The fortunes of the world's five richest men have more than doubled to £688bn in three years – while the fortunes of the poorest 60% have fallen, according to Oxfam.
She says the first trillionaire could emerge within a decade, but poverty will not be eradicated for 229 years.
The report by the charity, Inequality Inc, comes as business and political leaders meet at the World Economic Forum in the upscale Swiss ski resort. Davos.
This occasion is usually used to highlight the gap between the rich and the poor, but this year he says the gap has become “very charged” since the outbreak of the pandemic.
Tesla CEO Elon's Net Worth muskBernard Arnault – owner of the luxury goods company LVMH, founder of Amazon Give BezosShares of Oracle Larry Ellison and investment expert Warren Buffett have increased 114% in real terms since 2020, according to Oxfam.
Their collective wealth is said to have increased from £321 billion to £688 billion.
Musk alone is estimated to be worth around £180 billion, according to Forbes' list Oxfam used for its calculations.
However, the 4.7 billion people who make up the world's poorest 60% are now 0.2% poorer in real terms, Oxfam says, with many countries unable to grant humanitarian aid. Coronavirus disease Financial support for rich countries.
Davos once again hosts the famous annual economic summit
The charity's interim head says the prospect of a trillionaire in the next 10 years – when poverty could take more than 200 years to solve – is 'completely unacceptable'.
“This widening gap between the rich and the rest of us is neither accidental nor inevitable,” Aleema Shivji said.
“Governments around the world are making deliberate policy choices that enable and encourage this distorting concentration of wealth, while hundreds of millions of people live in poverty.
“A fairer economy is possible, one that works for all of us. What is needed are coordinated policies that provide fairer taxes and support for everyone, not just the wealthy.”
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Oxfam hopes that its report will help put pressure on decision-makers in Davos to attend the summit, which will be held on January 15-19.
Among those attending are Ukrainian President Volodymyr Zelensky, new Argentine President Javier Miley, Chinese Premier Li Qiang, and European Commission President Ursula von der Leyen.
Oxfam wants governments to limit corporate power through measures such as breaking up monopolies, capping employer wages, and imposing higher taxes on profits and excess wealth.
It is also pushing for alternatives to the shareholder model, such as forms of employee ownership, and more fair trade companies.
