TOP 5 BILLIONAIRES' RICHES SOAR 114% SINCE 2020: STUDY

The amassed fortunes of the globe’s five wealthiest individuals have experienced a staggering surge, more than doubling to an astronomical $869 billion since the tumultuous year of 2020, as reported by the renowned anti-poverty organization Oxfam.

This revelation, disclosed in Oxfam’s comprehensive report titled “Inequality Inc.,” coincides with the annual congregation of business elites during the World Economic Forum (WEF) meeting in Davos, spanning from January 15 to 19.

The report sheds light on a concerning trend where billionaires are increasingly taking the reins, with either direct management or primary shareholder roles in seven out of the world’s ten largest companies.

Despite the world grappling with various crises, notably the far-reaching impact of the COVID-19 pandemic, billionaires globally have seen their collective wealth soar by an astonishing $3.3 trillion since 2020.

A specific focus of the report centres on the exponential rise in fortunes of the five wealthiest men on the planet: Elon Musk of Tesla, Bernard Arnault and his family associated with the luxury conglomerate LVMH, Jeff Bezos, the visionary founder of Amazon, Larry Ellison, the trailblazing founder of Oracle, and the venerable investment guru Warren Buffett. The combined wealth of these magnates has surged by an impressive 114% in real terms since the pandemicridden year of 2020.

Traditionally released just ahead of the Davos forum in the Swiss Alpine resort, Oxfam’s annual report on global inequality serves as a poignant reminder of the pressing need for economic reforms. Behar’s assertion underscores the imperative for a paradigm shift, questioning the prevailing narrative that seems to prioritize the super-rich within the capitalist structure.