In just three years, the world has witnessed a "supercharged surge in extreme wealth," new data shows.
In the U.S. alone, billionaires are 46% richer than they were in 2020, while the three wealthiest men — Elon Musk, Jeff Bezos and Larry Ellison — have increased their net worth by 84%, a recent Oxfam report on global inequality found.
If current trends continue, the world will have its first trillionaire within a decade, but poverty won't be eradicated for another 229 years.
"We expect to see continued concentration of extreme wealth at the very top," added Rebecca Riddell, policy lead economic and racial justice at Oxfam.
There are, however, signs of progress, noted Steven Hamilton, assistant professor of economics at George Washington University.
Persons:
— Elon Musk, Jeff Bezos, Larry Ellison —, Amitabh Behar, Rebecca Riddell, Steven Hamilton
Organizations:
Oxfam, America, U.S . Census, Interim, Finance, House Republicans, George Washington University
Locations:
U.S