Prepare for the rise of trillionaires as five individuals are projected to amass over $1 trillion in wealth within the next decade, if current trends persist. According to Oxfam’s annual inequality report released on Sunday, CEO Elon Musk of Tesla and SpaceX, currently the wealthiest person in the world with a net worth exceeding $430 billion, is expected to reach this milestone in under five years. Joining Musk on this exclusive list will be Amazon founder Jeff Bezos, Oracle founder Larry Ellison, Meta CEO Mark Zuckerberg, and LVMH CEO Bernard Arnault and family.
The report, based on data from Forbes, is released alongside the annual World Economic Forum meeting in Davos, Switzerland, attended by some of the world’s richest individuals and leaders. It coincides with the day before the inauguration of billionaire President-elect Donald Trump.
In 2024, the world’s richest individuals and families experienced significant growth in their net worth, fueled in part by a surging US stock market, according to Oxfam. This rapid expansion led Oxfam to revise its previous estimate that only one trillionaire would emerge in the next decade.
The report highlights the extreme wealth inequality, emphasizing that $1 trillion is an unimaginable amount and should not be celebrated. The number of billionaires worldwide increased by over 200 to nearly 2,770 people last year, with their total wealth reaching $15 trillion, growing three times faster than the previous year. In the US alone, the net worth of the 816 billionaires soared by $1.4 trillion.
Oxfam also points out that if the 10 richest men lost 99% of their wealth, they would still remain billionaires. Additionally, the report reveals that the number of people living in poverty has remained stagnant since 1990.
Titled Takers not Makers, this year’s Oxfam report underscores that over one-third of billionaires’ wealth comes from inheritance. In 2023, more billionaires accumulated wealth through inheritance than entrepreneurship for the first time, with all 17 billionaires under 30 inheriting their fortunes. The report criticizes the lack of inheritance taxes in two-thirds of countries and the diminished estate tax in the US.
Oxfam urges governments to ensure that the wealthy and corporations pay their fair share of taxes. It highlights the growing political influence of the rich, such as in the incoming Trump administration, which includes nearly a dozen individuals worth at least $1 billion. Elon Musk’s significant role in advising the president-elect and leading the Department of Government Efficiency exemplifies the unchecked power of billionaires in shaping policy and politics.
In the United States, a concerning trend is emerging where power is increasingly concentrated in the hands of a select group of ultra-wealthy individuals. This growing oligarchy of extreme wealth, power, and influence poses a significant threat to the very foundation of our democracy, jeopardizing fundamental rights, freedoms, and the ability for all individuals to achieve success.
In a recent statement, it was highlighted that this oligarchy is on the rise in America, raising alarm bells about the implications for our society. The concentration of power among a “very few ultra-wealthy people” has far-reaching consequences that extend beyond mere economic disparities. It casts a shadow over the principles of fairness and equal opportunity that are essential for a functioning democracy.
The individual who raised this concern emphasized the urgent need to address this troubling development before it erodes the fabric of our society. The call to action is clear – to safeguard our democracy, protect our basic rights, and ensure that every individual has a fair chance to thrive.
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In conclusion, the emergence of an oligarchy of extreme wealth and power in America is a stark reminder of the challenges facing our democracy. It serves as a wake-up call to all citizens to remain vigilant and proactive in defending the values that form the cornerstone of our society. By staying informed and engaged, we can work towards a future where democracy, rights, and opportunities are preserved for all.
