10 richest people have more money than 85 countries have

NEW YORK: The 10 richest people on earth have a combined income of US $858.1 billion (Rs132,748 billion), more than the Gross Domestic Product (GDP) of the 85 poorest countries in the world, the financial information site Learn Bonds reported.

According to the IMF, the 85 countries have a combined GDP of 813.5 billion dollars, 44.6 billion less than the 10 billionaires, who, together, also own more than some wealthy nations like Belgium, Switzerland, Austria and Norway.

The world’s wealthiest person is Amazon owner Jeff Bezos, with a fortune of $125.3 billion, followed by Bill Gates (Microsoft, $112.6 billion) Bernard Arnault and family (LVMH, $108 billion), Warren Buffet (Berkshire Hathaway, $90.4 billion) and Amancio Ortega (Zara, $78.1 billion).

Bezos’s fortune exceeds Morocco’s $119-billion-dollar GDP, while Bill Gates and Bernard Arnaud both own more than Ecuador’s GDP ($107 billion).

Zara fashion chain founder Amancio Ortega is currently the fifth richest person globally with a net worth of $78.10 billion. When rated against the GDP of other countries, Ortega would rank in the 67th position just above Oman. The Middle East nation has an annual GDP of $76.6 million.

Ortega net worth ties with Facebook co-founder and CEO Mark Zuckerberg who is ranked in the sixth position. Similarly, Zuckerberg’s net worth slightly surpasses Oman’s GDP.

Oracle CTO and founder Larry Ellison with a net worth of $68.50 billion is the seventh richest person globally. Ellison has more money tha Ghana’s GDP of $67 billion.

Carlos Slim Helu, the richest man in Mexico and eighth globally has a net worth of $66 billion. Helu whose interests are in telecom and the media sees his wealth just above Myanmar’s GDP. Myanmar has a GDP of $69,99 billion.

Co-founder and board member of Alphabet Larry Page enjoys a net worth of $65.90 stemming from giant tech company Google. His fortune comes just above Tanzania’s GDP of $62.2 billion.

Lastly, Los Angeles Clippers owner Steve Ballmer is the tenth richest person in the world. Ballmer enjoys a net worth of $65.20 billion. Apart from sports interest, Baller once served as the Microsoft CEO between 2000 and 2014. Similarly, Tanzania’s GDP Comes close to Baller’s network.

Based on the inequalities in wealth distribution, organisations such as Oxfam have been on the forefront demanding that economies work for everyone, not just “a privileged few”.