World's 5 Richest Men Double Wealth Since 2020: Key Insights

The wealth of the world's five richest people has more than doubled since 2020, according to a report by Oxfam, a British charitable foundation. Urging nations to resist the influence of the ultra-rich on tax policy, the report states that at a rate of $14 million per hour, the fortunes of the world's wealthiest men have doubled, while about five billion people worldwide have grown poorer during the same time.

Despite some economic crises around the world, the billionaires are reported to be $3.3 billion richer than they were in 2020. Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, and Mark Zuckerberg are identified as the world's five richest men in a report by Deutsche Welle (DW).

Who are the five richest men in the whole world?

Elon Musk

With a net worth of $251.3 billion, Elon Musk is considered the richest person on the planet, as stated by Forbes India. He is the CEO of various prominent companies, including Tesla, an electric car manufacturer, and SpaceX, a space exploration company.

Tesla's Wealth Impact:
Around two-thirds of Musk's wealth is linked to Tesla. Notably, in October 2022, he made headlines by acquiring the social media company Twitter, later renamed X. The 52-year-old co-founded Tesla in 2003, and significant growth in market capitalization occurred during 2020 and 2021.

Market Recognition:
This surge propelled Musk into the ranks of the world's top 10 richest individuals in September 2021, reaching its zenith in November 2021 when his wealth soared to an astonishing $320 billion.

Bernard Arnault

The world's second richest man oversees the luxury goods empire Moët Hennessy Louis Vuitton (LVMH), renowned for brands like Louis Vuitton, Dior, Bulgari, Sephora, and Givenchy. With a net worth of $201 billion, the 74-year-old French businessman holds this prominent position, as per Forbes.

LVMH Leadership:
Bernard Arnault has served as LVMH CEO since January 1989, just two years after its founding. The CEO drew considerable attention in January 2021 when LVMH completed the acquisition of jeweller Tiffany & Co. for a staggering $15.8 billion.

Jeff Bezos

With a net worth of $174.2 billion, Jeff Bezos secures the third spot among the world's richest individuals. In 1994, he founded the e-commerce giant Amazon in his Seattle garage. While stepping down as Amazon's CEO in July 2021, Bezos maintained his role as the chairman.

Additional Ventures:
Bezos gained ownership of The Washington Post in 2013 for $250 million. Additionally, he owns Blue Origin, a private space exploration company he established and generously funded with billions of dollars.

Larry Ellison

Larry Ellison co-founded the software giant Oracle in 1977, serving as CEO until 2014. At 79 years old, Ellison, with a net worth of $135.3 billion, claims the fourth position on the list, according to Forbes.

Landmark Acquisition:
Ellison drew attention when he acquired the Hawaiian island of Lanai in 2012 for $300 million. In 2020, he permanently relocated to his Hawaiian island.

Mark Zuckerberg

Co-founder and CEO of Meta Platforms, Mark Zuckerberg began the social media platform Facebook at the age of 19 in 2004. With a net worth of $125.3 billion, the 39-year-old entrepreneur secures a prominent position among the world's wealthiest individuals.