World’s five richest men doubled their wealth since 2020, says Oxfam report

The organisation noted that India, in particular, faces ‘rising industrial concentration’, especially in the hands of the country’s top five firms.

Jan 15, 2024 - 19:30

World’s five richest men doubled their wealth since 2020, says Oxfam report

The world’s five richest men doubled their fortunes from 2020 to now, while nearly five billion people globally became poorer in the same period, a report by non-governmental organisation Oxfam International said on Monday.

The organisation also noted that India, in particular, faces “rising industrial concentration”, especially in the hands of the country’s top five firms.

The report, titled, “Inequality Inc”, was published ahead of the annual World Economic Forum meeting in Switzerland’s Davos – in which political leaders, corporate executives and economists will participate.

In this backdrop, the NGO said that billionaires are now 34% richer than they were at the beginning of the decade, with their wealth growing three times as fast as the rate of inflation. The report predicted that the world will have its first trillionaire within this decade.

American businessman and founder of e-commerce company Amazon, Jeff Bezos, who is one of the world’s richest men, increased his fortune of $167.4 billion (Rs 13.8 lakh crore) by $32.7 billion (Rs 2.71 lakh crore) since 2020, the report said.

In recent years, Amazon has faced allegations of allowing an unhealthy working environment and preventing unionisation by workers to stop them from demanding better working conditions.

The Oxfam report said that the world’s richest 1% individuals own 43% of all global...