From Fortune Magazine:

1. The world’s richest people doubled their wealth, reaching a combined net worth of $869 billion in 2023, according to a new Oxfam International report. Meanwhile, the collective wealth of the poorest 60% of the world’s population fell slightly over the same time period.

2. The report predicts the world could see its first trillionaire in the next decade if the fortunes of the wealthiest individuals continue to grow at their current pace. Yet at the same time, it would take 229 years for global poverty to be eliminated, as defined by reducing the number of people earning $6.85 a day to less than 1% globally.

3. Oxfam’s report comes amid a meeting of the world’s wealthiest people, top executives, and ranking politicians in Davos, Switzerland at the World Economic Forum. With the extreme wealth disparity highlighted in the report, Oxfam’s interim CEO Aleema Shivji stated that the world cannot afford another decade of division.

4. In comparison, to be in the top 1% of U.S. earners, a household would need to earn about $652,000 a year, a large sum but significantly less than the wealth enjoyed by billionaires. Much of the wealth generated by large companies comes off the backs of workers who aren’t always properly compensated for their roles, according to Oxfam.

5. The U.S. appears to be making headway in improving workers’ wages, with weekly wages rising 4.5% compared to the year before. However, Oxfam reported that the number of millionaires fell in 2022, leaving many people worse off than they were in 2019 and widening the gap between the rich and the poor.

6. During the pandemic, the stock market soared as many billionaires grew their net worth. In fact, there were new billionaires made every 17 hours from March 2020 to April 2021, while unemployment levels were recovering from the surge of layoffs. Oxfam’s interim CEO believes there is hope for a fairer economy that works for everyone.



Read more: Oxfam: World’s five richest men Musk, Buffett, Bezos, Ellison Arnault doubled wealth since 2020