The world's richest 1% saw their wealth grow by $42 TRILLION in the last decade, report finds

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The world's richest 1 percent accrued their fortunes by a full of $42 trillion complete nan past decade, a caller study from Oxfam has revealed up of a G20 summit successful Brazil where taxing nan super-rich tops nan agenda.

Despite this windfall, taxes connected nan rich | had plummeted to 'historic lows', nan NGO added, informing of 'obscene levels' of inequality pinch nan remainder of nan world 'left to scrap for crumbs'.

Brazil has made world practice connected taxing nan super-rich a privilege of its presidency of nan G20, a group of countries representing 80 percent of nan world's GDP.

At this week's acme successful Rio de Janeiro, nan group's finance ministers are expected to make advancement connected ways to raise levies connected nan ultra-wealthy and forestall billionaires from dodging taxation systems.

The inaugural involves determining ways to taxation billionaires and different high-income earners, and is set to beryllium fiercely debated astatine nan acme connected Thursday and Friday.

Tesla leader Elon Musk - aliases different tech tycoon - could go a trillionaire wrong nan decade, Oxfam has antecedently warned

France, Spain, South Africa, Colombia and nan African Union successful favour, but nan United States firmly against.

Oxfam dubbed it a 'real litmus trial for G20 governments', urging them to instrumentality an yearly nett wealthiness taxation of astatine slightest 8 percent connected nan 'extreme wealth' of nan super-rich.

'Momentum to summation taxes connected nan super-rich is undeniable,' said Oxfam International's caput of inequality policy, Max Lawson.

'Do they person nan governmental will to onslaught a world modular that puts nan needs of nan galore earlier nan greed of an elite few?'

Oxfam said that nan $42 trillion fig was astir 36 times much than nan wealthiness accumulated by nan poorer half of nan world's population.

Despite this, billionaires 'have been paying a taxation complaint balanced to little than 0.5 percent of their wealth' crossed nan globe, nan NGO said.

Nearly 4 retired of 5 of nan world's billionaires telephone a G20 federation home, Oxfam noted.

It comes aft different study earlier this twelvemonth stated that nan world could soon person its first trillionaire wrong a decade arsenic nan spread betwixt nan uber-rich and nan remainder becomes 'supercharged'.

World leaders, including Brazil's President Luiz Inacio Lula da Silva, be a task unit gathering of nan Global Alliance against Hunger and Poverty successful Rio de Janeiro, Brazil, July 24

Tesla leader Musk leads nan battalion among nan mega rich | but nan assistance kindness said a contender could yet travel from obscurity to beryllium nan first to amass a luck of a 1000 cardinal dollars.

Lisa Rutherford, from Oxfam, told DailyMail.com: 'The important point is not who would become nan first trillionaire but alternatively that it's moreover an existent possibility, a trillion dollars is an unimaginable magnitude of money, and it's perfectly thing to celebrate.

'As of 2022, hundreds of millions of group astir nan world – including 1 successful 10 group successful nan US - were surviving successful poverty, truthful nan truth that immoderate 1 personification - Elon Musk, Jeff Bezos aliases different - could go a trillionaire while millions of group suffer is simply unacceptable.'

Top 5 wealthiest group successful nan world 

1. Elon Musk - $241 billion

Elon Musk owns 74% of X, formerly Twitter - nan societal media level he bought it for $44billion successful precocious 2022

The South African businessman's wealthiness is tied up successful nan occurrence of Tesla, his electrical car firm.

Musk besides owns 74% of X, formerly Twitter - nan societal media level he bought it for $44billion successful precocious 2022.

In December, Forbes estimated that Musk's liking successful X is now worthy astir 70% little than he paid for it, based connected investor Fidelity's valuation of nan company. 

Musk besides owns astir 42% of Space X, and has stakes successful encephalon implant institution Neuralink and The Boring Company.

2. Jeff Bezos - $204 billion

Bezos owns unit elephantine Amazon arsenic good arsenic The Washington Post and Blue Origin

The American businessman is nan president and laminitis of Amazon, which he launched retired of his Seattle car shed successful 1994.

The unit elephantine is now considered a tech institution because a batch of its profits are generated done its unreality computing work AWS. 

Bezos besides owns The Washington Post and Blue Origin, an aerospace institution processing rockets.

The tycoon said successful a 2022 question and reply pinch CNN that he plans to springiness distant astir of his wealthiness during his lifetime, though he did not springiness circumstantial details.

3. Bernard Arnault - $187 billion

Bernard Arnault, 75, is nan CEO of French luxury conglomerate LVMH

Arnault serves arsenic nan CEO and chair of nan French luxury conglomerate LVMH which owns well-known brands including Louis Vuitton, Tiffany & Co, and Dom Pérignon.

But nan mostly of his luck is driven by his 97.5 percent liking successful Christian Dior, according to Bloomberg.

In 2022, nan 75-year-old entrepreneur raised LMVH's mandatory status property to 80 which gives him different 5 years successful control. 

His 5 children each activity crossed LVHM and its brands.

4. Mark Zuckerberg - $165 billion

Mark Zuckerberg, 40, is among nan youngest of nan billionaire tech tycoons

The Facebook laminitis started nan societal media level arsenic a 19-year-old assemblage student astatine Harvard successful 2004.

Among nan youngest of nan tech tycoons, nan 40-year-old took his business nationalist successful 2012. 

The institution took complete Instagram, and Zuckerberg changed its sanction to Meta successful 2021 to displacement nan its attraction to nan metaverse.

Zuckerberg owns 13 percent of Meta, and shares successful nan institution almost tripled successful worth past year.

5. Bill Gates - $157 billion

Microsoft leader Bill Gates enjoyed a $24 cardinal summation successful his wealthiness successful 2023, bringing his nett worthy up to a whopping $128 billion

Microsoft leader Bill Gates enjoyed a $24 cardinal summation successful his wealthiness successful 2023, and is nan wealthiest he's ever been.

But he besides went down to his lowest ranking connected nan billionaires database since 1992 successful a motion of really reliable nan title has go astatine nan apical of nan pyramid.

An costly divorcement group nan 68-year-old back, on pinch a $59 cardinal aid he made to charities.

According to Forbes, Gates was nan world's richest man for 18 retired of 23 years betwixt 1995 and 2017.

Source: Bloomberg Billionaires Index

Note: The database of billionaires tin alteration regular arsenic nan ranking is based connected banal valuations. 

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