The world’s richest five men have more than doubled their fortunes since 2020, the charity Oxfam has said, sounding the alarm about unchecked corporate power as business elites hold their high-profile annual gathering in Davos, Switzerland.

The five men are worth a combined $869bn after growing their fortunes at a rate of $14m per hour during the past four years, Oxfam said in its report “Inequality Inc.”, released on Monday.

Despite the growth in the fortunes of the five – LVMH chief Bernard Arnault, Amazon’s Jeff Bezos, investor Warren Buffet, Oracle co-founder Larry Ellison and Tesla CEO Elon Musk – 5 billion people have gotten poorer over the same period, Oxfam said.

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