World’s 1st trillionaire could emerge in next 10 years. Here are some of the richest 1% (2024)

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 emergewithin the next decade— as the anti-poverty organization pointed to the growing wealth gap that skyrocketed globally during theCOVID-19 pandemic.

Among the findings, Oxfam highlighted how the personal fortunes of the world’s five richest people — Tesla CEOElon Musk,Bernard Arnaultand his family of luxury company LVMH, Amazon founderJeff Bezos, Oracle founderLarry Ellisonand investment guruWarren Buffett— have more than doubled since 2020.

To measure this jump, Oxfam pulled net worths from Forbes’real-time billionaires listas of March 2020 and the end of November 2023. Such lists fluctuate over time and even within hours — so while Buffett, for example, was the 5th richest person in November, he stood in 7th place per Forbes’ Wednesday rankings.

Oxfam timed its report to the gathering of political and business elitesin Davos, Switzerland,where the World Economic Forum meets annually. Numerous billionaires and multimillionaires also penned a letter calling on global leaders to fairly tax the super-rich like themselves. Musk, Arnault, Bezos, Ellison and Buffett were not among the signatories — although Buffett hasfamously criticized the wealthy’s lower tax ratesand previously advocated for policy change in the same vein.

Here’s a look at the wealth of these five billionaires spotlighted this week, and where their fortunes stand today.

Elon Musk: $226.6 billion

Elon Musk is currently considered 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.

In addition to being at the helm of Tesla, Musk is CEO of rocket ship company SpaceX. In 2022, he also purchased Twitter, which is now called X, for$44 billion. While heno longer serves as CEOof the social media platform, his still holds broad influence — and has faced ample pushback from issues ranging fromcontent moderation and hate speechtoalienating advertisers.

Bernard Arnault and family: $175.1 billion

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’slargest 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: $173.6 billion

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 Amazonout of a Seattle garage— and his wealth skyrocketed as the company grew into the e-commerce giant it is today. Hestepped downas CEO in early 2021, but still has broad influence over Amazon as executive chair and the company’s biggest shareholder.

Larry Ellison: $134.9 billion

Larry Ellison currently has a personal fortune of $134.9 billion, according to Forbes, down from $145.5 in November 2023.

Ellison co-foundedOracle Corporation, a software and database management giant, in 1977 and served as CEO until 2014. He is now chief technology officer and chairman of the board. Ellison, who also had astint on Tesla’s boardof directors from 2018 to 2022, has ranked high in billionaire lists for several years now.

Warren Buffett: $119.5 billion

At the time Oxfam pulled Forbes figures for its inequality report, Warren Buffett was the world’s fifth richest person with a net worth of $119.2 billion. While his personal fortune has stayed relatively stable since ($119.5 billion as of Wednesday), Meta CEOMark Zuckerbergand Microsoft co-founderBill Gateshave surpassed him in Forbes’ rankings with current net worths of $129.5 billion and $120.1 billion, respectively.

Over the years, Buffett has gained a reputation for his investment success and aggressive business tactics. He runsBerkshire Hathaway, a holding conglomerate thatowns dozens of companiesacross sectors like insurance, manufacturing, utilities, transportation and retail.