Since 2020, the 5 Richest People have Surged their Wealth by 114%

Since 2020, the wealth of the five richest people has surged by 114%, reaching a collective sum of $869 billion, accounting for inflation, as indicated by Oxfam’s yearly report on inequality, unveiled this Sunday. If present patterns persist, the global stage might witness its inaugural trillionaire within a decade.

Collectively, billionaires witnessed a wealth surge of $3.3 trillion, a 34% increase since 2020, outpacing inflation threefold, according to Oxfam. U.S. billionaires, many deriving wealth from company equity, are collectively $1.6 trillion richer.

In its latest report, Oxfam contends that corporations are amassing substantial profits, contributing to the enrichment of the affluent. Seven out of ten of the world’s largest public companies are either led by billionaire CEOs or have a billionaire as the primary shareholder.

Moreover, the top 1% controls 43% of the world’s financial assets, with 32% in the United States, 50% in Asia, 48% in the Middle East, and 47% in Europe, according to Oxfam, referencing Wealth X data. Approximately 148 major corporations generated nearly $1.8 trillion in profits in the year leading up to June 2023, a 52.5% surge compared to their average between 2018 and 2021.

Oxfam highlights the oil and gas sector, pharmaceutical companies, and the financial industry for recording higher profits in the past year or two than their average in previous years.

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