The world’s billionaires are on track to join the trillion-dollar club, with five individuals expected to amass at least $1 trillion in wealth within the next decade. According to Oxfam’s annual inequality report, Tesla and SpaceX CEO Elon Musk is projected to become the first trillionaire in just under five years, surpassing his current net worth of over $430 billion.
Musk will be joined by Amazon founder Jeff Bezos, Oracle founder Larry Ellison, Meta CEO Mark Zuckerberg, and LVMH CEO Bernard Arnault and family. The Oxfam report highlights the rapid growth of billionaire wealth, with their net worth expanding by $2.1 trillion in 2023 alone.
The report also sheds light on the inheritance factor contributing to this phenomenon. More than one-third of billionaires’ wealth stems from inherited assets, with 17 out of 23 billionaires under the age of 30 having their fortunes passed down to them. The lack of taxation on inheritances and strategic loopholes have enabled wealthy individuals to accumulate vast sums without paying their fair share.
Oxfam is calling for governments to implement policies ensuring that the rich pay their due share of taxes, as unchecked billionaire power threatens democracy and basic rights. The report coincides with the World Economic Forum meeting in Davos, Switzerland, an elite gathering of world leaders and billionaires, just ahead of President-elect Donald Trump’s inauguration.
Source: https://edition.cnn.com/2025/01/19/business/trillionaire-net-worth-oxfam-report/index.html