Who wants to be a TRILLIONAIRE? The race to ten-figures is on - but who will be first over the finish line?
- Oxfam predicts the world could have its first trillionaire in a decade
- The wealth of the five richest people have more than doubled to a staggering $869 billion since 2020
- Report highlights growing disparities between the super-rich and the rest
The world has grown accustomed to the lavish lifestyles of billionaires, with their private jets, yachts and multi-million dollar homes.
But it seems we might soon have to get used to a whole new brand of the uber-wealthy - the trillionaire.
According to a new report from anti-poverty organization Oxfam, the world could have its first trillionaire - someone who has a thousand billion dollars - within a decade.
The group found that the fortunes of the five richest people in the world have more than doubled to a staggering $869 billion since 2020.
If the extreme wealth of billionaires such as Elon Musk and Jeff Bezos continues growing at the same rate, it predicts we could reach the trillion-dollar milestone in as little as eight years.
![According to a new report from charity Oxfam, the world could have its first trillionaire - someone who has a thousand billion dollars - in less than a decade](https://i.dailymail.co.uk/1s/2024/01/19/17/80203413-12970979-image-a-6_1705687104880.jpg)
According to a new report from charity Oxfam, the world could have its first trillionaire - someone who has a thousand billion dollars - in less than a decade
Using the Forbes billionaire list, Oxfam - which highlights the wealth disparities between the ultra-rich and the rest of the population - calculated the amount of time that it could take for each of the world's five richest people to become a trillionaire.
Elon Musk is currently the richest person on the planet, with a fortune of almost $250 billion, according to the charity.
The businessman, who is the CEO of Tesla and SpaceX and owns X - formerly Twitter - has seen his wealth skyrocket by an average of 162 percent every year for the last five years.
His remarkable jump in wealth since 2019 has mostly been down to his stake in the electric car maker, which has seen its revenue soar as the EV market has hit the mainstream.
According to Oxfam, if Musk's wealth continues growing at the same pace, he will hit the trillionaire mark in just 8.3 years.
This means he could hit the milestone as soon as 2032, according to DailyMail.com analysis of Oxfam's calculations.
![Musk's remarkable jump in wealth is mainly down to his stake in Tesla (Pictured: Unveiling the Tesla Cybertruck in 2019)](https://i.dailymail.co.uk/1s/2024/01/20/13/80148683-12970979-Musk_s_remarkable_jump_in_wealth_is_mainly_down_to_his_stake_in_-a-9_1705757918278.jpg)
Musk's remarkable jump in wealth is mainly down to his stake in Tesla (Pictured: Unveiling the Tesla Cybertruck in 2019)
French businessman Bernard Arnault, who is the CEO of LVMH, would become a trillionaire in 9.8 years - in 2033 - if his wealth continues to grow at the same rate it has been for the last five years, the report found.
LVMH is the world's largest luxury goods conglomerate - 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 boomed by an average annual rate of 22 percent since 2019 to $191.3 billion.
Third on the list is Amazon founder Jeff Bezos - whose fortune has hit $167.4 billion.
While his wealth has only grown by an average of 1 percent a year since 2019, the report still projects he could theoretically reach trillionaire status in 10.6 years - in 2034.
![French businessman Bernard Arnault, who is the CEO of LVMH, would become a trillionaire in 2033 if his wealth continues to grow at the same rate it has been for the last five years, the report found](https://i.dailymail.co.uk/1s/2024/01/20/13/80148833-12970979-French_businessman_Bernard_Arnault_who_is_the_CEO_of_LVMH_would_-a-10_1705757918279.jpg)
French businessman Bernard Arnault, who is the CEO of LVMH, would become a trillionaire in 2033 if his wealth continues to grow at the same rate it has been for the last five years, the report found
![Amazon founder Jeff Bezos' fortune has hit $167.4 billion, according to the Forbes billionaire list analyzed by Oxfam](https://i.dailymail.co.uk/1s/2024/01/20/13/80148931-12970979-Amazon_founder_Jeff_Bezos_fortune_has_hit_167_4_billion_accordin-a-13_1705757918307.jpg)
Amazon founder Jeff Bezos' fortune has hit $167.4 billion, according to the Forbes billionaire list analyzed by Oxfam
American businessman and entrepreneur Larry Ellison, who co-founded the software giant Oracle, could become a trillionaire in 11.4 years, according to Oxfam, if his wealth continues to grow at its current rate. This pitches him as hitting the milestone in 2035.
In the last five years, his fortune has grown at an 18 percent annual rate to reach $145.5 billion.
Fifth on the list is legendary investor Warren Buffet, who could reach the benchmark in 12.6 years according to the report - in 2036.
Buffett runs 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 a year since 2019, and is now projected at around $119.2 billion.
![American businessman and entrepreneur Larry Ellison co-founded the software giant Oracle](https://i.dailymail.co.uk/1s/2024/01/20/13/80148981-12970979-American_businessman_and_entrepreneur_Larry_Ellison_co_founded_t-a-12_1705757918292.jpg)
![Legendary investor Warren Buffet could reach trillionaire status in 12.6 years, according to the report](https://i.dailymail.co.uk/1s/2024/01/20/13/80148985-12970979-Legendary_investor_Warren_Buffet_could_reach_trillionaire_status-a-11_1705757918287.jpg)
American businessman and entrepreneur Larry Ellison, who co-founded the software giant Oracle could reach trillionaire status in 11.4 years, while investor Warren Buffet could get there in 12.6 years, according to the report
According to the report, the total wealth of the five richest billionaires increased from $453 billion in 2019 to $869 billion as of 30 November 2023 - an annual increase of 18 percent in real terms.
Using this growth rate, all 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 subject to uncertainty,' the report reads.
'Importantly, the wealth of Elon Musk, which has grown exponentially over the past five years, heavily influences the average growth of the total wealth of the five richest billionaires.'
And while Musk is the wealthiest person in the world currently, the organization noted that it is difficult to say exactly who will be the first trillionaire - and it could feasibly be someone not on any list of the richest people right now.
Lisa Rutherford, from Oxfam, told DailyMail.com: 'The important thing is not who would become the first trillionaire but rather that it's even an actual possibility, a trillion dollars is an unimaginable amount of money, and it's absolutely nothing to celebrate.
'As of 2022, hundreds of millions of people around the world – including one in 10 people in the US - were living in poverty, so the fact that any one person - Elon Musk, Jeff Bezos or otherwise - could become a trillionaire while millions of people suffer is simply unacceptable.'
The report found that since 2020, almost 5 billion people have seen their wealth fall.
While we we may see the first trillionaire in 10 years, we will not eliminate poverty for 230 years, it projected.
If each of the five billionaires were to spend $1 million daily, it would take them 476 years to exhaust their combined wealth, Oxfam calculated.
'This figure is purely for illustration and does not include any measure of compound interest on savings; in fact, billionaires would need to spend a lot more money to avoid their fortunes rising and not falling,' the report added.