* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, June 7, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

    Unleash Your Inner Warrior: Discover the Co-Op Action RPG Wu-Tang: Rise of the Deceiver!

    Entertainment lineup released for 2025 Mississippi State Fair – WAPT

    Exciting Entertainment Lineup Unveiled for the 2025 Mississippi State Fair!

    After Denzel Washington Said He Would Be In Black Panther 3, Ryan Coogler Explained Why He’s ‘Fine’ With That Information Being Revealed So Early – Yahoo

    Ryan Coogler Shares Why He’s Cool with Denzel Washington’s Black Panther 3 Reveal!

    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

    9 things to do this weekend in Lake County plus a look ahead – Leesburg Daily Commercial

    Discover 9 Exciting Weekend Adventures in Lake County and What’s Coming Up!

    Shows to Watch – The Advocate

    Must-See Shows You Can’t Miss!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    ECS Professor Pankaj K. Jha Receives NSF Grant to Develop Quantum Technology – Syracuse University News

    Unlocking the Future: ECS Professor Pankaj K. Jha Secures NSF Grant for Groundbreaking Quantum Technology Development

    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    U.S. FDA Grants Platform Technology Designation to the Viral Vector Used in SRP-9003, Sarepta’s Investigational Gene Therapy for the Treatment of Limb Girdle Muscular Dystrophy Type 2E/R4 – Sarepta Therapeutics

    Breakthrough for Gene Therapy: FDA Designates Viral Vector in Sarepta’s SRP-9003 for Limb Girdle Muscular Dystrophy Treatment

    Waunakee Fifth-Graders Dive into the Future at Exciting Tech Day!

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Micron Technology (NASDAQ:MU) Stock Price Expected to Rise, UBS Group Analyst Says – MarketBeat

    UBS Analyst Predicts Surge in Micron Technology Stock Price!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

    Unleash Your Inner Warrior: Discover the Co-Op Action RPG Wu-Tang: Rise of the Deceiver!

    Entertainment lineup released for 2025 Mississippi State Fair – WAPT

    Exciting Entertainment Lineup Unveiled for the 2025 Mississippi State Fair!

    After Denzel Washington Said He Would Be In Black Panther 3, Ryan Coogler Explained Why He’s ‘Fine’ With That Information Being Revealed So Early – Yahoo

    Ryan Coogler Shares Why He’s Cool with Denzel Washington’s Black Panther 3 Reveal!

    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

    9 things to do this weekend in Lake County plus a look ahead – Leesburg Daily Commercial

    Discover 9 Exciting Weekend Adventures in Lake County and What’s Coming Up!

    Shows to Watch – The Advocate

    Must-See Shows You Can’t Miss!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    ECS Professor Pankaj K. Jha Receives NSF Grant to Develop Quantum Technology – Syracuse University News

    Unlocking the Future: ECS Professor Pankaj K. Jha Secures NSF Grant for Groundbreaking Quantum Technology Development

    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    U.S. FDA Grants Platform Technology Designation to the Viral Vector Used in SRP-9003, Sarepta’s Investigational Gene Therapy for the Treatment of Limb Girdle Muscular Dystrophy Type 2E/R4 – Sarepta Therapeutics

    Breakthrough for Gene Therapy: FDA Designates Viral Vector in Sarepta’s SRP-9003 for Limb Girdle Muscular Dystrophy Treatment

    Waunakee Fifth-Graders Dive into the Future at Exciting Tech Day!

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Property Technology Magazine Unveils “PropTech Top 50 Index” and the “2025 PropTech Trends Report – The Great Rebuild.” – Business Wire

    Micron Technology (NASDAQ:MU) Stock Price Expected to Rise, UBS Group Analyst Says – MarketBeat

    UBS Analyst Predicts Surge in Micron Technology Stock Price!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

The world’s 5 richest people, from Elon Musk to Jeff Bezos to Warren Buffett, doubled their wealth to $869 billion since 2020, report finds

January 16, 2024
in Business
The world’s 5 richest people, from Elon Musk to Jeff Bezos to Warren Buffett, doubled their wealth to $869 billion since 2020, report finds
Share on FacebookShare on Twitter

The five richest people in the world doubled their combined net worth from $405 billion to $869 billion in just over three years, a new Oxfam International report shows. Elon Musk, Jeff Bezos, Larry Ellison, Warren Buffett, and Bernard Arnault (including his family) all topped the list of the world’s richest people whose net worth skyrocketed from March 2020 to November 2023.  

During the same time period, the collective wealth of the poorest 60% of the world’s population—approximately 4.8 billion people—fell 0.2%, which, while a small percentage, illustrates the divergent trends for the rich and the poor. Things get drastically better for those with money and marginally worse for this without it.  

If the fortunes of the wealthiest individuals continue to grow at their current pace, the world could see its first trillionaire in the next 10 years, the report projects. But Oxfam predicts it would take 229 years for global poverty to be eliminated, defined as reducing the number of people earning $6.85 a day to less than 1% globally.

Oxfam’s report comes as the world’s wealthiest people, highest powered executives, and ranking politicians meet in Davos, Switzerland, at the World Economic Forum.

“These extremes cannot be accepted as the new norm, the world can’t afford another decade of division,” Oxfam interim CEO Aleema Shivji said in a statement accompanying the report. 

The timing of the report draws a stark contrast between the trajectories of the world’s wealthiest and the world’s poorest—highlighting the continued problem of wealth inequality, which gained new urgency following the Occupy Wall Street movement in 2011. The movement popularized the term “the 1%,” making it a catchall term for the world’s richest people. 

The race to become the first trillionaire

To be in the top 1% of U.S. earners, a household would need to earn about $652,000 a year. Certainly a large amount of money, and one that can virtually guarantee a comfortable life, but hardly the level of wealth enjoyed by the billionaires Oxfam cites. Musk, Bezos, and company each surpassed that threshold long ago. All five also founded companies which they either run as CEO or control as the largest shareholders.  

Much of the wealth generated by large companies comes off the backs of workers who aren’t always properly compensated for their roles, Oxfam argues. The current state of the business world “generated unprecedented profits for major companies, fantastic pay for an elite class of executives and tremendous wealth for shareholders,” Oxfam’s report says. 

An S&P 500 CEO earns 272 times more than the average worker, according to a separate report from labor union AFL-CIO. 

The U.S. appears to be making some headway in improving workers’ wages. In the third quarter of 2023, weekly wages rose 4.5% compared to the same time the year before, while inflation only rose 3.5%, according to the Bureau of Labor Statistics’ latest available data. 

The number of millionaires fell in 2022, according to a report from Swiss investment bank UBS, but that was more an aberration due to inflation and unfavorable foreign exchange rates around the globe, rather than the evening out of financial assets. The report also predicted that by 2027, the number of millionaires would increase 44%, while the number of ultra-high-net-worth individuals, defined as households with over $50 million in assets, was projected to increase 53%. 

For many, though, the hope of improving their financial position appears to be slipping further away, with 4.8 billion people poorer than they were in 2019 before the pandemic, according to Oxfam. 

The global strife of the COVID-19 pandemic became another flashpoint for debate about income inequality. During that time period, many were stuck at home or faced unemployment as a result of the ensuing economic downturn, but others were enriching themselves at previously unprecedented levels. As the economy faltered, with businesses shuttering and unemployment soaring, the stock market boomed. As the major shareholders of the companies they founded, those like Musk and Bezos got richer despite a lagging economy. 

Between March 2020 and April 2021 the world minted a new billionaire every 17 hours, as 493 people joined the ranks of those with nine-figure net worths. In October 2021, about a year and a half into the pandemic, the 400 richest people in the U.S. grew their net worth by 40%, accumulating an additional $4.5 trillion. At the same time unemployment levels were recovering from the surge of layoffs that accompanied the outset of the pandemic, but still saw 7.4 million Americans out of work, according to the Bureau of Labor Statistics. 

Despite the pandemic being mostly in the rearview mirror, Shivji, Oxfam’s interim CEO called on governments to not overlook the economic realities it brought to the fore. 

“A fairer economy is possible, one that works for us all,” she said.

Subscribe to CHRO Daily, our newsletter focusing on helping HR executive navigate the changing needs of the workplace. Sign up for free.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Fortune – https://fortune.com/2024/01/16/inequality-wealth-doubles-musk-bezos-buffett-ellison-arnault-oxfam/

Tags: businessRichestWorld's
Previous Post

Boomers’ dominance of the housing market is so complete that empty nesters own twice as many large homes as millennials with kids, Redfin analysis reveals

Next Post

Watch: San Francisco Supercross Highlights in Spanish

Thresholds of functional trait diversity driven by land use intensification – Nature

Thresholds of functional trait diversity driven by land use intensification – Nature

June 7, 2025
Discovery Camps launch at the Museum of Science and History this summer – 104.5 WOKV

Exciting Discovery Camps Unveiled at the Museum of Science and History This Summer!

June 7, 2025

University of Texas Track Star Unleashes Imagination with New Science-Fiction Novel!

June 7, 2025
From Paris to Global: Yseult — Euromaxx – DW

Yseult: A Journey from Paris to Global Stardom

June 7, 2025
Norway vs. Italy: Livestream World Cup 2026 Qualifier Soccer From Anywhere – CNET

Norway vs. Italy: Livestream World Cup 2026 Qualifier Soccer From Anywhere – CNET

June 7, 2025
Dollar stores are seeing higher-income shoppers rush in the door. It’s a warning sign for the US economy. – Yahoo Finance

Why Higher-Income Shoppers Are Flocking to Dollar Stores: A Red Flag for the US Economy

June 7, 2025
Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

Unleash Your Inner Warrior: Discover the Co-Op Action RPG Wu-Tang: Rise of the Deceiver!

June 7, 2025
Popular Upper West Side restaurant Jacob’s Pickles shut down by NYC health department – ABC7 New York

Beloved Upper West Side Eatery Jacob’s Pickles Closes Its Doors After Health Department Intervention

June 7, 2025
Trump preparing large-scale cancellation of federal funding for California, sources say – CNN

Trump preparing large-scale cancellation of federal funding for California, sources say – CNN

June 7, 2025
ECS Professor Pankaj K. Jha Receives NSF Grant to Develop Quantum Technology – Syracuse University News

Unlocking the Future: ECS Professor Pankaj K. Jha Secures NSF Grant for Groundbreaking Quantum Technology Development

June 7, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (674)
  • Economy (688)
  • Entertainment (21,594)
  • General (15,268)
  • Health (9,729)
  • Lifestyle (691)
  • News (22,149)
  • People (688)
  • Politics (695)
  • Science (15,906)
  • Sports (21,191)
  • Technology (15,673)
  • World (673)

Recent News

Thresholds of functional trait diversity driven by land use intensification – Nature

Thresholds of functional trait diversity driven by land use intensification – Nature

June 7, 2025
Discovery Camps launch at the Museum of Science and History this summer – 104.5 WOKV

Exciting Discovery Camps Unveiled at the Museum of Science and History This Summer!

June 7, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version