A new study from Oxfam projects that five individuals are on track to become trillionaires within the next ten years, amassing fortunes with 13 figures to their names.
This projection marks a significant shift from a previous Oxfam report that indicated only one person would reach this milestone within a decade.
This updated forecast comes as billionaire wealth has ballooned at an alarming rate, growing three times faster in 2024 compared to 2023, according to data cited from Forbes.
Soaring fortunes driven by AI, tech, and political shifts
The past twelve months have seen an extraordinary surge in wealth among the world’s ultra-rich.
Tech titans with significant stakes in some of the world’s most valuable companies have watched their fortunes grow due to the emergence of new technologies like artificial intelligence and satellite industries.
Furthermore, markets have seen a boost as investors anticipate a regulation-lite environment under a second Trump presidency.
However, while the ultra-rich have reaped the rewards of these market conditions, Oxfam notes that “crises of economy, climate and conflict mean the number of people living in poverty has barely changed since 1990.”
According to the World Bank’s Poverty and Inequality Platform (PIP), the number of people living below the $7-a-day poverty line in 2024 was 3.6 billion, a figure that has remained relatively stagnant since 1990.
Oxfam calls for radical change to address inequality
“Our modern-day colonial economic system must be made radically more equal to end poverty,” states Oxfam in their report, advocating for significant changes.
The cost should be borne by the richest people who benefit the most.
According to Oxfam, if the goal is a more leveled playing field for the poor, then these soon-to-be trillionaires will likely be among the first to be affected.
The trillionaire list: Musk, Bezos, and beyond
But which individuals are most likely to reach the trillionaire threshold?
Elon Musk: a clear frontrunner
Not surprisingly, Elon Musk, the world’s richest person, is projected to be the first person to achieve trillionaire status.
The Tesla CEO’s wealth has seen a major boost from his relationship with the incoming Trump administration, with speculators anticipating favorable policy changes over the next five years.
Musk’s net worth has grown by more than 105% over the past year, jumping from $219 billion to $449 billion, at the time of writing.
Jeff Bezos: another contender in the AI race
Amazon founder Jeff Bezos, is another likely contender for trillionaire status.
Like many of his ultra-wealthy peers, Bezos’s wealth is also tied to technology, most notably to AI.
Bezos owns just under 10% of Amazon, a company heavily invested in AI to improve products such as Alexa and customer service in its pharmacy and retail sectors.
In addition, Bezos has also entered the private sector space race, and anticipates his Blue Origin rocket company to outgrow Amazon.
His wealth has increased by more than 35% in the past year, from $181 billion to $245 billion, at the time of writing.
Mark Zuckerberg: Meta’s AI focus boosts wealth
Meta founder and CEO Mark Zuckerberg has also been identified as another potential trillionaire.
Investors were pleased when Zuckerberg shifted away from his focus on the Metaverse and began to concentrate more closely on AI.
Meta has raced to release generative AI models Llama, Llama 2, and Llama 3 (a potential rival to OpenAI’s ChatGPT), powering a variety of new services like AI Studio, and integrating the technology into its Ray-Ban sunglasses and Quest headsets.
These innovations have benefited the company significantly, with Meta’s stock rising over 60% in the past year.
As the company’s largest shareholder, Zuckerberg’s wealth has grown from $138 billion to $217 billion at the time of writing.
Jensen Huang: AI chip pioneer to join trillionaire ranks
Learning and training specialists, Informa Connect Academy, also identified individuals whose wealth has skyrocketed in recent years, expecting Musk to become a trillionaire by 2027, while predicting that Nvidia CEO Jensen Huang will be next, joining the trillionaire club by 2028.
They cited his annual wealth growth rate of 111.88% between 2017 and 2024.
Huang’s net worth is currently $117 billion, according to the Bloomberg Billionaires Index.
Bernard Arnault: luxury goods titan on track for trillionaire status
Luxury goods kingpin Bernard Arnault, chairman of LVMH Moet Hennessy Louis Vuitton, is another potential trillionaire, according to Informa Connect Academy.
Controlling half of the group that produces everything from Veuve Clicquot champagne to Tiffany diamonds, Arnault and his family currently possess a fortune worth $188 billion.
Despite market fluctuations in key markets like China, Arnault’s wealth has increased from $161 billion to $188 billion in the past year, and Informa Connect Academy estimates that he will reach trillionaire status by 2030.
Future trillionaires beyond current rankings
Informa’s report also identifies potential trillionaires outside of the current top 10 on Bloomberg’s Billionaires Index, including Gautam Adani, the founder of a major infrastructure conglomerate in India, currently valued at $76 billion, as well as Prajogo Pangestu, who is 54th in the current world rankings with a net worth of $31.7 billion and is the founder of Indonesia’s largest petrochemical company, Barito Pacific.
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