Oxfam's latest report predicts that within the next decade, five individuals will amass at least a trillion dollars in wealth, highlighting a growing chasm between the ultra-rich and the rest. The report coincides with the World Economic Forum in Davos and President-elect Donald Trump's inauguration.
Move over billionaires. The first trillionaires are on their way. Five people are expected to amass at least $1 trillion in wealth within the next decade, if current trends continue, according to Oxfam ’s annual inequality report, released Sunday. Tesla and SpaceX CEO Elon Musk, currently the world’s richest person worth more than $430 billion, should cross the mark in just under five years.
Inherited wealth This year’s Oxfam report, titled Takers not Makers, also points out that more than one-third of billionaires’ wealth stems from inheritance. In 2023, more billionaires amassed their wealth through inheritance than through entrepreneurship for the first time. Plus, all of the 17 billionaires under 30 had their fortunes passed down to them. This transfer of assets is aided by the fact that two-thirds of countries don’t tax inheritances to direct descendants, Riddell said.
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