DAVOS, Switzerland - Oxfam International has warned that the world may witness its first trillionaire within the next decade, attributing the rise in wealth disparity to the impact of the COVID-19 pandemic. The anti-poverty organization, traditionally vocal about global inequalities during the World Economic Forum's annual meetings in Davos, pointed out that the fortunes of the five wealthiest individuals - Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett - surged by 114% in real terms since 2020.

Oxfam's interim executive director, Amitabh Behar, expressed concern about the widening gap, stating that the top five billionaires have doubled their wealth while almost 5 billion people have become poorer. Behar emphasized that the organization predicts the emergence of a trillionaire in the coming decade, underscoring the urgency of addressing poverty.

The report signifies a "decade of division," according to Behar, who highlighted the stark contrast between the rapidly accumulating wealth of the super-rich and the increasing poverty among billions worldwide. Oxfam drew attention to the fact that 5 billion people have become poorer since the pandemic, with developing nations struggling to provide financial support during lockdowns.

Currently, Elon Musk is the world's wealthiest individual with a fortune just under $250 billion, according to Oxfam's figures from Forbes. The organization stressed that if someone reaches the trillion-dollar milestone, their wealth would equate to the value of oil-rich Saudi Arabia.

Oxfam's proposed solutions to combat inequality include the permanent taxation of the wealthiest individuals globally, more effective taxation of large corporations, and intensified efforts against tax avoidance. The organization's call for an "inequality-busting" agenda aligns with its aim to raise awareness about disparities, especially as Brazil hosts this year's Group of 20 summit, where issues concerning the developing world take center stage.

To calculate the wealth of the top five billionaires, Oxfam utilized Forbes figures from November 2023, revealing a total wealth of $869 billion, up from $340 billion in March 2020, marking a nominal increase of 155%. For the bottom 60% of the global population, Oxfam referred to figures from the UBS Global Wealth Report 2023 and the Credit Suisse Global Wealth Databook 2019, both employing the same methodology.