The Blubber

Per Oxfam

A report by Oxfam says that the richest 1% amassed almost twice as the bottom 99% of new wealth created since 2020. Out of the $42 trillion, the richest amassed $26 trillion while the rest of the population only got $16 trillion.

The report notes that out of the $1 made by a person within the bottom 90%, a billionaire would gain around $1.7 million with a ratio of 1:1,700,000. It was also reported that billionaires gained $2.7 billion a day.

The extraordinary increase in wealth comes despite some billionaires losing their fortune. One example of a billionaire that broke the Guinness World Record for the most net worth lost in history is Elon Musk.

Musk became the second person in the world with a net worth of over $200 billion, following Jeff Bezos in January 2021. Now, just two years later, the billionaire has reportedly lost $200 billion, making it to the Guinness World Records.

As of press time, Elon Musk's net worth is $151.2 billion, around $61.2 billion less than the world's richest Bernard Arnault & family, the owner of LVMH, whose net worth is at $212.4 billion. LVMH owns luxury brands like Louis Vuitton, Christian Dior, Bulgari, and other brands.

Despite this, different corporations have increased their profits in 2022 alone. The food and energy industry doubled its profits in 2022 for corporations, with $257 billion being paid off to shareholders of the $306 billion that was made in windfall profits.

Although the report notes how billionaires got richer from the majority of wealth generated in 2020, 61% of economists think a recession could happen in the next 12 months. This comes from the belief that the housing market could be affected the most by the possible recession.

See flow at unusualwhales.com/flow.

Other News:

• Elon Musk has been recognized by the Guinness World Records for the largest loss of personal fortune in history
• 61% of Economists Think Recession is Possible in the Next 12 Months: GDP Expected to Stagnate in 2023

Resources:

Oxfam International