The world could see its first trillionaire within the next 10 years, according to an annual report by Oxfam International.
This comes as the wealth gap between the rich and poor has become even wider.
The richest five men have doubled their fortunes since the pandemic in 2020. But in that same time frame, almost 5 billion people worldwide have grown poorer, with hunger and hardship a daily reality for many, said Oxfam in its study.
The global organization — which is fighting inequality to end poverty and injustice — said that while current rates show the world could see a trillionaire by 2034, it would take 230 years to end poverty.
"A huge concentration of global corporate and monopoly power is exacerbating inequality economy-wide. Seven out of ten of the world’s biggest corporates have either a billionaire CEO or a billionaire as their principal shareholder," said Oxfam in its study.
"Through squeezing workers, dodging tax, privatizing the state and spurring climate breakdown, corporations are driving inequality and acting in the service of delivering ever-greater wealth to their rich owners. To end extreme inequality, governments must radically redistribute the power of billionaires and corporations back to ordinary people," it said.
Among the richest people is Amazon founder Jeff Bezos, with a net worth of $167.4 billion.
On the other end of the spectrum is Reverend Ryan Brown who works at an Amazon fulfillment center. He describes the work as physically demanding and grueling, with workers subject to discrimination. Brown is fighting to secure a living wage and end racism at work.
Oxfam says that "a more equal world is possible if governments effectively regulate and reimagine the private sector.”
Currently, Tesla CEO Elon Musk is the richest person on the planet, with a net worth of $231.6 billion, according to Forbes.
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