The World Inequality Lab’s report in late 2021 shows that “the richest 1% has reaped 19 times more global wealth growth than the bottom 50% of people since 1995”.
The world’s 2,755 wealthiest people experienced a $5 trillion increase in wealth from $8.6 trillion to $13.8 trillion in 2021. This was revealed in the 2022 report ‘Inequality Kills’ published by Oxfam, a British charity organisation.
The government action aided the increase by bolstering economies, skyrocketing stock market values globally, growth in unregulated companies, a spike in monopolistic power, privatisation and the weakening of individual corporate tax rates and regulations.
From the report, the fortunes of the world’s wealthiest people rose faster than they did 14 years prior, and it is the largest gain in billionaires’ wealth in a single year since records began.
The World Inequality Lab’s report in late 2021 shows that “the richest 1% has reaped 19 times more global wealth growth than the bottom 50% of people since 1995″.
The world’s top ten wealthiest people generated more than $400 billion in 2021, with Elon Musk topping the list with a $121 billion increase.
According to Oxfam, their combined wealth increased from $700 billion to $1.5 trillion, a pace of $15,000 every second.
If they spend a million dollars every day, it will take 414 years to squander their entire fortune. However, as the wealth of the world’s billionaires increased, the earnings of 99% of people decreased.
Gabriela Bucher, Oxfam’s executive director, said, “If these top 10 wealthiest men were to lose 99.999% of their wealth, they would still be richer than 99% of all the people on this planet. They now have six times more wealth than the poorest 3.1 billion people”.
Top Ten Billionaires in the World
Here are the top 10 wealthiest people globally and their net worth.
- Elon Musk – $229.6 billion
- Jeff Bezos – $178.9 billion
- Bernard Arnault and Family – $167.6 billion
- Bill Gates – $131.7 billion
- Warren Buffet – $121.3 billion
- Larry Page – $113.3 billion
- Sergey Brin – $109.3 billion
- Larry Ellison – $109.1 billion
- Steve Ballmer $95.2 billion
- Mukesh Ambani – $93.7 billion