The world may witness its first trillionaire sooner than you realize. This focuses the spotlight on today’s wealthy 1%.
Oxfam International published an annual assessment of global inequality earlier this week, predicting that the first trillionaire might emerge within the next decade. The anti-poverty organization cited the widening global wealth disparity, which increased during the COVID-19 pandemic.
Oxfam found that the personal fortunes of the world’s five richest people (Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett) have more than doubled since 2020.
To measure this jump, Oxfam pulled net worths from Forbes’ real-time billionaires list as of March 2020 and the end of November 2023. Such lists fluctuate over time and even within hours — so while Buffett, for example, was the 5th richest person in November, he stood in 7th place per Forbes’ Wednesday rankings.
Oxfam’s report coincided with the World Economic Forum’s annual meeting in Davos, Switzerland, which brings together political and corporate leaders. Numerous billionaires and multimillionaires also signed a letter urging global leaders to fairly tax the ultra-rich, including themselves. The signatories did not include Musk, Arnault, Bezos, Ellison, or Buffett, despite Buffett’s earlier criticism of lower tax rates for the wealthy and advocacy for policy change.
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Here’s an overview of the riches of the five billionaires profiled this week, as well as their current fortunes.
1. Elon Musk: $226.6 billion
Elon Musk is currently regarded the world’s richest person, with a net worth of $226.6 billion, according to Forbes’ real-time rankings as of Wednesday. This is down from $245.5 billion as of November 2023.
Musk is the CEO of SpaceX, in addition to his role at Tesla. In 2022, he purchased Twitter (now named X) for $44 billion. Although he is no longer the CEO of the social media network, he still has significant power and has faced criticism for content moderation, hate speech, and alienating advertisers.
2. Bernard Arnault and family: $175.1 billion
Elon Musk is currently regarded the world’s richest person, with a net worth of $226.6 billion, according to Forbes’ real-time rankings as of Wednesday. This is down from $245.5 billion as of November 2023.
Musk is the CEO of SpaceX, in addition to his role at Tesla. In 2022, he purchased Twitter (now named X) for $44 billion. Although he is no longer the CEO of the social media network, he still has significant power and has faced criticism for content moderation, hate speech, and alienating advertisers.
3. Jeff Bezos: $173.6 billion
Jeff Bezos’ net worth was $173.6 billion on Wednesday, according to Forbes. That’s an increase from $167.4 billion in November 2023.
Bezos launched Amazon in a Seattle garage in 1994, and his wealth has surged as the company expanded into an e-commerce juggernaut. Despite stepping down as CEO in early 2021, he remains Amazon’s executive chair and largest shareholder.
4. Larry Ellison: $134.9 billion
According to Forbes, Larry Ellison’s personal fortune now stands at $134.9 billion, down from $145.5 billion in November 2023.
Ellison co-founded Oracle Corporation in 1977 and was CEO until 2014. He is presently both chief technology officer and chairman of the board. Ellison, who served on Tesla’s board from 2018 to 2022, has consistently rated among the top billionaires.
5. Warren Buffett: $119.5 billion
Warren Buffett, with a net worth of $119.2 billion, was the world’s fifth richest person at the time Oxfam compiled its inequality report using Forbes data. While his personal fortune has remained relatively consistent ($119.5 billion as of Wednesday), Meta CEO Mark Zuckerberg and Microsoft co-founder Bill Gates have already eclipsed him in Forbes’ rankings with net worths of $129.5 billion and $120.1 billion, respectively.
Warren Buffett has built a reputation for his investment success and ruthless corporate techniques. He is the CEO of Berkshire Hathaway, a conglomerate that owns enterprises in several industries, including insurance, manufacturing, utilities, transportation, and retail.
-APNews