VOICE OF FREE EUROPE: Tech mogul Elon Musk is on course to become the world’s first trillionaire. Meanwhile, billions struggle to survive on the poverty line.

Welcome to the ‘4 comma club.’ Elon Musk is a South African native. He is slated to be the first human being of the modern age to accumulate $1 trillion dollars.

To put that mindboggling number into some perspective, that is more than the Gross Domestic Product of 170 countries. These countries include Belgium, Finland, Sweden, Switzerland, Denmark, Norway, Hong Kong, and New Zealand.

Musk will not be alone for long in this ultra-privileged, ultra-exclusive club. Since billionaire wealth has risen three times faster in 2024 than in 2023.

Five people will become trillionaires within the next decade. This is according to a recent study from the anti-poverty watchdog Oxfam.

Meanwhile, various external factors have influenced the situation. As a result, the number of people living in abject poverty has hardly changed since 1990. Almost 700 million people, 8.5 percent of the global population, now live on less than $2.15 per day.

The report shows that Donald Trump’s election as US President in November 2024 led to a massive increase. This increase is in billionaire wealth.

His aggressive pro-rich policies are predicted to exasperate inequality further. In its latest report on poverty, the World Bank calculates present growth rates.

At these rates, defeating poverty will take more than a century. This development is concerning. This is only if inequality does not reverse.

Before continuing, it’s important to mention the primary source of wealth today. Currently, there exists a strong belief. The media and Hollywood support the idea that wealth accumulation is simply the reward for raw talent. But this perception is incorrect.

‘Most billionaire wealth is taken, not earned. 60% comes from either inheritance, cronyism and corruption, or monopoly power,’ Oxfam writes in a shocking finding.

Rich families are passing down trillions of dollars in wealth per year. This creates a new aristocratic oligarchy with tremendous power in our politics and our economy, the advocacy group warns.

In the next few decades, an estimated $5 trillion in wealth will be passed from one generation to another. Little of the fortune will be taxed. The rich have numerous means for protecting their wealth from the taxman.

Today, the wealthiest 10 percent of the people worldwide possess more than 85 percent of global riches.

Even the Vatican was sounding the alarm on excessive wealth creation.

In September, Pope Leo XIV discussed a major factor contributing to global tensions. It was the continuously wider gap between the income levels of the working class. This is contrasted by the money that the wealthiest receive.

‘CEOs that 60 years ago might have been making four to six times more than what the workers are receiving. Now, they make 600 times more,’ the pontiff said in excerpts of an interview conducted by the Catholic newspaper Crux.

The elephant in the room amid this obscene wealth creation is the patience of millions of people. They are being crushed in this brave new economy. It requires a lot of special technical skills in order to survive.

Meanwhile, millions of high-paying jobs are disappearing thanks to AI. Will the underprivileged eventually take to the streets as billionaires become trillionaires overnight?

Protests along the road to riches seem inevitable. It seems unlikely that the super wealthy have much cause for concern. At least, this is true in the nearest frame of time.

All things considered, Elon Musk probably has little to worry about as his paycheck surpasses the trillion-dollar mark. It would be at least refreshing to see more advances being made on the tax and charitable front.

A hefty new tax code for the world’s trillionaires would be the decent and right thing to do.

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THE BUSINESS BOOSTER. For 20 years, Michael Walsh served as an executive of the Guild of Master Craftsmen and Federation of Master Builders. During this time, he helped thousands of businesses to increase profits while reducing overheads. EURO WEEKLY NEWS business advice columnist. Perfect gift for the self-employed, wherever you are in the world. https://www.lulu.com/shop/michael-walsh/the-business-booster/paperback/product-2m4wypv.html?page=1&pageSize=4