How Many Trillionaires Are There In the World in 2024? Zero.
As of 2024, there are no trillionaires in the world. The entire globe contains around 2,700 billionaires, but their combined net worths still fall far short of a single trillion dollars. So the accurate answer today is that not one person on Earth has amassed a 13-figure fortune.
But what does it mean to be a trillionaire? Let‘s first visualize this monumental level of wealth.
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One trillion dollars equates to 1,000 billion dollars or 1,000,000 million dollars.
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If you spent $1 million a day, it would take you over 2,700 years to spend a trillion dollars.
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$1 trillion could give every man, woman, and child on Earth around $140 each.
Clearly, a trillionaire controls an amount of money that‘s almost impossible to imagine. Becoming one would be an astonishing feat.
While no individual has gotten there yet, the world‘s billionaire population is ballooning at unprecedented rates. In the past couple decades, the number of billionaires globally has absolutely exploded:
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In 2001, there were less than 600 billionaires worldwide.
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By 2011, there were over 1,200 billionaires globally.
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Just five years later in 2016, the number surpassed 1,800.
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In 2022, there were over 2,600 billionaires worldwide. [1]
This exponential growth shows no signs of stopping. each year adds hundreds more new billionaires to the list. Today‘s unprecedented levels of wealth concentration could pave the way for the first trillionaire to emerge within our lifetimes.
Now, let‘s examine the current billionaire landscape and who has the best chance of reaching that historic milestone…
Who Are The Top Billionaires In 2024?
While no one comes close yet, a handful of ultra-elite billionaires lead the pack in the race to become the world‘s first trillionaire. According to Forbes real-time billionaire rankings, here are the top 5 as of March 2024 [2]:
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Elon Musk – $219 Billion
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Jeff Bezos – $171 Billion
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Bernard Arnault – $158 Billion
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Bill Gates – $129 Billion
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Warren Buffett – $118 Billion
Elon Musk tops the list with a commanding lead at over $219 billion. He added an astonishing $68 billion to his net worth in 2021 alone. His wealth comes from his 22% stake in electric vehicle maker Tesla and his nearly 50% ownership of SpaceX.
Jeff Bezos, the founder of Amazon, places second with $171 billion. Despite stepping down as Amazon CEO in 2021, he still owns 10% of the ecommerce giant.
Luxury magnate Bernard Arnault clinches third place with $158 billion. His fortune derives mainly from his controlling stake in Louis Vuitton owner LVMH.
Microsoft founder Bill Gates and Berkshire Hathaway CEO Warren Buffett round out the top 5. Though both are in their 70s now, they stay highly engaged in business and philanthropy.
While none of these billionaires are currently trillionaires, their staggering net worths put them in prime position to potentially reach a 13-figure fortune. According to various estimates, Elon Musk has the clearest shot at becoming the world‘s first trillionaire…
Elon Musk – The Early Trillionaire Favorite
Most financial analysts agree that if any billionaire will become a trillionaire in the coming years, Elon Musk has the highest chance. At just 51 years old, he could accumulate immense wealth for decades to come. Here‘s why Musk seems likely to reach trillionaire status first:
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His net worth quintupled from $37 billion to over $200 billion between March 2020 and November 2021 – faster than any human in history.[3] Even during 2022‘s stock declines, his wealth remains up 10x from two years ago.
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His core holdings – Tesla and SpaceX – are growing at breakneck speed. In 2021, Tesla‘s soaring valuation made it the most valuable auto company in the world surpassing the next top 10 combined.[4] Meanwhile, SpaceX tripled its own valuation to over $100 billion in under 3 years.[5]
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Musk owns approximately 17% of Tesla‘s stock, which gives him outsized exposure to its increasing value. If Tesla someday achieves a multi-trillion dollar market cap as some analysts predict, his stake could be worth trillions.
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He also controls around 50% ownership in SpaceX. Thus Musk will benefit tremendously as SpaceX continues ramping up initiatives like Starlink satellite internet and Mars exploration.
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At age 51, Musk has plenty of prime earning years left to see his fortune multiply. With his intense drive and relentless work ethic, he aims to make humanity multiplanetary while accelerating sustainable energy – goals that could hugely boost his wealth.
Based on these factors, many finance experts forecast Musk could cross $1 trillion before 2030 if market conditions align positively. Of course, another tech giant like Jeff Bezos or Bill Gates could get there first if their own companies continue surging. But for now, Elon Musk looks to have the inside track to become Earth‘s first trillionaire.
Wealth Inequality Impacts of a Trillionaire
The rise of trillionaires could exacerbate global wealth inequality that is already wider than ever historically. Here are some key considerations around how trillionaires could impact wealth gaps:
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The typical American CEO already makes 351 times the average worker‘s salary – but trillionaires would take this disparity to uncharted extremes.[6]
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Trillionaires may pay lower tax rates than working-class people due to capital gains vs. ordinary income. This could worsen deficits and inequality.
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Ultra-elites controlling trillions could wield unprecedented influence on governments worldwide. Critics argue no single individual should have this level of power.
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Vast billionaire wealth often accrues from shares in public companies that rely on lower-wage labor. Trillionaires could prompt calls for higher corporate wages and better worker treatment.
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Philanthropy could increase substantially as trillionaires ramp up charitable giving. But some argue systemic change, not charity, is needed to fix deep-seated problems.
The rise of trillionaires seems inevitable given today‘s wealth trajectory of the upper 0.001%. But it will also raise intense scrutiny around inequality, tax fairness, corporate ethics, and other issues. Societal pressures on the meg-rich will likely escalate as their wealth scales unmatched heights.
The Bottom Line
While no definitive trillionaires exist yet, we are certainly heading in that direction. The number of billionaires is rising rapidly, and Elon Musk shows how existing billionaires‘ wealth can snowball exponentially in short periods. Within a decade or two, we may very well see the world‘s first 13-figure individual fortune materialize.
But the ascent of trillionaires also portends challenges around equitable growth, corporate power, and how much wealth accumulation is too much. The coming age of trillionaires will spur increased calls for accountability and reforms – even as visionaries like Musk continue reaching new heights.
One thing is certain: whoever becomes Earth‘s first trillionaire will fundamentally transform our standards of wealth forever. It may take years or decades more to get there, but some fortunate visionary reaching $1 trillion is now a real possibility on the horizon. The race is on.
Sources:
[1] https://www.cnbc.com/2022/04/06/the-number-of-global-billionaires-has-doubled-in-the-past-decade.html [2] https://www.forbes.com/real-time-billionaires/ [3] https://www.cnbc.com/2022/01/19/elon-musk-net-worth-vaults-past-300-billion.html [4] https://wolfstreet.com/2022/01/03/teslas-market-cap-1-trillion-tops-next-top-10-automakers-combined-800-billion/ [5] https://www.cnbc.com/2021/02/16/elon-musks-spacex-raised-850-million-at-419point99-a-share.html [6] https://www.epi.org/publication/ceo-pay-in-2020/
