Move over billionaires. The first trillionaires are on their way.

At current trends the charity Oxfam predicts up to five trillionaires are expected to emerge within the next decade.

The charity reported that the wealth of the world's billionaires grew from $13 trillion to $15 trillion in 2024, a rate that is three times faster than in 2023.

"Elon and I hugged it out," Dimon told CNBC in a TV interview at the World Economic Forum's annual event in Davos, Switzerland. "He came to one of our conferences, [and] he and I had a nice, long chat. We settled some of our differences."

Britain is and will remain a core market for Santander , its executive chair Ana Botin said at the World Economic Forum annual meeting in Davos on Tuesday.

Oxfam’s latest inequality report, unveiled on the eve of the World Economic Forum in Davos, projects that five billionaires, led by Elon Musk, are set to surpass $1 trillion in wealth within a decade.

"Elon and I hugged it out," Dimon told CNBC in a TV interview at the World Economic Forum's annual event in Davos, Switzerland, Wednesday. "The guy is our Einstein," the JPMorgan chief said. "I'd like to be helpful to him and his companies as much as we can.

German Chancellor Olaf Scholz on Tuesday vowed to "defend free trade as the basis of our prosperity", a day after US President Donald Trump threatened to impose tariffs and taxes on trade partners.

Billionaire Elon Musk has been a close ally to President Donald Trump during his 2024 election, but Anthony Scaramucci believes it will come to an end.

The World Economic Forum in Davos, Switzerland, is underway this week — and there are calls for taxing the extremely rich to address global inequality.

DAVOS, Switzerland (Reuters) - A strong U.S. economy and lower interest rates could foster a surge in the number of initial public offerings in 2025, building on the recent momentum, a top executive at the New York Stock Exchange said on Wednesday.