The world could get 1st individual with trillion dollar net worth in 10 years if... (2024)

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Can the world get its first trillionaire within 10 years? ›

Oxfam also found that the five richest men globally have more than doubled their vast wealth since 2020. If current trends continue, the world will have its first trillionaire within a decade, but poverty won't be eradicated for another 229 years.

"Of the 21 individuals who stand a chance of reaching this phenomenal milestone in their lifetime, Elon Musk is predicted to be the first," said CEO Magazine.

As of today, no billionaire is within striking distance of becoming a trillionaire. Elon Musk is, at present, the world's richest person, with a net worth of $206 billion, while Jeff Bezos is in the number two position with $179 billion, according to Bloomberg.

It now takes at least $5.8 million to join the richest echelon in the world's largest economy, almost 15% more than about 12 months ago, according to research from Knight Frank.

Musk is among five men whose fortunes spiked by 114% in real terms since 2020, Oxfam found in a recent report. 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.

It is difficult to say definitively who will be the richest person in 2050. However, there are a few people who are likely to be in the running. One possibility is Elon Musk. Musk is the CEO of Tesla and SpaceX, and he is also the richest person in the world today.

A trillionaire is an individual with a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency, such as the euro or the British pound. Currently, no one has yet claimed trillionaire status, although some of the world's richest individuals may only be a few years away from this milestone.

Swift's inclusion comes after Forbes declared the singer a billionaire in October 2023 and reported her net worth at $1.1 billion. In a rare feat, Swift is the first musician to reach the milestone solely from songwriting and performing.

Mansa Musa ruled over the Mali empire in the 14th Century, and his incredible access to gold made him arguably the richest human to have ever lived. So, why is it that he has largely disappeared from the western historical imagination?

What is a quadrillionaire? ›

quadrillionaire (plural quadrillionaires) Somebody whose wealth is greater than one quadrillion units of the local currency. (by extension) An extremely wealthy person.

The next step above trillion is quadrillion, then quintillion, sextillion, septillion, octillion, nonillion, decillion. Going by convention, the level above trillionaire is quadrillionaire. In theory? A quadrillionaire.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

Those numbers are based partially on a survey conducted last year by personal finance website Bankrate, which found that Americans said they would need to make about $440,000 per year to feel rich or “achieve financial freedom.”

“At current rates, it will take 230 years to end poverty, but we could have our first trillionaire in 10 years,” states the report, which highlights the growing inequality alongside the staggering net worth of the five men.

A trillionaire is an individual with a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency, such as the euro or the British pound. Currently, no one has yet claimed trillionaire status, although some of the world's richest individuals may only be a few years away from this milestone.

That's right, an American man recently became the first person in the history of mankind to become a quadrillionaire.

In short, a trillionaire will be able to do these things – and more – on an unprecedented scale. Consider that owning $1 trillion would make an individual human being the 20th largest economy on the planet. One person would have more money than the entire GDP of Switzerland, and rank just behind Saudi Arabia.