Just eight men share the same amount of wealth as the poorest half of the world.
It’s no secret that the wealth gap is growing.
A recent study released by Oxfam shows that just eight men, with a combined net worth of roughly $426 billion, share the same amount of wealth as the poorest half of the world.
The study also found since 2015, the top 1% has owned more wealth than the rest of the world’s population — and if these top billionaires continue to see returns on their wealth, we could see the world’s first trillionaire in as little as 25 years.
Ahead, eight of the world’s wealthiest people — according to Forbes’ Billionaire List — that own almost as much as half the world’s population.
Bernard Arnault has been the CEO of LVMH, which houses brands such as Louis Vuitton, Sephora, and Dom Perignon, since 1989. Combined, the brands under LVMH sold $40 billion in sales in 2016.
In 1977 Larry Ellison co-founded the software company Oracle, which originally was launched with $2,000 of funding, $1,200 of which came out of Ellison’s own pocket. Ellison stepped down as CEO in 2014, but continues to be involved with the company.
Facebook CEO Mark Zuckerberg founded the website in his Harvard dormroom 13 years ago and has since grown his net worth to $61 billion. He and his wife, Priscilla Chan, have committed to give away 99% his wealth before he dies.
Carlos Slim Helu controlls Latin America’s largest mobile telecom firm, América Móvil, of which he is a chairman. Helu also owns stakes in various mining, real estate, and consumer goods businesses — including The New York Times. He is the richest man in Mexico.
Wildly successful investor Warren Buffet is CEO of Berkshire Hathaway which owns over 60 companies. Although he still lives a somewhat modest lifestyle, he became a billioniare at age 32. In 2010, Buffet, alonside Bill Gates, created The Giving Pledge — promising to donate at least half of their fortunes to charities.
Founder and CEO of Amazon.com, Jeff Bezos owns nearly 17% of the company and in 2013 he purchased the Washington Post for $250 million.
Amancio Ortega is the wealtheist man in Europe, and co-founded fashion retailer Zara’s parent company Inditex in 1975. His real-estate portfolio includes properties in London, New York, Madrid.
Bill Gates co-founded Microsoft in 1975, and has continued his involvement with the company as a technology advisor and board member. Gates also has investments in Canadian National Railway, AutoNation, and more. He and his wife Melinda founded the Bill & Melinda Gates Foundation which aims to help kindergarten through 12th grade students in the US.