Gates's wealth to be half of India-GDP in 25 years
A report by Oxfam stated that Bill Gates's wealth would be half of India's GDP in 25 years. He could become the world's first trillionaire. The report sheds light on the growing financial-inequality in the world. It would also mean his wealth would surpass the GDP of countries like Indonesia. It said Gates's wealth had increased by 50% since he left Microsoft in 2006.
Wealth distribution
With growing income inequality amongst the world's population, studies have revealed that the top 3 richest billionaires own assets that are more than the world's poorest 10%. From a net worth of $1 trillion in 2000, these billionaires have seen it peak to over $7 trillion last year. Data reveals that the top 30% in the wealth table owns 97% of the world's wealth.
The wealth figures
In 2010, there were 388 people whose wealth equalled the poorest half across the globe. After a gradual decline over the last six years, the number touched 62 billionaires last year.
Charting the wealth trends over the years
The amount of wealth owned and controlled by the world's richest 1% saw a scintillating increase from around 44% in 2009 to 48% last year. The data by Oxfam, a charity research company, also showed that it estimates the world's wealthiest 1% to own over 50% by the end of this year. $600 billion was the increase for billionaires in the last four years.
Who are these billionaires?
Microsoft's Bill Gates tops the big money list with a total wealth of $77 billion. The owner of the popular clothing brand Zara, Amancio Ortega, owns nearly $67 billion. The successful investor, Warren Buffet, follows behind with a fortune worth $60 billion. Taking the fourth place is Amazon's Jeff Bezos, worth $50.4 billion, while Mexican Carlos Slim takes the fifth spot with $48.7 billion.
The world's richest and what they control
Across the globe, with rising differences over the wealth owned by the richest and the poorest, the United States is perched on top with the maximum billionaires. Data revealed that the country was home to billionaires who owned 33.2% of the wealth. Following behind is the United Kingdom and Japan, while India has a quarter of the world's poorest 20%
How does India sit on the rankings?
The report, published by Credit Suisse, showed that one in every 200 in the world's richest chart was an Indian. The list of billionaires from the US, UK and Japan combined currently own most of the world's wealth. Despite India's chart on the wealthy, the nation's poorest also inched to the bottom of the wealth pyramid.
Gates's wealth to be half of India-GDP in 25 years
A report by Oxfam stated that Bill Gates's wealth would be half of India's GDP in 25 years. He could become the world's first trillionaire. The report sheds light on the growing financial-inequality in the world. It would also mean his wealth would surpass the GDP of countries like Indonesia. It said Gates's wealth had increased by 50% since he left Microsoft in 2006.
