Over the past few years, billionaires have only been increasing their net worth, and it likely won’t be long until someone reaches trillionaire status. Here’s everything you need to know:
When will someone be worth $1 trillion?
Pinpointing a definitive answer is difficult, given that the net worth of the world’s richest people is constantly fluctuating. However, many financial calculators have tried to predict when the world might see its first trillionaire.
Finance and procurement platform Approve analyzed the state of the world’s most valuable elite by looking at data from the world’s 30 richest people. Their results showed that one’s net worth would likely exceed $1 trillion much sooner than most people might think — certainly before the end of the decade.
Looking at the net worth of these individuals as of January 2022, the website determined that the first billionaire could cross the milestone as soon as 2024, although depending on the global economy, it could be a few years later. can push
Who will it be, and will it be anyone else?
Well, at one time, the obvious answer was Twitter CEO and Tesla founder Elon Musk. The controversial tech mogul is currently worth $174.5 billion. Forbes. He is currently the world’s second-richest person, having recently lost the crown to LVMH chairman Bernard Arnault.
For a long time, Musk seemed to be the consensus choice to become the first person to reach $1 trillion in net worth. Nevertheless, his wealth was apparently growing rapidly, and at one point was worth more than $200 billion. “Of the 21 people who have the chance to reach this extraordinary milestone in their lifetime, Elon Musk is predicted to be the first,” said. CEO Magazine. This prediction was reiterated by The Guardian, The Economic Times, and many others.
However, Musk’s net worth has been falling recently, in part due to a drop in Tesla stock and several controversial decisions he made regarding his $44 billion acquisition of Twitter. Notably, the majority of outlets predicting Musk becoming the first billionaire published pieces as early as 2022 — before his Twitter takeover.
So if Musk doesn’t become the world’s first billionaire, who else can? Well, there’s always Amazon founder Jeff Bezos, who held the spot as the world’s richest man for several years before Musk took over. According to him, he is still the fourth richest person on earth. Forbes, With a net worth of $114.4 billion, and could easily jump a few spots in the rankings. Anastopedia Another potential dark horse candidate was reported: genome researcher Craig Venter. The outlet notes that his research could make him extremely wealthy, especially if he is pivotal in trying to find a cure for cancer, though the likelihood of him ever reaching the trillion-dollar mark is slim at this point.
So just how much is $1 trillion?
It can be hard to understand how much more money $1 trillion is than $1 billion. Basically, $1 trillion equals $1,000 billion, which itself equals $1,000 million, noted Investopedia. Simply put, the outlet called it an “extraordinary amount of money.”
$1 trillion is so big that it’s often hard to put it into perspective. For starters, it’s roughly equal to the gross domestic product of many countries, according to the World Bank. This includes Australia, with an estimated GDP of $1.5 trillion, Brazil with a GDP of $1.6 trillion, and Indonesia with a GDP of $1.1 trillion. Although many countries have GDPs in the tens of trillions, the reality is that there are still many highly developed states that barely reach trillions of dollars.
USA Today Just compiled a list of some of the things a person could do with $1 trillion – and it’s pretty specific. For example, you could buy an apartment per person in San Francisco, a city with an average rent of $3,600 and an average home price of $1.35 million. A sports fan can buy the Miami Dolphins football team – 1,000 times more. In fact, you could buy every team in every sports league, according to Fox Business, and still have three-quarters of your wealth left over. You could also buy all the shares of ExxonMobil, McDonald’s and Coca-Cola and still have money left over.
Beyond the monetary aspects of $1 trillion, it can be difficult to understand how a trillion is more than a billion. anything For example, USA Today Note that if you travel back in time a billion seconds, you’ll be in 1987, which, in terms of world history, isn’t very long at all. However, time travel back a trillion seconds, and you’ll be a bit further back on the timeline – around 30,000 BC.
Should trillions of leaves also exist?
Some would argue that they shouldn’t, and there’s an interesting metric online that shows just how widespread wealth inequality is not just in the United States, but around the world. USA Today He noted that there was a backlash in 2020 when it was reported that Bezos was on track to become a billionaire, especially amid the global pandemic. A video made by College Humor shows how much money someone like Bezos really has, criticizing his wealth in contrast to Amazon employees’ claims that they work long hours without bathroom breaks. do
Bezos is one of many rich people who have faced criticism in light of his growing wealth — and as noted, COVID-19 hasn’t done much to halt the mogul’s financial growth. If anything, most reports suggest that the rich just got richer, and the poor got poorer.
Even Microsoft founder Bill Gates, himself one of the world’s richest men for a long time, has weighed in on whether people should be able to accumulate that kind of wealth. “For the first time in my life, people are saying, ‘Well, should you be a billionaire?'” Gates said. Forbes. “If you actually implement something like this, the money you’ll gain will be far less than the money you’ll lose.”
The issue of extraordinary wealth is shrouded in controversy. However, financial indicators suggest that vast accumulations of wealth continue, and research suggests that the era of the world’s first billionaire may last only a few years.