Shaping culture and breaking barriers
As the cost of living crisis continues to burden much of the world, with wages declining while the cost of essentials like housing, utilities, and groceries surges, a stark disparity emerges. A new report from Oxfam reveals that billionaire wealth in 2024 grew three times faster than in 2023, with projections indicating that five trillionaires could emerge within the next decade. The Oxfam report, which draws on data compiled by Forbes, concedes that 2024 was a very lucrative year for the world’s wealthiest individuals and families, fueled in part by a soaring US stock market.
In a world where so many struggle under crushing debt, working hard to keep their heads above water, these stark contrasts highlight the gigantic imbalance as the rich get richer and the poor and working-class get poorer. We investigate further in this gallery and reveal the ten wealthiest people tipped to become trillionaires in the next decade.
The Oxfam report titled 'Takers Not Makers' claims we live in a "two tier world" and "it's never been a better time to be a billionaire." While many (the majority) live in crisis, trillions are being gifted in inheritance.
In 2024, total billionaire wealth increased by US$2 trillion, with 204 new billionaires created. This is an average of almost four new billionaires per week.
Each billionaire saw their fortunes grow by US$2 million a day on average. For the richest 10 billionaires, their fortunes grew by $100 million a day on average.
Last year, Oxfam forecasted a trillionaire within a decade. If current trends continue, there will now be five trillionaires within a decade.
It's reported that 60% of billionaire wealth comes from either inheritance, cronyism and corruption, or monopoly power. In 2023, more billionaires were created through inheritance than entrepreneurialism for the first time.
Meanwhile, day-to-day life is a struggle for billions. The 2024 Global Multidimensional Poverty Index (MPI) report paints a sobering reality. Approximately 9.2% of the global population—around 700 million people—live in extreme poverty, while 26% (about 1.3 billion people) endure moderate poverty.
What's more, 1.1 billion of the world’s 6.3 billion people are trapped in acute multidimensional poverty, over half of whom are children. These individuals face critical deprivations, including inadequate housing, sanitation, electricity, cooking fuel, nutrition, and education.
The ranks of the billionaire class last year grew by just over 200 to nearly 2,770 people. In the United States alone, where 816 billionaires reside, the net worth of this group soared by US$1.4 trillion.
The wealthy are also increasingly exerting influence over politics. Case in point, Oxfam says, is the new Trump administration. It holds nearly a dozen people worth at least US$1 billion on their own or with their spouses, making it one of the richest in history.
Conflict is also increasing, which drives further poverty, hunger, and inequality. The huge human impact of climate breakdown grows each year with deaths from excessive heat, extreme weather, and hunger.
The sad irony is that the ultra-wealthy are not only excessive but also catastrophic, having already burned through 2025's carbon budget in just ten days, according to a separate report from Oxfam.
It is estimated that within just 23 days, a single billionaire’s emissions from luxury assets such as private jets, superyachts, and investment portfolios, exceed what the average person emits in a lifetime.
Oxfam believes the reelection of Donald Trump is set to fan the flames of inequality even further. Conversely, the report shows that reducing inequality could end poverty three times faster.
In his farewell address from the Oval Office, President Joe Biden warned of the concentration of power among "very few ultra-wealthy people."
"Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," he said.
Tesla CEO Elon Musk, who contributed over US$260 million to Trump's 2024 campaign, is serving as a key advisor to the president and co-leading the so-called Department of Government Efficiency.
On Sept. 29, 1916, newspapers across the country announced the world's first billionaire. According to a new report from Informa Connect Academy, which predicts trillionaire status based on the average annual growth rate in wealth, Musk will likely be the first reported trillionaire.
Musk is currently the world's richest person, with US$251 billion, according to the Bloomberg Billionaires Index. Connect Academy forecasts Musk will become a trillionaire sometime in 2027, assuming that his wealth continues to grow at an annual average rate of 110%.
The second to reach trillionaire status, according to the report, will be India's Gautam Adani, founder of the Adani Group conglomerate. If Adani maintains his recent annual growth rate of 123%, the report says he will be a trillionaire in 2028.
Nvidia CEO Jensen Huang, whose wealth has soared from US$3 billion to over $90 billion in just five years, is projected to become a trillionaire by 2028, according to the report. For this to happen, his wealth would need to grow at an average annual rate of 112%. Nvidia’s stock has already surged 115% in 2025, following a more than threefold increase in 2024.
Fourth on the list is Prajogo Pangestu, founder of Indonesia’s energy and mining giant Barito Pacific, who is projected to achieve trillionaire status by 2028.
Completing the top five is LVMH CEO Bernard Arnault, currently the world’s third-richest individual with a fortune nearing US$200 billion. The report anticipates Arnault will join the trillionaire club by 2030.
Mark Zuckerberg is also expected to reach trillionaire status by 2030, with his wealth growing at a remarkable rate of 36% annually.
Phil Knight, the co-founder of Nike, could join the trillionaire club by 2030, with his wealth growing at a steady 8% per year.
Mukesh Ambani, the chairman of Reliance Industries, is projected to become a trillionaire by 2033, driven by a 28% annual growth rate.
Michael Dell, founder of Dell Technologies, is set to reach trillionaire status by 2033, with his wealth expanding by 31% annually.
Steve Ballmer, former Microsoft CEO and owner of the Los Angeles Clippers, is on track to become a trillionaire by 2034, with a 26% annual growth rate.
Some top billionaires who are strong candidates to quickly reach the trillionaire club didn't make the top 10. Jeff Bezos, currently the world’s second-richest person with US$229 billion, is ranked at No. 12 and is expected to become a trillionaire by 2036.
Similarly, Google founders Larry Page and Sergey Brin are projected to reach trillionaire status in about 12 years, though advancements in artificial intelligence could speed up their rise.
As the divide between the ultra-wealthy and the global majority continues to widen, the emergence of trillionaires within the next decade signals a different and divided future. In a world where the rich grow richer at an alarming rate, the contrast between opulent luxury and crushing hardship has never been starker.
To break the cycle of inequality, experts argue that systemic change is critical; redistributing power, reducing wealth concentration, and fostering a more equitable society for all.
Sources: (Oxfam) (Human Development Reports) (Social Income) (Inform Connect Academy) (CNN) (CNBC)
See also: Countries with the most millionaires and billionaires
Beyond the billions: who's leading the race to trillionaire status?
The world's first trillionaires are expected to emerge within the next decade
CELEBRITY Wealth
As the cost of living crisis continues to burden much of the world, with wages declining while the cost of essentials like housing, utilities, and groceries surges, a stark disparity emerges. A new report from Oxfam reveals that billionaire wealth in 2024 grew three times faster than in 2023, with projections indicating that five trillionaires could emerge within the next decade. The Oxfam report, which draws on data compiled by Forbes, concedes that 2024 was a very lucrative year for the world’s wealthiest individuals and families, fueled in part by a soaring US stock market.
In a world where so many struggle under crushing debt, working hard to keep their heads above water, these stark contrasts highlight the gigantic imbalance as the rich get richer and the poor and working-class get poorer. We investigate further in this gallery and reveal the ten wealthiest people tipped to become trillionaires in the next decade.