The world is facing an alarming trend of growing inequalities, with the possibility of witnessing the first trillionaire within a decade, according to anti-poverty organization Oxfam International. As political and business leaders gather in Davos, Switzerland, for the annual World Economic Forum meeting, Oxfam released its annual assessment of global inequalities, highlighting the significant wealth gap that has been 'supercharged' by the COVID-19 pandemic.
Oxfam's report reveals that the fortunes of the five richest individuals have skyrocketed by 114% in real terms since 2020. These billionaires include Elon Musk, CEO of Tesla; Bernard Arnault and his family, who own luxury company LVMH; Jeff Bezos, the founder of Amazon; Larry Ellison, the founder of Oracle; and investment guru Warren Buffett. The exponential growth in their wealth has occurred while nearly 5 billion people across the world have slipped into poverty.
