The world's first trillionaire could be seen in the next ten years: Oxfam

An anti-poverty advocacy group predicts the world will see its first trillionaire in the next decade, as the gap between rich and poor continues to widen.

Issued by Oxfam International Sunday report A trillionaire is expected to emerge within the next ten years, while it will take 230 years to eradicate poverty. The report said that the five richest people in the world have doubled their wealth since 2020, but 5 billion people have become poorer in the same period.

“By squeezing workers, evading taxes, privatizing the state, and stimulating climate collapse, corporations are increasing inequality and serving to deliver ever-increasing wealth to their wealthy owners. To end extreme inequality, governments must redistribute the power of billionaires and corporations.” radically affecting ordinary people.

Since 2020, billionaires have become 34% richer with their wealth growing at three times the rate of inflation. The report indicated that seven of the ten largest companies listed on the stock exchange have a billionaire CEO or a billionaire major shareholder. The total value of these companies amounts to $10.2 trillion, according to the report.

The report indicated that men have $105 trillion more wealth than women, which is equivalent to four times the size of the American economy. It also found that in the United States, the typical household wealth of a black family is only 15.8% of that of a white family.

Sen. Bernie Sanders (I-Vt.) wrote the introduction to the organization's latest report.

“Billionaires are getting richer, the working class is struggling, and the poor are living in despair. This is the sorry state of the global economy,” he wrote.

“That's the bad news. But here's the good news,” he added. “Thanks to organizations like Oxfam, more and more people around the world are making the connection between the harsh economic reality of their lives and the destructive nature of our capitalist system that rewards greed and profiteering above all other human value.”