Elon Musk, Mark Zuckerberg Among Five Poised to Join the Trillionaire Club by 2035

A New Projection from Oxfam

A new study by Oxfam indicates that five individuals are on track to join the highly exclusive trillionaire club by 2035, marking a substantial shift from previous reports. The study now predicts that these five individuals will amass fortunes reaching 13 figures, highlighting the alarming pace at which billionaire wealth is accumulating. The wealth of the ultra-rich has surged at an extraordinary pace, growing three times faster in 2024 compared to 2023, as reported by Forbes.

Soaring Fortunes Driven by Technology and Political Changes

The past year has witnessed an unprecedented increase in the wealth of the ultra-wealthy. Tech giants with substantial stakes in some of the world’s leading companies have seen their fortunes inflate due to cutting-edge advancements in technologies such as artificial intelligence (AI) and satellite industries. Additionally, the market has gained momentum as investors anticipate a favorable regulatory environment, particularly under a potential second Trump presidency.

However, Oxfam points out that this extraordinary wealth growth coincides with persistent global issues like economic instability, climate crises, and conflict. As a result, the number of individuals living in poverty has stagnated since 1990. The World Bank’s Poverty and Inequality Platform (PIP) reports that 3.6 billion people live below the $7-a-day poverty line, emphasizing the urgency of addressing wealth inequality.

Call for Systemic Change from Oxfam

Oxfam emphasizes that the global economic framework must undergo radical reforms to ensure equitable wealth distribution. The organization calls for the richest individuals, potentially including soon-to-be trillionaires, to shoulder a greater share of the burden to alleviate poverty. “Our modern-day colonial economic system must be made radically more equal to end poverty,” stated Oxfam in their report, highlighting the need for systemic change.

The Trillionaire Contenders

Elon Musk: The Frontrunner

Unsurprisingly, Elon Musk, the world’s richest person, is the leading contender for trillionaire status. Musk’s fortune has soared largely due to his association with the anticipated influx of pro-business policies from the incoming Trump administration. His wealth has spiked by over 105% within the last year, soaring from $219 billion to $449 billion.

Jeff Bezos: An AI Competitor

Jeff Bezos, the founder of Amazon, is another strong candidate likely to reach trillionaire status. Bezos’s wealth has also been closely linked to emerging technologies, particularly AI. With a nearly 10% stake in Amazon, which invests heavily in AI for its various services, Bezos’s net worth has grown by more than 35% recently, rising from $181 billion to $245 billion.

Mark Zuckerberg: Meta’s AI Innovations

The potential for Mark Zuckerberg, the founder of Meta, to enter the trillionaire club is also significant. Following a strategic pivot towards AI rather than the metaverse, Zuckerberg’s focus has bolstered Meta’s stock, which has risen over 60% in the past year. His net worth has escalated from $138 billion to $217 billion due to this resurgence.

Jensen Huang: An AI Chip Pioneer

According to Informa Connect Academy, Jensen Huang, the CEO of Nvidia, is expected to join the trillionaire ranks by 2028. With an impressive annual growth rate of 111.88% in personal wealth since 2017, Huang’s net worth is currently estimated at $117 billion.

Bernard Arnault: The Luxury Goods Titan

Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton, is another notable figure predicted to reach trillionaire status by 2030. Despite facing market volatility, particularly in key regions like China, Arnault has seen his wealth rise from $161 billion to $188 billion within the last year.

Looking Beyond the Current Rankings

The report also sheds light on potential trillionaires outside the current top ranks, such as Gautam Adani, founder of a major infrastructure conglomerate in India, currently valued at $76 billion, and Prajogo Pangestu, who leads Indonesia’s largest petrochemical company, Barito Pacific, with a net worth of $31.7 billion.

Conclusion

The emergence of multiple potential trillionaires within a decade raises concerns about the growing wealth gap and the systemic issues that contribute to poverty globally. As fortunes soar for individuals like Musk, Bezos, Zuckerberg, Huang, and Arnault, the call for wide-ranging reforms becomes increasingly pressing to ensure a fairer economic landscape.

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Five Future Trillionaires: Elon Musk and Mark Zuckerberg Set to Join Exclusive Club by 2035