The world's first trillionaire will be crowned in 2034, as the wealth of the richest men grows at £11 million per HOUR and Elon leads the way
The world's first trillionaire will be crowned in 2034, as the five richest men continue to grow their wealth at £11 million an hour.
The eye-catching figure is the result of their combination wealth has more than doubled since the turn of the century from $405 billion (£317 billion) to $869 billion (£681 billion).
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Tesla boss Elon Musk currently leads the way as the richest man in the world with a bragging $222 billion (£173 billion) net valueaccording to a study by Oxfam.
Its next biggest challenger in reaching the $1 trillion (£783 billion) benchmark is LVMH Moët Hennessy Louis Vuitton, CEO Bernard Arnault.
The French The businessman currently has a net worth totaling $179.3 billion (£140.5 billion).
However, Hot is hot on his heels from Amazon executive chairman Jeff Bezos with his net worth at $177 billion (£138 billion).
Larry Ellison, co-founder of software company Oracle, is fourth on the list with a net worth of $138.5 billion (£108.5 billion).
And Facebook owner Mark Zuckerberg supporting the top five with a net worth of $134.8 billion (£105.6 billion).
The five have all seen their wealth grow three times faster than the global average inflation in the past three years.
As a result, billionaires are $3.3 trillion (£2.5 trillion) richer than in 2020.
'If current trends continue, the world will have its first trillionaire within ten years' Oxfam revealed.
The charity also states that major companies will break their annual profit records by 2023.
With 148 of the world's largest companies raking in $1.8 trillion (£1.4 trillion) in total net profit, it saw a 52 percent increase in average net profit in 2018-2021.
Windfall profits also rose to almost $700bn (£548bn), with $82 paid out to wealthy shareholders of 96 major companies for every $100 in profits made between July 2022 and June 2023.
Although the world will have its first trillionaire in just a decade, poverty will also last for at least two centuries.
Oxfam's research shows that almost five billion people have become poorer due to the consequences of climate change Covid-19 pandemicwar and inflation.
“If current trends continue, the world will have its first trillionaire within ten years, but poverty will not be eradicated for another 229 years,” Oxfam said.
But with the cost of living As the crisis spirals out of control, more than 250 millionaires and billionaires have signed an open letter calling on world leaders to implement prosperity taxes tackle inequality.
'Elected leaders should tax us, the super-rich' read the letter.
“This will not fundamentally change our living standards, nor deprive our children, nor harm the economic growth of our nations.
“But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
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