Wealth of five richest men doubles as world to have first trillionaire ‘within years’
11 months, 3 weeks ago

Wealth of five richest men doubles as world to have first trillionaire ‘within years’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world’s five richest men have more than doubled their fortunes in the last four years, while the wealth of the poorest has fallen, a new report has revealed. Oxfam’s research on inequality and global corporate power has found that the fortunes of the top five richest billionaires – Elon Musk, Bernard Arnault and family, Jeff Bezos, Larry Ellison and Warren Buffett, according to Forbes – have shot up by 114 per cent, from £321 billion in March 2020 to £688 billion in November last year. Extreme poverty in the poorest countries is still higher than it was pre-pandemic, yet a small number of super-rich men are racing to become the world’s first trillionaire within the next ten years. Mirroring the fortunes of the super-rich, the report also showed big business is set to smash annual profit records, with 148 of the world’s biggest corporations together raking in £1.4 trillion in total net profits in the year to June 2023, a 52 per cent jump compared to average net profits in 2018-2021.

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History of this topic

Here's how much richer the world's wealthiest men are after Trump's victory
2 months ago

Here's how much richer the world's wealthiest men are after Trump's victory

Raw Story  

November 5 wasn't just a good day for President-elect Donald Trump — it was also a big win for the world's wealthiest men, according to a new report. The biggest financial boon of the night went to Tesla and SpaceX CEO Elon Musk — who also owns X — with the Bloomberg Billionaires Index pegging the Trump megadonor’s net worth …

Where are the world’s millionaires and how is wealth divided globally?
5 months, 2 weeks ago

Where are the world’s millionaires and how is wealth divided globally?

Al Jazeera  

Almost half of the world’s wealth, 47.5 percent or $213 trillion, is held by just 1.5 percent of the global adult population. The world has at least 58 million US dollar millionaires, accounting for 1.5 percent of the global adult population, according to the 2024 UBS Global Wealth Report, which sampled 56 markets that account for 92 percent of global …

G20 finance ministers agree to work toward effectively taxing the super-rich
5 months, 2 weeks ago

G20 finance ministers agree to work toward effectively taxing the super-rich

Associated Press  

RIO DE JANEIRO — Finance ministers from leading rich and developing nations agreed Friday to strive toward effectively taxing the super-rich, a joint ministerial declaration said. “With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” the declaration said after the two-day meeting in Rio de Janeiro. While the final …

World's top 1% gained $42 trillion in a decade, taxes at record lows: Oxfam
5 months, 2 weeks ago

World's top 1% gained $42 trillion in a decade, taxes at record lows: Oxfam

Business Standard  

In the last decade, the wealth of the richest one per cent globally surged by a staggering $42 trillion, news agency AFP reported, citing global non-profit organisation Oxfam. High hope from G20 summit in Brazil Under Brazil’s leadership, the G20, representing 80 per cent of the global GDP, is prioritising international cooperation to tax the super-rich. Oxfam described the summit …

Tax the super-rich, says a new report commissioned by Brazil for its G20 presidency
6 months, 2 weeks ago

Tax the super-rich, says a new report commissioned by Brazil for its G20 presidency

Associated Press  

RIO DE JANEIRO — A global tax on the super-rich is proposed in a new report that Brazil commissioned for its current presidency of the leading 20 rich and developing nations. Individuals with more than $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax, according to the proposal in …

Global wealth tax on ultra-rich ‘would raise up to $250bn a year’
6 months, 2 weeks ago

Global wealth tax on ultra-rich ‘would raise up to $250bn a year’

The Telegraph  

Mr Zucman, whose PhD supervisor was Thomas Piketty, the Left-wing “rock star” economist, said: “There is now clear evidence that contemporary tax systems, instead of being progressive, do not effectively tax the wealthiest individuals. “Ultra-high-net-worth individuals tend to pay less in tax relative to their income than other social groups, regardless of the specific tax design choices and enforcement practices …

Bangladesh’s ‘missing billionaires’: A wealth boom and stark inequality
6 months, 4 weeks ago

Bangladesh’s ‘missing billionaires’: A wealth boom and stark inequality

Al Jazeera  

Dhaka, Bangladesh: Abutting the posh Gulshan Club and overlooking the serene Gulshan Lake in Bangladesh’s capital Dhaka, a 14-storey building is nearing completion. Wealth-X’s report further forecasts Bangladesh to be among the top five fastest-growing countries for high net-worth individuals, projecting an 11.4 percent increase over the next five years. Further illustrating the growth of Bangladesh’s wealthiest, according to Bangladesh …

There are over 22 million millionaires in the world with total wealth of…
7 months ago

There are over 22 million millionaires in the world with total wealth of…

Hindustan Times  

The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday. According to a report from Henley & Partners in collaboration with New World Wealth, the number of millionaires in New York rose 48% over the past decade, making it the …

World's richest have never been so wealthy: Study
7 months ago

World's richest have never been so wealthy: Study

Deccan Chronicle  

Paris: The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday. The number of "high net worth individuals" -- defined as people with liquid assets of at least $1 million -- rose by 5.1 percent last year to 22.8 million, …

Wealth of the top 1% in U.S. hits all-time high of $45 trillion
9 months, 1 week ago

Wealth of the top 1% in U.S. hits all-time high of $45 trillion

Raw Story  

Data released by the Federal Reserve on Thursday shows the top 1% of Americans are the richest they've ever been. The new data reveals that at the end of the fourth quarter last year they had a record $44.6 trillion in wealth. The main driver of wealth gains last year was from the stock market hitting record highs. Sen. Elizabeth …

World may have its first trillionaire in next decade. Here’s a list of probables
11 months, 3 weeks ago

World may have its first trillionaire in next decade. Here’s a list of probables

Live Mint  

The first trillionaire of the world may appear in the next decade, UK-based non-profit Oxfam International said in its published assessment of global inequalities this week, named 'Inequality Inc'. It included the names of Tesla CEO Elon Musk, LVMH owner Bernard Arnault, Amazon founder Jeff Bezos, Oracle founder Larry Ellison and investor Warren Buffett. Not only this, in the ‘Inequality …

Oxfam inequality report 2024: World’s five richest men doubled their fortunes to $869 billion since 2020
11 months, 3 weeks ago

Oxfam inequality report 2024: World’s five richest men doubled their fortunes to $869 billion since 2020

The Hindu  

Published : Jan 17, 2024 11:52 IST - 4 MINS READ The combined fortunes of the world’s five richest men have more than doubled to $869 billion since 2020 while five billion people have been made poorer, anti-poverty group Oxfam said. An Oxfam report titled “Inequality Inc.”, which comes as business elites gather between January 15 and 19 for the …

The world could get its first trillionaire within 10 years
11 months, 3 weeks ago

The world could get its first trillionaire within 10 years

Associated Press  

DAVOS, Switzerland — The world could have its first trillionaire within a decade, anti-poverty organization Oxfam International said Monday in its annual assessment of global inequalities timed to the gathering of political and business elites at the Swiss ski resort of Davos. The group said the fortunes of the five richest men — Tesla CEO Elon Musk, Bernard Arnault and …

Billionaires Today $3.3 Billion Richer Than They Were in 2020, Richest Five Men Doubled Fortune
11 months, 3 weeks ago

Billionaires Today $3.3 Billion Richer Than They Were in 2020, Richest Five Men Doubled Fortune

News 18  

The world’s wealthiest five men have more than doubled their fortune since 2020, the charity Oxfam said on Monday, as it called on nations to resist the ultra-rich’s influence over tax policy. A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in …

Wealth of five richest men doubles since 2020 as five billion people made poorer in 'decade of division': Oxfam
11 months, 3 weeks ago

Wealth of five richest men doubles since 2020 as five billion people made poorer in 'decade of division': Oxfam

New Indian Express  

The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. This inequality is no accident; the billionaire class is ensuring corporations deliver more …

Why the world’s five richest people bag more wealth as poverty gap widens
11 months, 3 weeks ago

Why the world’s five richest people bag more wealth as poverty gap widens

Al Jazeera  

Poverty inequality across the world is exploding, with the rich hoarding a disproportionate amount of global wealth while the already vulnerable are getting fewer resources. The world’s five richest men — LVMH chief Bernard Arnault, Amazon’s Jeff Bezos, investor Warren Buffet, Oracle co-founder Larry Ellison and Tesla CEO Elon Musk — have seen their wealth double since 2020 and are …

Five richest men doubled fortunes after 2020, Oxfam says as Davos opens
11 months, 3 weeks ago

Five richest men doubled fortunes after 2020, Oxfam says as Davos opens

Al Jazeera  

Charity says billionaires $3.3 trillion richer than in 2020 as annual gathering of business elites take place. The world’s richest five men have more than doubled their fortunes since 2020, the charity Oxfam has said, sounding the alarm about unchecked corporate power as business elites hold their high-profile annual gathering in Davos, Switzerland. The five men are worth a combined …

As the billionaires gather at Davos, it’s worth examining what’s become of their dreams
11 months, 3 weeks ago

As the billionaires gather at Davos, it’s worth examining what’s become of their dreams

New Indian Express  

John Quiggin, The University of Queensland Gathering for their annual World Economic Forum at Davos in Switzerland this week, the world’s business and political elite will be digesting some unpleasant reading courtesy of the aid agency Oxfam International. Oxfam’s annual report on global inequality released this morning shows the wealth of the world’s five richest billionaires has more than doubled …

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam
1 year, 11 months ago

India’s richest 1 per cent own more than 40 per cent of total wealth: Oxfam

The Hindu  

Published : Jan 16, 2023 15:59 IST The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on January 16. Releasing the India supplement of its annual inequality report on the first …

Networth of richest-1% double of rest of world: Oxfam
1 year, 11 months ago

Networth of richest-1% double of rest of world: Oxfam

Deccan Chronicle  

Davos: The richest 1 per cent have bagged nearly twice as much wealth as the rest of the world population put together over the past two years, a new report said on Monday. Releasing the report on the sidelines of the annual congregation of the global elite in this Swiss ski resort town, Oxfam said a tax of up to …

India's richest 1 per cent own more than 40 per cent of total wealth: Oxfam
1 year, 11 months ago

India's richest 1 per cent own more than 40 per cent of total wealth: Oxfam

Firstpost  

Davos: The richest one per cent in India now own more than 40 per cent of the country’s total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual …

India's richest 1% own more than 40% of total wealth: Oxfam
1 year, 11 months ago

India's richest 1% own more than 40% of total wealth: Oxfam

The Hindu  

The richest 1% in India now own more than 40% of the country's total wealth, while the bottom half of the population together share just 3% of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting in Davos, rights group Oxfam International …

America’s 10 wealthiest people added billions of dollars to their wealth within the last year
2 years, 9 months ago

America’s 10 wealthiest people added billions of dollars to their wealth within the last year

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The number of world …

Here’s how Biden’s billionaire income tax would work
2 years, 9 months ago

Here’s how Biden’s billionaire income tax would work

Al Jazeera  

The United States Congress still has to approve the measure for it to go into effect. A “Billionaire Minimum Income Tax” is included in US President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the United States federal deficit over the next decade and fund new spending. The budget proposes that households worth …

Taxing wealth of UK’s richest ‘could cover rising health and social care costs twice over’
2 years, 11 months ago

Taxing wealth of UK’s richest ‘could cover rising health and social care costs twice over’

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} A wealth tax …

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds
2 years, 11 months ago

Tax on America’s wealthiest households could erase half of country’s out-of-pocket health costs, report finds

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. An annual wealth tax applied to the world’s …

Oxfam report says over 16 crore more people forced into poverty in two years of pandemic
2 years, 11 months ago

Oxfam report says over 16 crore more people forced into poverty in two years of pandemic

The Hindu  

The first two years of the COVID-19 pandemic saw incomes of 99% of humanity fall and over 16 crore people were forced into poverty even as the world's ten richest men saw their fortune more than double to $1.5 trillion at a rate of $1.3 billion a day, a new study showed on Monday. The world's ten richest men saw …

As millions fell into poverty during the pandemic, billionaires’ wealth soared
3 years, 1 month ago

As millions fell into poverty during the pandemic, billionaires’ wealth soared

CNN  

New York CNN Business — The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group’s analysis released Tuesday. Here are five …

Column: Sen. Manchin says oh no, we mustn’t target the super-rich with higher taxes. But why on Earth not?
3 years, 1 month ago

Column: Sen. Manchin says oh no, we mustn’t target the super-rich with higher taxes. But why on Earth not?

LA Times  

Elon Musk’s wealth has climbed north of $200 billion. Why are we so reluctant to take a reasonable share of Elon Musk’s and Jeff Bezos’ billions of dollars in taxes and put that money to work solving the country’s enormous social problems? During negotiations over the Biden administration’s social spending package, Sen. Ron Wyden specifically sought to tax the wealth, …

American billionaires added $2 trillion to their wealth during pandemic
3 years, 2 months ago

American billionaires added $2 trillion to their wealth during pandemic

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. The annual billionaires list compiled by Forbes and …

5 richest men's fortune doubled since 2020; 1st trillionaire within a decade: Oxfam
4 years, 11 months ago

5 richest men's fortune doubled since 2020; 1st trillionaire within a decade: Oxfam

Hindustan Times  

The net worth of the five richest men has more than doubled since 2020 while nearly five billion people have been made poorer, an Oxfam report has revealed. The report also estimates the imminent emergence of the world's first trillionaire within the next decade, juxtaposed against a stark projection that it would take more than two centuries to eradicate global …

2,153 billionaires are richer than 4.6 billion people, Oxfam report says
4 years, 11 months ago

2,153 billionaires are richer than 4.6 billion people, Oxfam report says

Daily Mail  

The world's billionaires are richer than 60 per cent of the global population, a report for charity Oxfam has claimed. The number of billionaires in the world has doubled in the last decade to 2,153 and they now control more wealth than 4.6billion people, a report for Oxfam has found The 22 wealthiest men control more wealth than all of …

Mind the gap: 22 men are richer than all of Africa’s women
4 years, 11 months ago

Mind the gap: 22 men are richer than all of Africa’s women

Al Jazeera  

A new report by Oxfam shows that the world’s wealthiest 1 percent continue to control more wealth than most others. Economic inequality is widening across the world and women in particular are feeling its effects as care work remains undervalued, according to a new report by anti-poverty charity Oxfam. The world’s 22 richest men, for instance, own more wealth than …

Wealth of 63 Indian billionaires more than 2019 Union Budget: Oxfam report
4 years, 11 months ago

Wealth of 63 Indian billionaires more than 2019 Union Budget: Oxfam report

India Today  

India's richest 1 per cent hold more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population, while the total wealth of all Indian billionaires is more than the full-year budget, a new study said on Monday. Releasing the study 'Time to Care' in Davos ahead of the …

Bill Gates calls for rich to pay more taxes: "Many others who work just as hard struggle to get by"
5 years ago

Bill Gates calls for rich to pay more taxes: "Many others who work just as hard struggle to get by"

Salon  

In a post to his personal blog on December 30, billionaire Bill Gates admitted that he’s been “disproportionately rewarded for the work I’ve done” and declared that the rich, including him and his wife, “should pay more than they currently do” in taxes. “We’ve updated our tax system before to keep up with changing times, and we need to do …

Richest six people in UK own as much wealth as bottom 13 million, report finds
5 years, 1 month ago

Richest six people in UK own as much wealth as bottom 13 million, report finds

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK’s six richest people …

400 Richest Americans Own More Than 150 Million Of The Nation's Poorest: Study
5 years, 10 months ago

400 Richest Americans Own More Than 150 Million Of The Nation's Poorest: Study

Huff Post  

A new study of the intensifying concentration of wealth in the United States reveals that the 400 richest people in the nation — just.00025 percent of the population — own more than the 150 million adults in the bottom 60 percent, according to an analysis by The Washington Post. The information on the richest Americans, in a working paper by …

Indian billionaires' wealth grew daily by Rs 2,200 cr last year: Oxfam
5 years, 11 months ago

Indian billionaires' wealth grew daily by Rs 2,200 cr last year: Oxfam

The Quint  

New Delhi, Jan 21 The fortunes of Indian billionaires grew by an astronomical 35 per cent per day last year, or by Rs 2,200 crore daily, while the poorest 10 per cent of the country have continued to remain in debt since 2004, according to an OXfam report released on Monday. The report "Public Good or Private Wealth", released ahead …

World's richest get richer while planet's poorest get poorer, new Oxfam report shows
5 years, 11 months ago

World's richest get richer while planet's poorest get poorer, new Oxfam report shows

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world’s wealthiest individuals grew …

26 Billionaires Own The Same Wealth As The Poorest 3.8 Billion People
5 years, 11 months ago

26 Billionaires Own The Same Wealth As The Poorest 3.8 Billion People

Huff Post  

A sprawling informal settlement sits near the manicured fairways of a golf course in Durban, South Africa. NurPhoto via Getty Images The gap between rich and poor is fracturing society, poisoning politics and fueling public anger, according to a new report from anti-poverty nonprofit Oxfam, which found that last year just 26 people owned the same amount of wealth as …

Australia's rich keep getting richer, with billionaires' wealth rising to $160b, says Oxfam
5 years, 11 months ago

Australia's rich keep getting richer, with billionaires' wealth rising to $160b, says Oxfam

ABC  

Australia's rich keep getting richer, with the top 1 per cent of Australians owning more wealth than the bottom 70 per cent combined. Key points: There has been another record increase in the number of billionaires in Australia — from 33 to 43 The wealth of the world's billionaires increased by $900 billion in the past year alone, or $2.5 …

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