{"id":19586,"date":"2026-07-09T19:53:35","date_gmt":"2026-07-09T19:53:35","guid":{"rendered":"https:\/\/inspiredby.luxury\/?p=19586"},"modified":"2026-07-09T19:53:35","modified_gmt":"2026-07-09T19:53:35","slug":"oxfam-the-five-richest-have-more-than-doubled-their-wealth-2","status":"publish","type":"post","link":"https:\/\/inspiredby.luxury\/en\/oxfam-the-five-richest-have-more-than-doubled-their-wealth-2\/","title":{"rendered":"Oxfam: The Five Richest Have More Than Doubled Their Wealth"},"content":{"rendered":"

youDRESSED Editor<\/strong><\/span>[DISPLAY_ULTIMATE_SOCIAL_ICONS]<\/b> <\/p>\n

The world\u2019s five richest men have more than doubled their fortunes since 2020, while the poorest five billion have grown even poorer, according to Oxfam\u2019s latest report released to coincide with the World Economic Forum in Davos.<\/strong><\/p>\n

In 2015, US investment titan Warren Buffett pushed back against accusations of \u201cenvy politics,\u201d arguing that his cleaner paid a higher share of taxes than he did. He also dismissed claims that higher taxes on the ultra-wealthy would stifle investment. The new Oxfam report, \u201cInequality Inc.,\u201d echoes that stance, highlighting a widening chasm between rich and poor and renewing calls for fairer wealth distribution. <\/p>\n

This disparity has long fueled human imagination: Nordic cultures see dancing spirits or divine messages in the aurora borealis, while the Inuit interpret them as the souls of departed relatives. To witness the phenomenon yourself, a few key points are essential:<\/p>\n\n

\u201cHourly wage\u201d of $14 million<\/h2>\n

According to the report released at the start of the 2024 Davos forum, the five richest men-all male-have seen their combined wealth surge from $405 billion to $869 billion (\u20ac369 bn to \u20ac791 bn) since 2020, translating to an \u201chourly wage\u201d of roughly $14 million. Meanwhile, the poorest 60 % of the global population-4.7 billion people-lost $20 billion (\u20ac18 bn) during the pandemic, inflation, and wars, leaving them even worse off. If the fortunes of the ultra-rich, including Elon Musk of Tesla and Jeff Bezos of Amazon, continue growing at current rates, one of them could become the world\u2019s first dollar trillionaire within a decade, the report warns. In that scenario, global poverty would not be eradicated for another 230 years. (Note: \u201ctrillion\u201d in British English means \u201cbillion\u201d in American usage; a trillion in the US equals 10\u00b9\u00b2.) Yet even now, the number of billionaires-those worth at least $1 billion-has shrunk by 28 since Forbes\u2019 2022 ranking, yet their collective wealth still ballooned to $12.2 trillion (12.2 \u00d7 10\u00b9\u2075) that year. Oxfam notes that billionaire fortunes have grown three times faster than inflation. This deepening inequality fuels gender and racial discrimination, undermines democracy, and \u201cfuels the climate crisis turning into catastrophe,\u201d says Serap Altinisik, CEO of Oxfam Germany. \u201cWe need to tax extreme wealth so the super-rich finally contribute their fair share to the common good.\u201d <\/p>\n

Over 100 super-rich demand: Tax Me Now<\/h2>\n

According to Oxfam\u2019s report, the combined wealth of Germany\u2019s five richest individuals has surged-after inflation adjustment-by almost three-quarters (73.85 %) to the equivalent of 155 billion US dollars. Corporate profits have swollen just as dramatically, flowing back to the ultra-wealthy in the form of shareholdings and dividend payouts. The richest 1 % of the global population now owns 43 % of all corporate assets; in Germany the share is only slightly lower at 41.1 %. Warren Buffett is therefore far from alone in calling for higher taxation of large fortunes. More than 100 fellow ultra-high-net-worth individuals-including Abigail Disney and BASF heiress Marlene Engelholm-have joined the Millionaires for Humanity campaign and signed an open letter titled \u201cTax Me Now!\u201d in response to record profits racked up by the global elite during the pandemic. Their goal, shared with organisations like Oxfam, is not to condemn prosperity in general or to bleed dry Germany\u2019s vital Mittelstand. Recent history shows that trickle-down economics-tax breaks for the super-rich to stimulate growth-has almost never translated into tangible benefits for the poor or middle class. Instead, it has typically ballooned sovereign debt and forced the rollback of hard-won social achievements.   <\/p>\n

Source cover image: Rolls-Royce Spirit of Ecstasy<\/em><\/p>\n\n

Source cover image: Unsplash \/ v2osk<\/p>\n\n

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Latest Posts<\/strong><\/h3>\n<\/div>\n<\/div>\n<\/div>\n\n

Image source: Rolls-Royce Spirit of Ectasy<\/em><\/p>\n

Image source: Unsplash \/ v2osk<\/p>\n\n","protected":false},"excerpt":{"rendered":"

The Northern Lights are probably the most impressive natural phenomenon on our planet.<\/p>\n","protected":false},"author":46,"featured_media":9016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ibl_skin":0,"_ibl_cat":"culture","_ibl_type":"","_ibl_subhub":"","_ibl_feature_ids":"","_ibl_home_hero_ids":"","_ibl_home_feature_world":"","_ibl_home_edit_ids":"","_ibl_edit_reason":"","_ibl_partner":"","_ibl_partner_slug":"","_ibl_sponsored":"","_ibl_partner_color":"","_ibl_brand_edition":"","_ibl_brand_edition_label":"","_ibl_brand_edition_cover":"","_ibl_brand_edition_dek":"","_ibl_og_image":"","footnotes":""},"categories":[1111],"tags":[1016,1015,1017],"class_list":["post-19586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-culture","tag-milliardaere","tag-millionaere","tag-reichtum"],"wpml_language":"en","wpml_translation_of":9022,"yoast_head":"\nOxfam: The Five Richest Have More Than Doubled Their Wealth - 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