Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk tops a group of five business moguls expected to become the world’s first trillionaires within a decade, highlighting the accelerating concentration of wealth, according to a new Oxfam report released Monday.
What Happened: The report, “Takers Not Makers,” shows billionaire wealth grew by $2 trillion in 2024 alone, with Musk’s net worth reaching $433.9 billion.
Trailing Musk on Forbes’ billionaire list are Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos at $239.4 billion, Meta Platforms Inc. (NASDAQ:META) chief Mark Zuckerberg at $211.8 billion, Oracle Corp. (NYSE:ORCL) founder Larry Ellison at $204.6 billion, and LVMH Moet Hennessy Louis‘ (OTC:LVMUY) Bernard Arnault at $181.3 billion on Forbes’ top list of billionaires.
The acceleration of wealth accumulation has been dramatic, with billionaire fortunes growing three times faster in 2024 compared to 2023. The report reveals that 60% of billionaire wealth comes from inheritance, monopoly power, or crony connections rather than entrepreneurship.
“The pace of wealth concentration has reached unprecedented levels,” says Chiara Putaturo, Oxfam EU tax expert. “While billionaire wealth is exploding, most of this wealth is not earned but inherited.”
Why It Matters: The findings highlight concerning market dynamics, with monopolistic control playing a significant role. Amazon commands 70% or more of online purchases in major European markets, while tech platforms’ market dominance continues to grow.
This wealth expansion contrasts sharply with broader economic indicators. The World Bank reports that nearly 3.6 billion people still live below the $6.85 poverty line, a number virtually unchanged since 1990. The report suggests that without intervention, this wealth gap could continue to widen, potentially affecting market stability and economic growth.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
