Oxfam warns of potential first trillionaire as global inequality rises

Oxfam International's latest report warns that the world could see its first trillionaire within ten years. The report highlights that the wealth of the top five billionaires has more than doubled since the pandemic, while nearly 5 billion people have become poorer. The wealth of Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett surged by 155% from March 2020 to November 2023. Oxfam attributes this growing disparity to rising energy and food prices, worsened by the pandemic and the Russian invasion of Ukraine. Oxfam calls for permanent wealth taxation on the richest individuals and reforms to corporate taxes. The organization emphasizes that redistributing even a small portion of billionaire wealth could significantly help alleviate poverty.