A Look At The World's 5 Richest Men Whose Fortunes More Than Doubled Since 2020, Per Oxfam Report

While the rich got richer, about 5 billion people got poorer at the same time: Oxfam Report

PUBLISHED JAN 16, 2024

Top three richest men in the world, Elon Musk, Bernard Arnault and Jeff Bezos | Getty Images

Combined Wealth Of The Five Richest Men Jumped From $405 billion in 2020 to $869 billion in 2023

Representative Image | Getty Images | Photo by Chung Sung-Jun

The world's five richest people have more than doubled their fortune since 2020, while about five billion people across the globe grew poorer, as per the latest Oxfam report. The British foundation reviewed the data from Forbes and Wealth X. The report found that the combined wealth of Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg grew from $405 billion in March 2020 to $869 billion in November 2023. In its report, Oxfam urged nations to resist the influence of the ultra-rich on tax policy and stated that income inequality is set to increase globally. Currently, the Gini index, which measures inequality, found global income inequality comparable with that of South Africa, which has the highest inequality in the world.

Here's a look at these five billionaires

1. Elon Musk

Net Worth Growth: From $24.6 Billion to $230.2 Billion

Elon Musk speaks at the Atreju political convention on December 15, 2023 | Getty Images | Photo by Antonio Masiello

Elon Musk has been the richest man on the planet for quite some time. Elon Musk co-founded six companies, including electric carmaker Tesla, space exploration company SpaceX, and tunneling startup Boring Company. He currently serves as the CEO of Tesla, and SpaceX and he also owns a majority stake in social media platform X (formerly known as Twitter). It was only during 2020 and 2021 that Musk’s wealth grew as Tesla’s market capitalization skyrocketed. About two-thirds of Musk’s wealth is tied to Tesla as he owns about 21% of Tesla between stock and options, as per Forbes.

2. Bernard Arnault

Net Worth Growth: From $76 Billion to $182.2 Billion

Chairman and Chief Executive Officer of LVMH Moet Hennessy Louis Vuitton, Bernard Arnault at the Viva Technology conference | Getty Images | Photo by Chesnot

Bernard Arnault, who oversees the Moët Hennessy Louis Vuitton (LVMH) empire of 75 fashion and cosmetics brands, is the second richest man in the world. The 74-year-old French businessman is the founder of LVMH and has served as the CEO and chairman of the company, since January 1989, two years after it was founded. LVMH comprises luxury goods brands like Louis Vuitton, Sephora Dior, Bulgari, and Givenchy among others. The company acquired the American jeweler Tiffany & Co. in 2021 for $15.8 billion in the biggest luxury brand acquisition ever.

3. Jeff Bezos

Net Worth Growth: From $113 Billion to $176.9 Billion

Jeff Bezos, owner of Blue Origin, introduces a new lunar landing module called Blue Moon during an event | Getty Images | Photo by Mark Wilson

The third richest man in the world, Jeff Bezos, founded the e-commerce giant Amazon in 1994. Starting from his Seattle garage, Bezos led Amazon to the heights of the industry branching out into other spaces with Amazon Web Services. Bezos stepped down from the position of CEO in July 2021, but he still maintains his position as the chairman. He also bought the American newspaper The Washington Post in 2013 for $250 million. He further founded the private space exploration company, Blue Origin and pumped in billions of dollars. In 2021, Bezos briefly flew to space in one of his company’s rockets.

4. Larry Ellison

Net Worth Growth: From $59 Billion to $135.2 Billion

CTO and Chairman of Oracle Corporation Lawrence Ellison in front of Oracle headquarters in California | Getty Images | Photo by mark peterson — CTO and Chairman of Oracle Corporation Lawrence Ellison in front of Oracle headquarters in California | Getty Images | Photo by Mark Peterson

In 1977, Larry Ellison co-founded the software giant Oracle. He served as the CEO of the company till 2014 and he now serves as the Chief Technology Officer and Chairman. The 79-year-old entrepreneur is the fourth richest man in the world. Ellison was also on Tesla's board from December 2018 to August 2022 and currently owns about 15 million shares of the company. In 2020, Ellison permanently moved to the Hawaiian island of Lanai which he almost entirely acquired in 2012 for about $300 million as per Forbes.

5. Mark Zuckerberg

Net Worth Growth: From $54.7 Billion to $132.3 Billion

Meta CEO Mark Zuckerberg leaves the Elysee Palace after a meeting with French President Emmanuel Macron | Getty Images | Photo by Aurelien Meunier

The co-founder and CEO of Meta Platforms (formerly Facebook) Mark Zuckerberg is the fifth richest person in the world. He co-founded the company at the age of 19 in 2004, and as of 2024, Meta Platforms has a market cap of $962.39 billion. Meta’s Facebook is the world's largest social network and has about 3.7 billion monthly users. Facebook’s IPO in 2012 was the biggest ever technology IPO at the time and Zuckerberg still holds a 13% share in the company as per Forbes. Under his leadership, Facebook rebranded to Meta Platforms which oversees all its apps and technology including Instagram and VR developer Oculus.