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Business News/ Companies / People/  Elon Musk, Bernard Arnault can stay afloat for astonishing 476 years even if they spend $1 million per day. Here's how
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Elon Musk, Bernard Arnault can stay afloat for astonishing 476 years even if they spend $1 million per day. Here's how

Oxfam report released earlier this month outlines the glaring inequality in the world with almost five billion people globally have become poorer during the same time period

Tesla Chief Executive Officer Elon Musk leaves a hotel in Beijing, China (REUTERS)Premium
Tesla Chief Executive Officer Elon Musk leaves a hotel in Beijing, China (REUTERS)

Since 2020, the five richest men in the world witnessed exponential growth in wealth and have doubled their fortunes as per a report by Oxfam International. The report released earlier this month outlines the glaring inequality in the world with almost five billion people globally have become poorer during the same time period.

Oxfam report said that the top five richest men in the world- Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg grew their income at the rate of $14 million per hour since 2020 and now have a combined net worth of $869 billion.

Putting the numbers in context, the report claimed that even if each of five individuals spends $1 million every day, it will take 476 years (on average) for their wealth to end. With $1 million spent daily, Elon Musk's wealth will take 673 years to exhaust while the time period is 459 years for Amazon founder Jeff Bezos.

First trillionaire in a decade

The Oxfam report claims that the world will get its first trillionaire (net worth of $1,000 billion) in a decade, but also mentions in the same line that it will take a whopping 230 years to eliminate poverty at current rates.

“A huge concentration of global corporate and monopoly power is exacerbating inequality economy-wide. Seven out of ten of the world’s biggest corporates have either a billionaire CEO or a billionaire as their principal shareholder. Through squeezing workers, dodging tax, privatizing the state, and spurring climate breakdown, corporations are driving inequality and acting in the service of delivering ever-greater wealth to their rich owners," the Oxfam report said.

“To end extreme inequality, governments must radically redistribute the power of billionaires and corporations back to ordinary people. A more equal world is possible if governments effectively regulate and reimagine the private sector," it added.

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Published: 30 Jan 2024, 09:01 PM IST
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