Will the World See it’s First Trillionaires Soon? Oxfam Reports 

The world might soon see a new era of wealth. According to Oxfam’s latest report, five individuals are on track to become trillionaires within the next decade. This is a big jump from last year’s prediction, which suggested that only one person could reach this milestone in the same time frame.

So, who are these trillionaires in the making? Elon Musk, the CEO of Tesla and SpaceX, currently tops the list with a net worth of $449 billion. Others on this path include Jeff Bezos, founder of Amazon; Mark Zuckerberg, CEO of Meta; Larry Ellison, founder of Oracle; and Bernard Arnault, chairman of LVMH. 

These names are already familiar as some of the richest people in the world, but the idea of them becoming trillionaires shows just how quickly wealth is growing at the top.

Oxfam’s report reveals that billionaire wealth is increasing at an astonishing speed. In 2024 alone, billionaires collectively gained $2 trillion—that’s $5.7 billion every day. Meanwhile, poverty levels worldwide have barely improved since 1990, leaving millions of people struggling while a small number grow richer.

One of the reasons for this growing gap is wealth inheritance. The report explains that over a third of billionaires inherited their fortunes, and 2023 was the first year more billionaires came from inheritance than from starting their own businesses. 

Oxfam points out that many countries don’t have strong inheritance tax laws, which allows these fortunes to grow even bigger, leaving others behind.

The report also highlights another concern: tax havens. Wealthy individuals and corporations often use these havens to avoid paying their fair share of taxes. Oxfam is calling on governments to take action, including creating a global tax system led by the United Nations. It suggests higher taxes for the richest people and closing loopholes that let big corporations pay less.

These findings were released during the World Economic Forum in Davos, where the world’s most powerful leaders and billionaires meet to discuss global issues. Oxfam’s message to them is clear: inequality is getting worse, and it’s time for change.