Elon Musk, 4 Other World’s Richest Men Make $14M Every Hour, Grow Wealth 3x Faster in 3yrs
- A new report has revealed that the world's richest people are getting richer as the gap between the rich and the poor widens
- The latest report from OXFAM also showed how the wealthy are increasingly living in a different world from the poor
- Four Nigerians are on the list of the world's richest men, which includes Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola
OXFAM has revealed that the five richest men across the globe earn $14m per hour as the world's population becomes poorer
The charity organisation revealed this in its 2024 inequality report published at the World Economic Forum in Davos, Switzerland.
Source: Getty Images
According to OXFAM, the five wealthiest men have more than doubled their wealth to $869 billion (£681.5 billion) since 2020, while over 5 billion people, about 60%, have become poorer.
Rich gets richer
The analysis also predicted the world will produce its first trillionaire within ten years due to the widening wealth disparity.
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Simultaneously, it cautioned that if patterns persist, it will take 229 years to erase global poverty completely.
The charity further raised concerns over increasing global inequality, with the richest individuals and companies amassing greater wealth due to surging stock prices.
Part of the report said:
"Corporate power is used to drive inequality: by squeezing workers and enriching wealthy shareholders, dodging taxes, and privatising the state."
“People worldwide are working harder and longer hours, often for poverty wages in precarious and unsafe jobs,.
"Across 52 countries, average real wages of nearly 800 million workers have fallen. These workers have lost a combined $1.5tn over the last two years, equivalent to 25 days of lost wages for each worker.”
OXFAM wants more taxes for the rich
To address the imbalance, Oxfam called for a wealth tax on the world's millionaires and billionaires, adding that such could bring in $1.8 trillion each year.
It also accused corporations of driving "inequality by undertaking a sustained and highly effective war on taxation", with far-reaching consequences.
The charity also called to cap CEO pay and break up private monopolies.
Oxfam also said that the world's millionaires were $3.3 trillion (£2.6 trillion) richer than in 2020 and that their wealth had increased three times faster than the inflation rate, highlighting a sharp rise in inequality since the COVID-19 epidemic.
Five richest men in the world
According to billionaire index data, the richest men in the world as of January 17, 2023, are:
- Elon Musk: $207 billion
- Jeff Bezos: $178 billion
- Bernard Arnault: $160 billion
- Bill Gates: $141 billion
- Steve Ballmer: $135 billion
Femi Otedola becomes 4th richest man in Nigeria
Legit.ng also reported that Nigerian billionaire Femi Otedola was ranked the 4th richest man in Nigeria amid bullish Nigerian stock performance.
According to the latest update of the Forbes Billionaire Index, Otedola has a net worth of $1.2 billion after making over $6 million on Thursday, January 11, 2024.
His new net worth placed him as the 2,353 richest man in the world.
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