Elon Musk is expected to surpass 1 trillion dollars in net worth on Friday when SpaceX, his private aerospace company, goes public, according to a new analysis by Oxfam Novib. The milestone would make him the first trillionaire in history, with a fortune exceeding 1 trillion dollars—a 1 followed by 12 zeros.
Oxfam says Musk would then be wealthier than the poorest 46 percent of the world’s population combined, about 3.8 billion people. His riches have also increased by more than 550 billion dollars over the past year, averaging roughly 1 million dollars per minute.
Oxfam is calling on governments to respond to what it describes as a global inequality crisis. Its proposals include reducing the power of large corporations and monopolies, increasing taxes on extreme wealth, expanding public investment, and strengthening labor protections and wages. The organization also estimates that a 10 percent tax on Musk’s projected 1 trillion dollar fortune could fund efforts to end extreme global poverty for one year, potentially lifting more than 800 million people above the extreme poverty line.
“A trillion dollars in the hands of one person is not only incompatible with a healthy economy but also with a healthy democracy. Such economic power inevitably translates into political influence,” said Bram Joanknecht, an expert on economic equality at Oxfam Novib.
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