Microsoft founder, Bill Gates could become the world’s first trillionaire by 2042
The world is divided into two groups haves and have nots. While the have-nots remain have-nots, the haves are rapidly expanding their wealth. One such haves is Bill Gates, is currently world’s richest billionaire. However, if all things remain constant for another 25 years, Bill Gates could become world’s first trillionaire according to a new report on inequality published by Oxfam.
Oxfam is an international network of organizations working as a group to alleviate global poverty.
The 61-year-old Microsoft founder, who was the world’s youngest billionaire in 1987 at the age of 31, could be worth $1,000,000,000,000 within the next 25 years, when Gates would be 86-years-old , the report has claimed.
When Gates left Microsoft in 2006, his net worth was $50 billion, according to Oxfam. The report says that ‘despite his commendable attempts to give [his money] away through his foundation’, Gates’s net worth increased by $25 billion in the decade after he left the company. By 2016, his net worth stood at $75 billion.
In order to estimate how much Gates will be worth in a few years, Oxfam researchers apply the average rate of growth the ultra-rich have been enjoying – 11% since 2009 – to Gates’s current level of wealth, which is more than $84 billion (according to Forbes).
If his investments keep doing as well as they have been, Gates could very well become the world’s first trillionaire.
“In such an environment, if you are already rich, you have to try hard not to keep getting a lot richer,” the report says.
According to research conducted by Oxfam, eight billionaires from around the globe have as much money as the 3.6 billion people who make up the poorest half of the world’s population. Five of the eight billionaires are part of The Giving Pledge, which is a pledge to donate the majority of their net worth, either during their lifetime or after their death, to philanthropy. These eight include Bill Gates, Amancio Ortega, Warren Buffett, Jeff Bezos, Mark Zuckerberg, Larry Ellison, and Michael Bloomberg.
“As growth benefits the richest, the rest of society – especially the poorest – suffers,” the report warns.
“The very design of our economies and the principles of our economics have taken us to this extreme, unsustainable and unjust point.
“Our economy must stop excessively rewarding those at the top and start working for all people.”