The wealth of billionaires skyrocketed to previously “unthinkable” levels in 2024, prompting analysts to forecast that at least five individuals might achieve trillionaire status within the next ten years, as noted in a recent Oxfam International report.
Elon Musk, the world’s top billionaire and known as Donald Trump’s “First Buddy,” is projected to reach the extraordinary milestone of $1,000,000,000,000 by as early as 2027.
The aggregate wealth of the globe’s wealthiest individuals soared from $13 trillion to $15 trillion in just 2024, with 60 percent of this increase attributed to factors like inheritance, monopolistic practices, or “crony connections,” according to Oxfam. Musk’s net worth is currently estimated at around $440 billion, a value comparable to Denmark’s GDP.
“The inability to rein in billionaire wealth is paving the way for imminent trillionaires. The pace at which billionaires accumulate wealth has increased—now threefold—and their influence has similarly expanded,” stated Oxfam’s executive director Amitabh Behar. Concurrently, the number of people enduring poverty has seen little change since 1990.
The wealthiest 1 percent controls nearly 45 percent of total wealth, while 44 percent of the global population lives in poverty. This severe disparity is “not merely harmful to the economy—it’s detrimental to humanity,” Behar asserted. Oxfam urges governments to prioritize ensuring that the earnings of the top 10 percent do not surpass those of the bottom 40 percent globally.
