By 2034, one of the world’s richest men – Elon Musk, Jeff Bezos, Larry Ellison, Warren Buffett or Bernard Arnault – could be the first trillionaire.
A recent report from Oxfam International, an organization focused on the alleviation of global poverty, found that these five wealthy men are 114 percent richer than they were in 2020. This “supercharged surge in extreme wealth” has only widened the wealth gap with nearly five billion people having been made poorer since the pandemic, according to the report.
“The United States is home to the most billionaires on Earth, including Elon Musk and Jeff Bezos, names that have become synonymous with obscene wealth,” Oxfam American President and CEO Abby Maxman said in a statement.
Currently, Elon Musk, the CEO of Tesla and owner of X (Twitter), is considered the world’s richest person, with a net worth of $226.6 billion.
While America holds the most billionaires and ranks first as the richest nation – in terms of gross domestic product – still 37.9 million Americans live in poverty making below $12,880. People across the world are working more hours and picking up side gigs as the wages of nearly 800 million workers globally have remained the same for two years despite inflation, Oxfam reports.
According to Authority Hacker, an educational website marketing group, inflation and financial woes like low wages, high debt and minimal savings continue to contribute to Americans having multiple side hustles and younger generations creating their own ways of making money in the future.
If nothing changes, the Oxfam data shows that poverty won’t be eradicated for another 229 years, warning of an impending “decade of division.”
“We must stop normalizing extreme inequality and take deliberate action to prevent the ultra-wealthy and the corporations they control from tightening their stranglehold on our politics and economy,” Maxman said in a statement.
Following the Oxfam report, a few of the world’s…
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