These five billionaires have doubled their wealth since 2020 despite the global crisis

The five wealthiest men on the planet have nearly doubled their fortunes to $864 billion since 2020 despite the global economic crisis, according to a new report.

Oxfam, a global organization that fights inequality, collects data on the wealth of the super-rich from Forbes to create a yearly inequality report.

This edition comes after years of growing income inequality worldwide, with 5 billion people becoming poorer. The US also saw a growth in income inequality in 2023.

The Oxfam briefing highlighted that, at the current rhythm, it would take humanity more than 200 years to end poverty, as a CNN recount of the report stated.

The report also highlights an uprise in worker rights actions and negotiations. Despite that, the overall wealth of all billionaires' grew, though some more than others.

Among the top five, Elon Musk is, by far, the largest beneficiary of the global economy: his fortune grew by more than 700% in the last three years, accounting for inflation.

Bernard Arnault, the chairman of French luxury conglomerate LVMH, with over 60 brands like Louis Vuitton and Christian Dior, grew his wealth by 111%.

Jeff Bezos, the founder of Amazon and one of the wealthiest men in America, had a fortune of $167.4 billion in November 2023, up 24% from March 2020.

Oracle founder Larry Ellison's wealth grew 107% over the same period.

Finally, Warren Buffet, the CEO of Berkshire Hathaway, ended last year with 48% more wealth than he had in 2020.

Overall, according to CNN's account of the Oxfam report, billionaires saw a 34% increase in their wealth since 2020. Their fortunes grew by $3.3 trillion.

Oxfam says the top 1% hold around 40% of the world's financial assets. In the US, the top 1% controls 34% of the market, in Asia 50%, in the EU 47%, and in the Middle East 48%.

The report also warned about market concentrations in many sectors. That means a handful of companies control a significant percentage of a global market.

A precise example of that is the pharmaceutical industry. Over the last two decades, 60 pharma companies have merged into ten giant global corporations.

The same happens with the seed market: 40% is now controlled by two companies. In contrast, 25 years ago, ten companies shared that percentage.

The wealth accumulation by these billionaires happened when the world was battling against deep economic crises fueled by the pandemic.

Inflation rose when the global market tried to reactivate, provoking a cost of living crisis in many developed nations, including Australia, the UK, and Canada.