By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Baner ClubBaner ClubBaner Club
  • Home
  • Business
    BusinessShow More
    IMF asks Pakistan to reduce circular debt to zero in current fiscal year
    September 29, 2025
    Pakistan, IMF begin technical-level talks on tax revenue targets
    September 25, 2025
    Pakistan borrowing nearly doubled from last year: Report
    September 25, 2025
    China sanctions 6 US firms amid ongoing trade talks
    September 25, 2025
    As Hong Kong prepares for Super Typhoon Ragasa, businesses and schools close.
    September 23, 2025
  • Politics
    PoliticsShow More
    Trump announces Netanyahu’s nod to US Gaza peace plan as Israeli attacks rage on
    September 29, 2025
    PM Shehbaz, Field Marshal Munir fully back Gaza peace plan: Trump
    September 29, 2025
    CPEC enters Phase-II as Pakistan, China unveil roadmap for next decade
    September 29, 2025
    Khawaja Asif says Pakistan not selling nukes under Saudi defence pact
    September 29, 2025
    24 Pakistani hostages, LPG tanker released by Houthis: Mohsin Naqvi
    September 29, 2025
  • Technology
    TechnologyShow More
    Transforming future of work: Resource Cloud launches at ITCN Asia 2025
    September 26, 2025
    Meet the history-making astronauts headed for the Moon
    September 24, 2025
    Pakistan to roll out 5G in coming months, says IT minister
    September 23, 2025
    To find Russian agents and obtain secrets, British spies use the dark web.
    September 19, 2025
    Huawei launches AI infrastructure as Nvidia faces China ban
    September 19, 2025
  • Sports
    SportsShow More
    Supreme Court suspends IHC order barring Justice Jahangiri from judicial work
    September 29, 2025
    PM himself included me in UN team as adviser, claims Shama Junejo
    September 29, 2025
    Rauf and Suryakumar were each fined 30%.
    September 26, 2025
    Prince Harry’s bid to reconnect with royals criticized as ‘tone-deaf’ move
    September 26, 2025
    Pakistan cricket fans flex their meme game ahead of India clash
    September 26, 2025
  • Job Portal
  • Matrimonial
  • Marketplace
  • Chat Room
  • More
    • Blog
    • Interests
    • Contact Us
Reading: The world’s 5 richest men have doubled their wealth since 2020:Oxfam
Share
Notification
Font ResizerAa
Font ResizerAa
Baner ClubBaner Club
Search
  • Home
  • Business
  • Politics
  • Technology
  • Sports
  • Job Portal
  • Matrimonial
  • Marketplace
  • Chat Room
  • More
    • Blog
    • Interests
    • Contact Us
  • Privacy Policy
  • Terms and Conditions
© 2022 BanerClub. All Rights Reserved.
Baner Club > Blog > News > The world’s 5 richest men have doubled their wealth since 2020:Oxfam
News

The world’s 5 richest men have doubled their wealth since 2020:Oxfam

7 out of 10 of world’s largest public companies have either a billionaire CEO or shareholder, Oxfam report says

Last updated: 2024/01/15 at 2:46 PM
Published January 15, 2024
Share
3 Min Read
SHARE

According to a research by Oxfam that CNN cited, the richest five people in the world have more than doubled in value since 2020, while five billion people worldwide have seen their standard of living decline.

According to the annual inequality report by Oxfam, published just before the start of the annual World Economic Forum meeting in Switzerland, the world’s five richest men — Tesla chief Elon Musk, Frehcn luxury mogul Bernard Arnault, Amazon founder Jeff Bezos, Oracle founder Larry Ellison and American tycoon Warren Buffett — have increased their fortunes by 114% to $869bn, growing it three times faster than the rate of inflation.

The world’s poorest five billion individuals, who account for 60% of the global population, have seen a 0.2% real loss in their overall wealth over the same time period.

In addition, assuming present trends hold true, the world will see its first trillionaire in less than ten years, yet it would take an additional 229 years to erase poverty.

There is at least one billionaire shareholder or chief executive officer in seven of the ten biggest publicly traded corporations in the world.

Oxfam reports that 43% of global financial assets are held by the wealthiest 1% of earners. This 1% owns 32% of the financial wealth in the United States, 50% in Asia, 48% in the Middle East, and 47% in Europe.

Elon Musk, the CEO of SpaceX, Tesla, and a number of other businesses, increased his wealth 737% between March 2020 and November 2020, reaching a total of $245.5 billion.

Bernard Arnault, the chairman of the French luxury goods conglomerate LVMH, and his family increased their net worth to $191.3 billion, a 111% increase.

The creator of Oracle, Larry Ellison, accumulated wealth of $145.5 billion, up 107%, while Jeff Bezos, the founder of Amazon, is worth $167.4 billion, up 24%.

Investor and CEO of Berkshire Hathaway Warren Buffett increased his net worth to $119.2 billion, a 48% increase.

According to a report by Oxfam, “Corporate power is used to drive inequality: by squeezing workers and enriching wealthy shareholders, dodging taxes, and privatising the state.”

It continued: “Around the world, members of the private sector have relentlessly pushed for lower rates, more loopholes, less transparency, and other measures aimed at enabling companies to contribute as little as possible to public coffers.”

Organization for Economic Co-operation and Development (OECD) member countries’ corporate taxes have decreased dramatically, from 48% in 1980 to 23.1% in 2022, according to Oxfam.

You Might Also Like

China’s new K visa beckons foreign tech talent as US hikes H-1B fee

Musk’s X ‘deeply concerned’ by Indian court order over content takedown, plans appeal

Imprisoned Pakistani national repatriated from India via Attari-Wagah border

Good news for registered pilgrims unable to perform Hajj due to illness

Two women succumb to injuries in Karachi building fire

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
January 15, 2024 January 15, 2024
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Copy Link
Share
Previous Article How Oulu rose to prominence as the world’s winter cycling capital
Next Article Speaking out about Joe Manganiello’s divorce, Sofia Vergara
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

Facebook Like
Twitter Follow
Pinterest Pin
Instagram Follow
Youtube Subscribe
Dribbble Follow
- Advertisement -
Ad imageAd image

Latest News

China’s new K visa beckons foreign tech talent as US hikes H-1B fee
News Pakistan September 29, 2025
Musk’s X ‘deeply concerned’ by Indian court order over content takedown, plans appeal
Information Technology News September 29, 2025
Kabul’s wells run dry, driving children out of class and into water queues
Weather September 29, 2025
Typhoon Bualoi brings havoc to Vietnam, killing 13 with 46 injured
Weather September 29, 2025
//

Where headlines meet insight, and stories shape perspectives. Your gateway to informed perspectives and captivating narratives.

Top Categories

  • BUSINESS
  • POLITICS
  • TECHHot
  • HEALTH
  • News
  • Technology
  • Fashion

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Baner ClubBaner Club
Follow US
© 2025 BanerClub. All Rights Reserved.
  • Privacy Policy
  • Terms and Conditions
Pay with Paypal

Login

Register

Please enter your username or email address. You will receive a link to create a new password via email.

Loading Back to login
Forgot Password
Facebook Login Loading...
Registration is currently disabled.
  • Login
  • Sign Up
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
body::-webkit-scrollbar { width: 7px; } body::-webkit-scrollbar-track { border-radius: 10px; background: #f0f0f0; } body::-webkit-scrollbar-thumb { border-radius: 50px; background: #dfdbdb }
Welcome Back!

Sign in to your account

Lost your password?