The world has become accustomed to the lavish lifestyles of billionaires with their private jets, yachts and multi-million dollar homes.
But it seems we'll soon have to get used to a whole new breed of super-rich – the trillionaire.
The world could have its first trillionaire – someone with a billion dollars – within a decade, according to a new report from anti-poverty organization Oxfam.
The group found that the wealth of the world's five richest people has more than doubled since 2020 to a staggering $869 billion.
If the extreme wealth of billionaires like Elon Musk and Jeff Bezos continues to grow at the same rate, it is predicted that we could reach the trillion dollar mark in just eight years.
The world could have its first trillionaire – someone with a billion dollars – in less than a decade, according to a new report from the charity Oxfam
Using the Forbes Billionaires List, Oxfam – which highlights the wealth gap between the super-rich and the rest of the population – has calculated how long it might take for each of the world's five richest people to become a trillionaire.
According to the charity, Elon Musk is currently the richest person in the world with a fortune of almost $250 billion.
The businessman, who is CEO of Tesla and SpaceX and owns
His remarkable wealth gain since 2019 is largely due to his stake in the electric car maker, whose revenues skyrocketed as the EV market hit the mainstream.
According to Oxfam, if Musk's wealth continues to grow at the same rate, he will reach the trillion dollar mark in just 8.3 years.
This means it could reach the milestone as early as 2032, according to an analysis of Oxfam's calculations by .
Musk's remarkable wealth growth is mainly due to his stake in Tesla (Image: Unveiling the Tesla Cybertruck in 2019)
French businessman Bernard Arnault, CEO of LVMH, would become a trillionaire in 9.8 years – in 2033 – if his wealth continues to grow at the same pace as the last five years, the report said.
LVMH is the world's largest luxury goods group – with a portfolio of over 70 brands, including Louis Vuitton, Moet & Chandon, Hennessy and Sephora.
Arnault's five children all work at the company, and the family's wealth has increased an average of 22 percent annually since 2019 to $191.3 billion.
Third on the list is Amazon founder Jeff Bezos – whose fortune has reached $167.4 billion.
Although his wealth has only grown at an average rate of 1 percent per year since 2019, the report still predicts that he could theoretically reach trillionaire status in 10.6 years – in 2034.
French businessman Bernard Arnault, CEO of LVMH, would become a trillionaire in 2033 if his wealth continues to grow at the same pace as over the past five years, the report said
According to the Forbes billionaires list analyzed by Oxfam, Amazon founder Jeff Bezos has reached a fortune of $167.4 billion
American businessman and entrepreneur Larry Ellison, co-founder of software giant Oracle, could become a trillionaire in 11.4 years if his wealth continues to grow at the current pace, according to Oxfam. This suggests that it will reach the milestone in 2035.
Over the past five years, his wealth has grown 18 percent annually to $145.5 billion.
Fifth on the list is legendary investor Warren Buffet, who according to the report could reach the benchmark in 12.6 years – in 2036.
Buffett heads Berkshire Hathaway, which owns dozens of companies including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
His wealth has steadily increased by an average of 4 percent per year since 2019 and is now estimated at around $119.2 billion.
According to the report, American businessman and entrepreneur Larry Ellison, co-founder of software giant Oracle, could reach trillionaire status in 11.4 years, while investor Warren Buffet could reach this status in 12.6 years
According to the report, the total wealth of the five richest billionaires rose from $453 billion in 2019 to $869 billion as of November 30, 2023 – an annual increase of 18 percent in real terms.
At this rate of growth, all other things being equal, these five billionaires will have an average wealth of $1 trillion in 10.4 years.
“This is of course an estimate and is subject to uncertainty,” the report said.
“Importantly, Elon Musk’s wealth, which has grown exponentially over the past five years, strongly influences the average growth in the total wealth of the five richest billionaires.”
And although Musk is currently the richest person in the world, the organization noted that it is difficult to say exactly who will be the first trillionaire – and it could well be someone who is not currently on a list of the richest people.
Oxfam's Lisa Rutherford told : “The important thing is not who becomes the first trillionaire, but that it is even an actual possibility. A trillion dollars is an unimaginable sum and there is absolutely no reason to celebrate.”
“In 2022, hundreds of millions of people around the world – including one in 10 people in the US – lived in poverty, so any single person – Elon Musk, Jeff Bezos or otherwise – could become a trillionaire, while millions would The number of people suffering from this is simply unacceptable.”
The report found that nearly 5 billion people have experienced a loss of wealth since 2020.
Even though we may see our first trillionaire in ten years, we won't eradicate poverty for another 230 years, the forecast says.
If each of the five billionaires spent a million dollars a day, it would take them 476 years to exhaust their total wealth, Oxfam calculated.
“This figure is for illustrative purposes only and does not imply any measurement of compound interest on savings; “In fact, billionaires would have to spend much more money to keep their wealth from rising rather than falling,” the report continued.