Oxfam report predicts five individuals could become world's first trillionaires by 2035
A new report from Oxfam predicts that five individuals, including Elon Musk and Jeff Bezos, could become the world's first trillionaires within the next decade. This marks a significant increase from previous estimates, which suggested only one trillionaire would emerge. The report highlights that the wealth of billionaires grew by $2.1 trillion in 2024, driven by a strong U.S. stock market. It also notes that more than one-third of billionaires' wealth comes from inheritance, with a growing number of billionaires accumulating wealth through family assets rather than entrepreneurship. Oxfam warns of increasing political influence among the wealthy, particularly with the incoming Trump administration, which includes several billionaires. The report emphasizes concerns about extreme wealth concentration and its potential impact on democracy and equality.