Five richest men in the world double their money as poorest get poorer

Inequality has dramatically increased since the pandemic

Since 2020, the fortunes of the five richest men - Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg - currently stands at $869bn (£681.5bn), up from $464bn in 2020. This is an increase of 114 per cent.

Meanwhile, the total wealth of the poorest 4.77 billion people - which is 60 per cent of the world's population - has gone down by 0.2 per cent in real terms.

The figures come from a report by Oxfam ahead of the annual World Economic Forum meeting in Davos, Switzerland.

This is a meeting of political leaders, corporate executives and billionaires from across the globe.

Oxfam says that the gap between the rich and poor is likely to grow and that we will see the first ever trillionaire within 10 years, the Guardian reports.

And at the current rate, world poverty will not be eradicated for another 229 years.

The report found that inequality has increased dramatically since the Covid pandemic. The world's billionaires are some $3.3tn (£2.6tn) richer than in 2020, with their wealth having grown three times faster than inflation.

Whilst living standards have stalled for millions across the globe, seven of the 10 biggest corporations in the world have a billionaire as CEO or principal shareholder.

“People worldwide are working harder and longer hours, often for poverty wages in precarious and unsafe jobs,” the report says. “Across 52 countries, average real wages of nearly 800 million workers have fallen. These workers have lost a combined $1.5tn over the last two years, equivalent to 25 days of lost wages for each worker.”

Business profits have also rocketed in the last couple of years, whilst the cost of living crisis has increased pressure on households across the world.

In the year to June 2023, 148 of the world's biggest corporations made $1.8tn in total net profits, up 52 per cent on the average net profits from 2018 to 2021.

The report has called for a levy on British millionaires and billionaires, claiming this could bring in £22bn if applied at a rate of between 1 per cent to 2 per cent on net wealth above £10m.

Julia Davies, an investor and founding member of Patriotic Millionaires UK, said: “Just imagine what £22bn a year invested in public services and infrastructure could pay for; improving the lives of every one of us who live in the UK and providing our elderly, young and vulnerable with the care and support they need and deserve."