The World’s Richest Men Earned $14 Million an Hour During Pandemic: Oxfam Report

Billionaires like Jeff Bezos, Elon Musk, and Larry Ellison have seen their combined wealth increase by $1.6 trillion since the start of the pandemic, exacerbating global inequality, according to a report released by Oxfam. The study revealed that the world’s five richest individuals made $14 million per hour between 2020 and 2023. Oxfam based its findings on an analysis of Forbes’s billionaires list, comparing the data from March 2020 to November 2023. During this period, the fortunes of the five wealthiest men grew by 114%, reaching a total net worth of $869 billion. This unprecedented concentration of wealth had a detrimental impact on the global economy and democracy, Oxfam emphasized. The charity also highlighted that the richest 1% currently possesses 43% of the world’s financial assets, with an even higher share in regions like the Middle East, Asia, and Europe. Oxfam criticized these billionaires’ immense power and stated that no individual or corporation should wield such influence, adding that owning a billion dollars should not be permitted. The report further highlighted the growing wealth gap between CEOs and workers, with CEO compensations rising by over 1,200% compared to a mere 15.3% increase in workers’ compensation between 1978 and 2022. The situation in the United States is particularly concerning, where billionaires have become $1.6 trillion wealthier since 2020, a 46% surge. Notably, Elon Musk, Jeff Bezos, and Larry Ellison saw their wealth surge by 84%. In contrast, the average American’s real median net worth only grew by 37%. Oxfam’s report sheds light on the urgent need to address wealth inequality and implement policies to bridge the gap between the rich and the working class. Senator Bernie Sanders has introduced legislation aimed at taxing extreme wealth, emphasizing the importance of addressing the disparity between the rich and the struggling majority. The report also draws attention to the exponential growth of corporate profits, which benefit shareholders at the expense of workers and ordinary people. Oxfam concludes that the rapid accumulation of billionaires’ wealth and the growing power of corporations are interconnected issues that demand immediate attention.