We’re used to hearing about billionaires and their lavish lifestyles, but get ready for a whole new level of wealth – the trillionaire.
Oxfam’s Warning
Oxfam, the charity organization fighting against poverty, says we might see the world’s first trillionaire within the next ten years.
Billionaire’s Bonus in 2020
Between the years 2020 and 2021, the world saw the combined total wealth of all the world’s billionaires increase to $12.39 trillion.
Doubling Fortunes
The five richest people globally have doubled their wealth to $869 billion since 2020, according to Oxfam.
The Wealth Champ
Elon Musk is currently the richest person, with almost $250 billion, thanks to his companies Tesla and SpaceX.
Musk’s Money Rollercoaster
Musk’s money has been growing by 162% every year for the last five years, mainly because of Tesla’s success.
Musk’s Possible Timeline
Oxfam says if Musk’s wealth keeps growing like this, he might become a trillionaire in around 8.3 years.
Bezos’ Increased Wealth
Jeff Bezos, the founder of Amazon, significantly increased his wealth from $113 billion to $178 billion during 2020 and 2021.
Amazon Founder’s Trillionaire Path
With $167.4 billion, Jeff Bezos might become a trillionaire in 10.6 years, even though his wealth has only grown by 1% a year.
Wealth Gap Reaches Staggering Figure
The richest 10% of the world currently own about 76% of the world’s total wealth, showing a staggering wealth gap that Oxfam argues must be addressed.
Predicting the Future
Oxfam thinks if the super-rich keep getting richer at the same speed, we could hit the trillion-dollar mark in about eight years.
Another Potential Trillionaire
French business bigshot Bernard Arnault, in charge of LVMH, could hit the trillion-dollar club in 9.8 years.
Boosting Arnault’s Riches
Arnault’s wealth has been growing by an average of 22% every year, thanks to LVMH’s luxury brands, and according to Forbes, his family has a total net worth of $210.8 billion.
Oracle Co-founder in the Race
Larry Ellison, who co-founded Oracle, has a net worth of $139.3 billion and might join the trillionaire club in 11.4 years.
Investor Eyeing Trillionaire Status
Warren Buffett, leading Berkshire Hathaway, could reach the trillionaire mark in 12.6 years with a 4% annual wealth increase.
Facebook Founder Overtakes
Despite his net worth of $126.3 billion, Facebook founder Mark Zuckerberg has overtaken him since the report was created, adding a new contender.
Oxfam Wants Change
Oxfam believes that the wealth gap can be reduced in many ways, which involves the super-rich sharing their wealth with certain aspects of society.
Oxfam’s Public Service Announcement
Oxfam urges the super-rich to help societies by giving people access to public services, including healthcare, education, and food security.
Better Public Sector’s Required
Most of Oxfam’s requirements to end the wealth gap involve providing people with easier access to things like public transportation and communication networks.
Gender and Racial Inequality
To promote equal opportunities for communities with less chance of success, Oxfam suggests investing in changing laws surrounding gender and racial inequality.
Wealth Gap Going Strong
As we approach the decade of the potential trillionaire, it’s clear that the wealth gap has some way to go before being resolved.
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The post Who Will Be the First Trillionaire? Musk, Bezos, and Arnault Lead the Wealth Race first appeared on From Frugal to Free.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
