The Daily Money: Who will be the world's first trillionaire?

The rich just keep on getting richer, and one of them could become the world's first-ever trillionaire within the next decade.

Advertisement Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Thu Jan 18 2024 Daniel de Visé | Personal Finance Reporter Good morning! It's 17 degrees in the D.C. suburbs, and today, we'll call that progress. It's Daniel de Visé with your Daily Money. The rich just keep on getting richer, and one of them could become the world's first-ever trillionaire within the next decade, according to the anti-poverty group Oxfam International. The organization released its annual report this week, Eric Lagatta reports, as business and political elites began to gather to hobnob during the  World Economic Forum. Warning of an impending "decade of division," the report's most stark findings highlighted the growing wealth gap between billionaires and, well, everyone else. Could the world's first trillionaire be Tesla CEO Elon Musk, who also owns the social media platform X? How about investment guru Warren Buffett? Or Amazon founder Jeff Bezos? All three of the billionaires are among the five richest men whose fortunes shot up by 114% since 2020, while the world was reeling during the COVID-19 pandemic, Oxford found, using figures from  Forbes. A simple app to learn all there is to know about personal finance. USAT Setting a budget for 2024? First, examine your spending in 2023 A great way to make a household budget for 2024, financial planners say, is to look at how you spent money in 2023. You might call it data-driven budgeting: Before you create a spending plan for this year, analyze how you allocated funds last year, to see where your money actually went. "You need to figure out what happened in the past to have a roadmap going forward," said Lili Vasileff, a certified financial planner in Greenwich, Connecticut. Data-driven budgeting is a daunting exercise. To do it right, you must pore over hundreds or thousands of expenses and assign them to categories: Streaming services. Take-out coffee. Meal deliveries. Out-of-pocket medical expenses. Housing costs. Veterinary bills. A budgeting app can help. 📰 More stories you shouldn't miss 📰 Breaking the tax code: What does this IRS code mean on my tax refund? Codes 826, 846, 570 and more explained. TikTok tax: Social media influencers may seem to live charmed lives. But then comes tax time. Think you can stay off your phone? One company will pay you $10,000 to do a digital detox A whole new meaning to 'dead battery': Tesla owners say EV batteries won't charge as brutally cold temperatures hit Chicago 🍔 Today's Menu 🍔 What could go better with a foot-long sub than a foot-long cookie? For you diners who can't get enough Subway, and who aren't counting calories too carefully, the chain announced in a news release Thursday that its new Sidekicks menu will feature a trio of "new foot-long snacks." In December, the fast food restaurant unveiled new foot-long cookies at select stores in Chicago, Dallas, Miami and New York for National Cookie Day. The new menu will go nationwide on Monday. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. World's first trillionaire could come soon as poverty worsens, Oxfam says Meanwhile, anti-poverty group Oxfam International warns of a "decade of division" and says it would take 229 years to eradicate poverty. READ MORE Advertisement Setting a budget for 2024? First, look at how you spent in 2023 A great way to make a household budget for 2024, financial planners say, is to look at how you spent money in 2023. READ MORE The price for being a social media influencer? Very complicated taxes. Social media influencing looks fun, except at tax time. Here's what they need to know and watch out for when it comes to tax season. READ MORE What does IRS code 826, 846, 570 mean on my transcript? The IRS uses codes to refer to steps the agency has taken on taxpayer accounts. 826, 846 and 570 are related to overpayments and credit holds. READ MORE Subway adds 3 new foot-long items to its menu After releasing the foot-long cookie at select stores for National Cookie Day in December, the chain is bringing it back with a new menu that features two other foot-long snacks. READ MORE Digital detox: Company will pay $10K if you can stay off your phone Siggi's Dairy, a company that sells Icelandic yogurt, will give you $10,000 if you can stay off your phone and do a digital detox for a month. READ MORE How much is the national debt? What the record $34T means for you. The U.S. government's gross national debt has surpassed $34 trillion, a new record. But how worried should you be about the country's borrowing? READ MORE That wanderlust could cost you in state taxes. Here's what to know. Wi-Fi, laptops and mobile phones have made work from anywhere a reality for many of us. But that could cause a tax headache. READ MORE Tesla owners say batteries won't charge amid brutally cold temps One Tesla owner said he saw at least 10 cars get towed from a charging station after running out of battery and dying. READ MORE A dozen states still tax Social Security. Do you live in one of them? Which states tax Social Security? Most states don't tax Social Security but some do. Here's which ones they are, and how they might do it. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •  Manage Newsletters  •  Terms of Service  •  Privacy Policy/Your California Privacy Rights  •   Privacy Notice  •  Do Not Sell My Info/Cookie Policy  •  Feedback