The assets of the five richest people on the planet have more than doubled since 2020, while nearly 5 billion people are poorer because of inflation.

(From left) Billionaires Jeff Bezos, Warren Buffett, Bernard Arnault, Larry Ellison and Elon Musk. (Photo: CNN)

According to Oxfam’s annual inequality report, since 2020, the net assets of these five billionaires increased by 114% to a total of 869 billion USD, after deducting inflation.

Meanwhile, nearly 5 billion people globally become poorer, as they deal with inflation, war and the climate crisis. The report says that under the current situation, it will take about 230 years to eliminate poverty.

The report, using Forbes data, was released ahead of the World Economic Forum’s annual conference in Davos, Switzerland, where leaders of countries and many of the world’s richest billionaires will be present.

Despite rising inequality, there are still some bright spots, said Nabil Ahamed, Oxfam America’s director for racial and economic equality. Many workers participated in strikes and negotiations to demand higher wages and improved working conditions. Some governments have implemented policies to increase worker rights.

Elon Musk, who runs many companies, including Tesla and SpaceX, is the person who has earned the most money in recent years. His assets soared to 245.5 billion USD as of November last year, an increase of 737% compared to March 2020, after deducting inflation.

The assets of Mr. Bernard Arnault, chairman of luxury goods group LVMH, and his family increased 111% to 191.3 billion USD.

Amazon founder Jeff Bezos owns a fortune of 167.4 billion USD, an increase of 24%; Oracle founder Larry Ellison’s assets increased 107% to $145.5 billion.

The last person in the top 5 richest people in the world is CEO Warren Buffet of Berkshire Hathaway, with net assets increasing 48% to 119.2 billion USD.

Collectively, billionaires’ wealth since 2020 increased by $3.3 trillion, or 34%. The growth rate of their assets is three times higher than the inflation rate, according to Oxfam calculations.

American billionaires earned an additional $1.6 trillion during this period, with many gaining additional wealth through stakes in the companies they lead.

In this year’s report, Oxfam evaluates businesses that earn large profits, helping to sharply increase the assets of the wealthy. Seven of the world’s 10 largest public companies have CEOs or billionaires as major shareholders.

According to the report, the richest 1% hold 43% of the world’s financial assets. In the US, this group owns 32%, and in Asia it is 50%. In the Middle East, the richest 1% hold 48% of financial assets, while in Europe it is 47%.

According to Oxfam, about 148 of the world’s largest corporations earned nearly 1.8 trillion USD in profits in the 12 months to June 2023. The oil and gas, pharmaceutical and financial sectors have done better in the past 1-2 years than the average of previous years.