The world’s first billionaire may appear in 10 years. This conclusion is reflected in the publication of the association of international charitable and humanitarian organizations Oxfam.
They analyzed the trends of recent years and found that since 2020, the five richest people in the world have increased their wealth by 114%.
Oxfam predicts that it will only take 10 years for the world’s first billionaire to emerge, while it will take another two centuries to eradicate poverty.
Thus, since 2020, the five richest people on Earth have more than doubled their wealth, increasing their combined wealth from $405 billion to $869 billion. At the same time, around 5 billion people in the world have become poorer. If this trend continues, it will take 229 years to end poverty, according to Oxfam.
The report points out that the increase in extreme wealth has only been consolidated in the last three years. And global poverty remains at pre-coronavirus levels.
Wealth distribution
- Oxfam found that two-thirds (69%) of the world’s wealth is concentrated in the countries of the so-called Global North, where around 21% of the world’s population lives.
- The richest 1% own 43% of all global financial assets.
- Seven of the ten largest corporations in the world are led (CEO or key shareholder) by a billionaire. The fortune of these companies is estimated at 10.2 billion dollars. This is equivalent to the combined GDP of all countries in Latin America and Africa.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
