grown relatively slowly. The report once again raised concerns about the unfair distribution of wealth and called for a more equitable and sustainable economic development.

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A report revealed that the total net worth of the world’s top five richest people increased from 405 billion in March 2020 The U.S. dollar surged to $869 billion in November 2023, more than doubling. These rich people include Tesla CEO Elon Musk, LVMH giant Bernard Arnault and his family, Amazon founder Jeff Bezos, Oracle founder Larry Ellison and investment giant Warren Buffett. The report points out that the global gap between rich and poor continues to worsen and calls on governments to restrict corporate power and narrow the gap between the rich and ordinary people.

The report found that seven of the world’s top ten companies have billionaires as CEOs or major shareholders. The richest 1% of the world's population own 43% of the world's financial assets, including listed stocks, bonds and private company shares.

Oxfam warns that if current trends continue, the world will have its first trillionaire within 10 years, but it will take 229 years to eradicate poverty.

The charity pointed out that before June 2023, the net profits of 148 large companies around the world had increased by 52% year-on-year, much higher than the average profit level from 2018 to 2021. In the year to June 2023, the net profits of these companies increased by 52%. This figure shows that in the context of global economic recovery, the profit growth of large enterprises is very impressive.

Oxfam interim chief executive Alema Shifji noted that extreme poverty in the poorest countries is worse than before the epidemic, while a small group of super-rich compete to become the leader of the next decade. The world's first trillionaire.

Oxfam calls on governments to take measures, such as breaking up monopolies, limiting CEO pay, and imposing new taxes on huge wealth and excess profits, to reduce the inequality caused by corporate power to society. These measures can help narrow the gap between the rich and ordinary people and avoid further exacerbating the concentration of wealth and the polarization between rich and poor.

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