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Business News/ Companies / People/  World may have its first trillionaire in next decade if inequality worsens. Here's a list of probables
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World may have its first trillionaire in next decade if inequality worsens. Here's a list of probables

According to an Oxfam report, ending poverty – the target for which is 2030 under the UN Sustainable Development Goals – may not be possible for another 229 years.

FILE PHOTO: Tesla Motors CEO Elon Musk REUTERS/Brian Snyder (REUTERS)Premium
FILE PHOTO: Tesla Motors CEO Elon Musk REUTERS/Brian Snyder (REUTERS)

The first trillionaire of the world may appear in the next decade, UK-based non-profit Oxfam International said in its published assessment of global inequalities this week, named 'Inequality Inc'.

According to the Oxfam report, cited by The Time Magazine, ending poverty – the target for which is 2030 under the UN Sustainable Development Goals – may not be possible for another 229 years.

The report mentioned that the world got its first billionaire John D Rockefeller in 1916, when he achieved the status largely through his ownership of Standard Oil.

ALSO READ: Davos 2024: Oxfam asks governments to control corporate power, break up monopolies as WEF heads for annual summit

Following this, the concern over systemic exploitation lurking behind the widening wealth gap due to the rise of ultra-rich people began. However, the gap between the rich and the poor has only widened despite criticism.

In the Oxfam report, it was said that since 2020, the world's five richest people have more than doubled their wealth. It included the names of Tesla CEO Elon Musk, LVMH owner Bernard Arnault, Amazon founder Jeff Bezos, Oracle founder Larry Ellison and investor Warren Buffett.

With Oxfam naming the five billionaires, media outlets across the globe – Fortune and USA Today – are claiming that one of them could reach trillionaire status.

According to Forbes' real-time rankings released on Wednesday, Musk is on top with a wealth of $226.6 billion, followed by Bernard Arnault and his family at $175.1 billion, Jeff Bezos with $173.6 billion, Larry Ellison with $134.9 billion and Warren buffet with $119.5 billion.

The report by Oxfam even noted that the disparity has been 'supercharged' since the pandemic and meant that billionaires are $3.3 billion richer than in 2020.

Not only this, in the ‘Inequality Inc.’ report, Oxfam said nearly five billion people worldwide were made poorer since 2020.

Now, Oxfam is calling for a 'new era of public action' to reduce the gap between regular people and the ultrawealthy. The non-profit Oxfam International called for measures such as breaking up monopolies, tax reform, and strengthening the public sector against corporate power.

“We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of the pandemic, inflation, and war, while billionaires’ fortunes boom," Times Magazine quoted Oxfam International’s interim executive director Amitabh Behar as saying.

“No corporation or individual should have this much power over our economies and our lives," Behar said, adding, "This inequality is no accident. The billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else."

Oxfam even suggested a wealth tax on the world's millionaires and billionaires, which according to it may bring in 1.8 trillion dollars each year.

 

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Published: 19 Jan 2024, 08:29 PM IST
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