Bloomberg may have to rename its Billionaire Index in coming years, as the world could have its first trillionaire within the next decade, according to a new report from anti-poverty organization Oxfam International.The prediction, which was part of the group’s annual assessment of inequities, follows a year where the world’s 10 richest people saw their collective fortunes increase by nearly half a trillion dollars. Oxfam, which has historically been critical of billionaires, pointed out the disparities between the richest slice and the rest of the world. Its report noted that the net worth of the five richest people in the world have jumped 114% since 2020, which works out to an hourly wage of $14 million per hour.“The richest 1 percent own 43 percent of all global financial assets,” the group wrote. “If corporations were structured more democratically, that could significantly reduce inequality. For instance, if 10 percent of every business in the U.S. was employee-owned, it could do...
