BUSINESS + ECONOMY

We could see the world’s 1st trillionaire in the next decade. Here are some of today’s richest 1%

Jan 20, 2024, 2:00 PM

File - Tesla and SpaceX's CEO Elon Musk cheers as he speaks at the annual political festival Atreju...

File - Tesla and SpaceX's CEO Elon Musk cheers as he speaks at the annual political festival Atreju, in Rome on Dec. 16, 2023. A recent report from anti-poverty organization Oxfam highlighted how the fortunes of the world's five richest people — Musk, Amazon founder Jeff Bezos, Oracle cofounder Larry Ellison, Bernard Arnault of luxury company LVMH, and investment guru Warren Buffett — have more than doubled since 2020. (AP Photo/Alessandra Tarantino, File)

(AP Photo/Alessandra Tarantino, File)

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.

To measure this jump, Oxfam pulled net worths from Forbes’ real-time billionaires list as 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 elites in 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 has famously criticized the wealthy’s lower tax rates and 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 he no longer serves as CEO of the social media platform, his still holds broad influence — and has faced ample pushback from issues ranging from content moderation and hate speech to alienating 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’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: $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 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: $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-founded Oracle 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 a stint on Tesla’s board of 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 CEO Mark Zuckerberg and Microsoft co-founder Bill Gates have 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 runs Berkshire Hathaway, a holding conglomerate that owns dozens of companies across sectors like insurance, manufacturing, utilities, transportation and retail.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

People skate at Millcreek Common in Millcreek on Monday, Dec. 5, 2022. The New Americans Internatio...

Eric Cabrera

New Americans International Market offers space for newly settled Americans to share culture and connect

The New Americans International Market at Millcreek Common is helping new refugees and immigrants connect with the community.

2 days ago

A customer checks prices while shopping at a grocery store in Wheeling, Ill., Friday, Jan. 19, 2024...

Curt Gresseth

Inflation eases but grocery store prices in Utah still stinging

Inflation eases slightly in April, but in Utah, consumers are still feeling the pinch of grocery-store prices.

3 days ago

FILE - A street sign is seen in front of the New York Stock Exchange June 14, 2022. The U.S. stock ...

Simone Seikaly

LISTEN: Utah analyst on stock market highs

Stock market investors are reportedly energized by a report showing inflation is cooling somewhat across the U.S.

3 days ago

An EV charging in Salt Lake City. SLC, like many cities around the United States, lacks the chargin...

Alexandrea Bonilla

EV charging is lacking in Salt Lake City

Only about 1.6% of Salt Lake City listings are EV friendly. That makes homes with electric vehicle chargers a hot commodity.

4 days ago

A child experiences an interactive art exhibit at "Dreamscapes," the business at the Shops at South...

Aimee Cobabe

Shops at South Town asks temporary business to leave

Dreamscapes interactive art museum will relocate, after spending two years at the Shops at South Town in Sandy, Utah.

4 days ago

FILE: Abravanel Hall in Salt Lake City on Wednesday, May 8, 2024. Jazz owner Ryan Smith and city an...

Jessica Lowell

Mayor trying to keep Abravanel Hall “in its present form”

On Tuesday, Wilson said she's received "an extensive amount of input" about the future of the Utah Symphony's home.

4 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

We could see the world’s 1st trillionaire in the next decade. Here are some of today’s richest 1%