The Scotsman

World’s five richest men double wealth as poorest get poorer

- Jane Bradley jane.bradley@nationalwo­rld.com

world’s five richest men have more than doubled their fortunes since 2020, while the wealth of the poorest 60 per cent – almost five billion people – has fallen, a report has found.

The study, compiled by charity Oxfam, found the wealth of the world’s richest men – X owner Elon Musk, Bernard Arnault, chief executive of LVMH, the world's largest luxury goods company, Amazon head Jeff Bezos, Oracle chief executive Larry Ellison and Mark Zuckerberg of Meta – increased by $464 billion (£364bn), or 114 per cent since 2020 to $869bn (£682bn).

Over the same period, the total wealth of the poorest 4.77 billion people – making up 60 per cent of the world population-0 has declined by 0.2 per cent in real terms.

The report warned if current trends continue, the world will have its first trillionai­re within a decade, but poverty will not be eradicated for another 229 years.

Inequality Inc, published as business elites gather for the World Economic Forum in the Swiss resort town of Davos, examines how sharply increasing billionair­e wealth and rising corporate and monopoly power are interconne­cted and how corporate power exploits and magnifies inequaliti­es of gender and race, as well as economic inequality.

The report reveals seven out of ten of the world’s biggest corporatio­ns have a billionair­e as chief executive or principal shareholde­r. These corthe porations are worth $10.2 trillion (£8 tn), equivalent to more than the combined GDPS of all countries in Africa and Latin America. Using Wealth X data, it also finds the world’s richest one per cent own 43 per cent of all global financial assets. In the UK, the richest one per cent own 33 per cent of all financial assets, with a value of $2.1tn (£1.6tn).

Over the same period, across 52 countries, average real wages of nearly 800 million workers have fallen. These workers have lost a combined $1.5tn (£1.2tn) over the past two years, equivalent to 25 days of lost wages for each worker. The most recent Gini index, which measures inequality, found global income inequality is now comparable with that of South Africa, the country with the highest inequality in the world.

Aleema Shivji, Oxfam’s interim chief executive, said: “These extremes cannot be accepted as the new norm. This everwideni­ng gulf between the rich and the rest isn’t accidental, nor is it inevitable. Government­s worldwide are making deliberate political choices that enable and encourage this distorted concentrat­ion of wealth, while hundreds of millions of people live in poverty. A fairer economy is possible, one that works for us all. What’s needed are concerted policies that deliver fairer taxation and support for everyone, not just the privileged.”

The charity is calling for progressiv­e wealth taxes to be implemente­d by government­s to reduce inequality and raise revenue for public investment.

 ?? ?? Elon Musk, chief executive of Tesla, chief engineer of Spacex and CTO of X, is one of the world’s richest men
Elon Musk, chief executive of Tesla, chief engineer of Spacex and CTO of X, is one of the world’s richest men

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