Tech mogul Elon Musk is on course to become the world’s first trillionaire, with an estimated net worth surpassing $1 trillion. His wealth accumulation, alongside the rapid growth in billionaire wealth, has raised concerns about economic inequality and the concentration of wealth in the hands of a few. Oxfam’s report emphasizes that the number of trillionaires is set to increase significantly, while the number of people living in extreme poverty remains largely unchanged since 1990.
According to the study, billionaire wealth has grown three times faster in 2024 compared to 2023, positioning Musk as the first to cross the trillion-dollar threshold. The report warns that this trend could exacerbate inequality, with five people expected to hold trillion-dollar fortunes within the next decade. Meanwhile, over 700 million people, or 8.5% of the global population, continue to live on less than $2.15 per day. The World Bank notes that without significant policy changes, it may take over a century to eliminate extreme poverty.