The wealth of the world’s billionaires is rapidly increasing, with five individuals projected to amass trillion-dollar fortunes within the next decade, according to Oxfam’s annual Inequality Report. The report, published ahead of the World Economic Forum in Davos, was covered by The Verge.
Tesla and SpaceX CEO Elon Musk, currently the world’s richest person with over $430 billion, is expected to become the first trillionaire within five years. Joining him on this trajectory are Amazon founder Jeff Bezos, Oracle founder Larry Ellison, Meta CEO Mark Zuckerberg, and LVMH CEO Bernard Arnault.
Oxfam highlighted that a significant factor behind the surge in wealth was the rise of the U.S. stock market in 2024. In just one year, the combined wealth of the world’s billionaires grew by $2.1 trillion, reaching $15 trillion.
The report also noted that one-third of billionaires’ wealth stems from inheritance. In 2023, wealth acquired through inheritance outpaced that generated by entrepreneurship.
Rebecca Riedel, Oxfam’s senior policy advisor, commented, “The largest wealth transfer in history is about to take place in the next generation, facilitated by inheritance tax loopholes, leaving it largely untaxed and unregulated.”
Additionally, the report raised concerns about the growing influence of billionaires in politics. According to Oxfam, the influence of the wealthy on the incoming Trump administration is set to reach unprecedented levels.
Outgoing U.S. President Joe Biden, in his farewell address, remarked, “This concentration of wealth and power poses a threat to our democracy.”
