The rich only got richer during the pandemic, according to a new report — in fact, the five wealthiest people in the world saw their net worth rise by $869 billion. Oxfam released its report Sunday, a day before business elites were set to gather at the World Economic Forum meeting in the Swiss resort town of Davos. The charitable organization analyzed Forbes’s real-time billionaires list at the end of November to calculate billionaires’ wealth, and compared it with the list from March 2020.
The five richest men saw their fortunes rise by 114% between March 2020 and November 2023, Oxfam found. What’s more, this elite group’s net worth rose to $869 billion from $405 billion between 2020 and 2023, the organization said — translating to $14 million an hour. “Oxfam’s new report finds an extraordinary concentration of wealth at the top, with the five wealthiest men — and they are all men — more than doubling their fortunes since 2020,” Abby Maxman, the president and CEO of Oxfam America, said in a statement. The richest 1% also owns 43% of global financial assets, Oxfam said. The share was higher in the Middle East, Asia and Europe, where the richest owned upwards of 47% of wealth. Though “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,” Maxman added, “it is also home to tens of millions of people who face unnecessary hardship every day as a result of despicably low wages, an …
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The five richest men saw their fortunes rise by 114% between March 2020 and November 2023, Oxfam found. What’s more, this elite group’s net worth rose to $869 billion from $405 billion between 2020 and 2023, the organization said — translating to $14 million an hour. “Oxfam’s new report finds an extraordinary concentration of wealth at the top, with the five wealthiest men — and they are all men — more than doubling their fortunes since 2020,” Abby Maxman, the president and CEO of Oxfam America, said in a statement. The richest 1% also owns 43% of global financial assets, Oxfam said. The share was higher in the Middle East, Asia and Europe, where the richest owned upwards of 47% of wealth. Though “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,” Maxman added, “it is also home to tens of millions of people who face unnecessary hardship every day as a result of despicably low wages, an …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]