The wealth of the world’s five richest men more than doubled.
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The wealth of the world’s five richest men more than doubled since 2020.

In recent years,The wealth of the world’s five wealthiest people on Earth have become even richer.

In the years since 2020, the net worth of these billionaires has skyrocketed 114% to $869 billion, after inflation, according to Oxfam’s annual inequality report. The world could see its first trillionaire within a decade if current trends continue.

Meanwhile, nearly 5 billion people worldwide have become poorer due to inflation, war and climate change. If we continue on our current course, it would take nearly 230 years for poverty to be eliminated.

This report, which is based on data compiled by Forbes, coincides with the opening of the annual World Economic Forum meeting in Davos, Switzerland, a gathering of world leaders and the richest people in the world.

Nabil Ahmed, Oxfam America’s director of economic and racial justice, said inequality is on the rise, but there are some bright spots. By staging strikes and negotiating better deals, workers have been flexing their muscle. Governments have also been on their side, pushing policies to strengthen the rights of workers.

Ahmed said that workers, regulators, unions and community organizers are starting to crack the Gilded Age.

In recent years, Elon Musk, who runs Tesla and SpaceX, has been the big winner. The value of his wealth increased by 737% to $245.5 billion in November, after inflation is taken into account.

LVMH chairman Bernard Arnault and his family had a net worth of $191.3 billion, an increase of 111%.

Jeff Bezos had a fortune of $167.4 billion, up 24%, while Larry Ellison had a fortune of $145.5 billion, up 107%.

Warren Buffett rounded out the top five wealthiest people with a net worth of $119.2 billion, up 48% from last year.