The World's First Trillionaire Is Coming In A Decade, According To Oxfam: Will Musk, Arnault, Bezos Or Buffett Get There First?

The world will see its first trillionaire within a decade, according to Oxfam, a global organization committed to alleviating poverty and addressing social injustice. The organization notes the wealth of the five richest men nearly doubled since 2020, but it will take 229 years to eradicate poverty. 

Four billionaires stand out as frontrunners to reach trillionaire status. Elon Musk, the visionary behind Tesla Inc. and SpaceX and the richest person in the world with a $210.2 billion fortune, continues to amass wealth through groundbreaking ventures. Amazon.com Inc. Founder Jeff Bezos is a contender because of Amazon's reach and scale, and he made approximately $7.9 million per hour in 2023. 

Warren Buffett, the seasoned investor, continually finds sound value investments and grows his Berkshire Hathaway Inc. holding company to new heights. Another potential future trillionaire is Bernard Arnault, the head of luxury conglomerate LVMH, and currently the second-richest person in the world with a $208.5 billion net worth, according to the Forbes Real-Time Billionaires List. 

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In a world experiencing an unprecedented surge in extreme wealth, recent data reveals a stark reality — billionaires, particularly in the United States, saw a 46% increase in their wealth over the past three years. This revelation, brought forth by a recent Oxfam report on global inequality, highlights the disparity between the super-rich and the millions living in poverty. 

The top 10 richest people in the world saw their wealth grow by $465.4 billion in 2023, with Musk, Bezos and Larry Ellison alone seeing an 84% surge in their net worth, These massive wealth gains contrast sharply to the financial health of 37.9 million Americans — about 11.5% of the population — who continue to grapple with poverty, according to the latest U.S. Census Bureau report.

The pace of wealth generation of the five richest men is staggering, with the Oxfam report noting the two-year growth equates to $14 million per hour. This growth contrasts with the United States' status as the richest nation in the world but one that is unable to lift many of its residents out of poverty. Oxfam International interim Executive Director Amitabh Behar noted in a statement, “We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires’ fortunes boom.”

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Despite these disheartening statistics, there are glimpses of progress. Steven Hamilton, an assistant professor of economics at George Washington University, points to positive signs emerging in the labor market, including the growth of full-time employment. "That has led to rapidly rising nominal wages among low-income people," he said during an interview with CNBC.

In response to Oxfam’s report, over 250 billionaires and millionaires, including notable figures like The Walt Disney Co. heir Abigail Disney, screenwriter Simon Pegg and Valerie Rockefeller, issued an open letter at the World Economic Forum in Davos, Switzerland. In the letter titled “Proud To Pay More,” they urged political leaders to implement higher taxes on extreme wealth, signaling a potential shift in the mindset of the world’s wealthiest toward addressing growing economic disparity.

As the world hurtles toward the era of trillionaires, the call for increased taxes on extreme wealth may be a crucial step in mitigating the persistent problem of poverty, ensuring more people can participate in economic prosperity. 

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