Report: Elon Musk is On Track to Become the First Trillionaire.

(VOR News) -News Az. Said that Elon Musk, the CEO of both SpaceX and Tesla, is expected to break the record in less. The founders of Amazon and Oracle, as well as Meta’s CEO, Mark Zuckerberg, and Bernard Arnault, CEO of LVMH, will shortly join him.

These individuals will shortly join Elon Musk and his family.

Forbes reports that the Oxfam inquiry will commence at the annual World Economic Forum in Davos, Switzerland. This event exclusively gathers some of the world’s most affluent and influential individuals.

The leak occurred the day prior to Donald Trump, the affluent American presidential candidate, taking the oath of office.

Oxfam reports that the wealthiest families and people globally achieved remarkable accomplishments in 2024. This can be attributed to the growth of the stock market in the United States. Due to the swift escalation of their net worth, Oxfam revised its previous year’s forecast to suggest that only one individual will attain trillionaire status during the next decade.

Rebecca Riddell, senior policy director for Oxfam America, remarked of the $1 trillion expense, “That is an inconceivable sum.” The considerable disparity between the two groups is hardly a source of satisfaction.

Last year, the number of billionaires reached around 2,770, reflecting a rise of little over 200. Their overall wealth surged by $2.1 trillion, tripling the rate of the preceding year, reaching $15 trillion. In the United States, this cohort of 816 billionaires experienced a $1.4 trillion increase in net wealth.

Oxfam revealed that a billionaire could lose 99 percent of their wealth and still rank among the top ten richest individuals globally.

A substantial body of research, including World Bank data, indicates that the population living in poverty has remained relatively stable since 1990.

The Takers Not Makers research, published by Oxfam this year, emphasizes the significance of inheritance, which constitutes over one-third of the current wealth of billionaires. As of January 1, 2023, the predominant majority of billionaires had acquired their fortune by inheritance rather than through entrepreneurial endeavors.

Additionally, each of the seventeen young millionaires inherited a legacy of money for their own families.

Riddell asserts that a contributing factor to the simplicity of wealth transmission is that two-thirds of nations do not impose taxes on inheritances bequeathed to direct descendants.

Tax reforms and estate tax evasion led to the withdrawal of Elon Musk’s US lawsuit.

She said this: “Unless we take action, we are about to see the biggest transfer of generational wealth in human history — hardly earned and hardly taxed.”

Oxfam is putting pressure on governments to guarantee that rich individuals and businesses pay the correct amount of taxes at the right time. “If we do nothing, we will see this wealth transfer.”

Furthermore, wealthy individuals are increasingly using their power to shape political events. According to Oxfam, the forthcoming election of Donald Trump is an excellent example of this phenomena.

It has more than a dozen occupants, each of whom is worth at least one billion dollars, either alone or with their partners. This makes it one of the richest countries in the world.

In 2024, Elon Musk contributed more than 260 million dollars to Donald Trump’s campaign. In addition, Elon Musk is currently serving as the president-elect’s senior counselor and co-leader of the so-called Department of Government Efficiency.

According to Riddell, “Elon Musk and the great impact he has over policy and politics is really emblematic of the unchecked billionaire power that has come to define our economic and political system.” In particular, Elon Musk wields significant political and policy power.

In his departure speech from the Oval Office last week, Vice President Joe Biden expressed concern about the concentration of power among a “very few ultra-wealthy people.”

According to his comments, “Today, extreme wealth, power, and influence define an oligarchy that is developing in the United States of America.” The presence of this oligarchy jeopardizes our entire democracy, our rights and liberties, and the potential of equitable success for all individuals

SOURCE: AZ

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