NEW YORK (AP) — The world might see its first trillionaire sooner than you think. And that puts a spotlight on today's richest 1%.
In an annual assessment of global inequalities published earlier this week, Oxfam International said the first trillionaire could emerge within the next decade — as the anti-poverty organization pointed to the growing wealth gap that skyrocketed globally during the COVID-19 pandemic.
Among the findings, Oxfam highlighted how the personal fortunes of the world's five richest people — Tesla CEO Elon Musk, Bernard Arnault and his family of luxury company LVMH, Amazon founder Jeff Bezos, Oracle founder Larry Ellison and investment guru Warren Buffett — have more than doubled since 2020.
Elon Musk is currently considered as the world's richest person, with a net worth of $226.6 billion per Forbes' real-time rankings as of Wednesday. That's down from $245.5 billion as of November 2023.
Here's a look at the wealth of these five billionaires spotlighted this week, and where their fortunes stand today.
Bernard Arnault and his family currently hold a personal fortune of $175.1 billion per Forbes. That's down from about $191.3 in November 2023.
The French businessman has served as CEO of LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury group, since becoming the majority shareholder in 1989. He is also president of the board for Groupe Arnault S.E., which is his family's holding company and primarily an investment firm.
Jeff Bezos' net worth stood at $173.6 billion Wednesday per Forbes. That's up from $167.4 billion in November 2023.
Back in 1994, Bezos founded Amazon out of a Seattle garage — and his wealth skyrocketed as the company grew into the e-commerce giant it is today. He stepped down as CEO in early 2021, but still has broad influence over Amazon as executive chair and the company’s biggest shareholder.
Larry Ellison currently has a personal fortune of $134.9 billion, according to Forbes, down from $145.5 in November 2023.