In just three years, the world has witnessed an "impressive increase in extreme wealth," recent data reveals. In the USA alone, billionaires are 46% wealthier than they were in 2020. The three richest men — Elon Musk, Jeff Bezos, and Larry Ellison — have increased their net worth by 84%, according to a recent Oxfam report on global inequality.

However, despite America holding the title of the world's wealthiest nation in terms of gross domestic product, 37.9 million Americans live in poverty, representing 11.5% of the total population, as per the latest U.S. Census Bureau report.

"We are witnessing the onset of a decade of division, with billions of people bearing the economic brunt of the pandemic, inflation, and war, while the fortunes of billionaires skyrocket," stated Amitabh Behar, the interim executive director of Oxfam International, to CNBC.

Oxfam also found that the five richest men globally have more than doubled their immense wealth since 2020. If current trends continue, the world will see its first trillionaire within a decade, but poverty will not be eradicated for another 229 years.

"We expect to see continued concentration of extreme wealth at the top," added Rebecca Riddell, head of economic and racial justice policy at Oxfam.

However, there are signs of progress, noted Steven Hamilton, assistant professor of economics at George Washington University. The labor market has tightened in the same period, leading to more full-time positions for workers, "which has led to a rapid increase in nominal wages among low-income individuals."

Additionally, labor strikes in 2023 led to a series of labor agreements where workers in unions, including automakers, UPS drivers, airline pilots, and television and film writers, pushed for and won higher wages. "There are avenues that can achieve a more equitable world," Riddell said.

But more can be done, added Hamilton. "If we wanted less inequality, we could have it," he argued, citing policies like progressive taxation, higher corporate income tax rates, income from dividends and capital gains, estate taxes, and increased income tax credits. "There are many measures we could take to drastically reduce income inequality in the USA."

Shortly after Oxfam's report was published, some of the world's wealthiest people called on elected representatives of the world's top economies to impose higher taxes on society's richest.

In an open letter to political leaders gathered at the annual World Economic Forum in Davos, Switzerland, over 250 billionaires and millionaires conveyed a clear message: "Tax our extreme wealth."

The letter's signatories, titled "Proud to Pay More," span 17 countries and include Disney heiress Abigail Disney, screenwriter Simon Pegg, and Valerie Rockefeller of the famous U.S. family.