NEW YORK, Jan 21: According to a new study by Oxfam, five individuals are projected to reach trillionaire status within the next decade, each amassing a fortune exceeding $1 trillion. This marks a significant update from Oxfam’s previous prediction, which anticipated just one person achieving this milestone by 2030.

Oxfam's updated report comes as billionaire wealth grew significantly in 2024, three times faster than the previous year. This growth is attributed to the booming tech sector, especially advancements in artificial intelligence and the space industry, as well as a favorable market environment anticipated under a potential second term for former President Donald Trump.

While the ultra-wealthy are seeing their fortunes soar, Oxfam notes the stark contrast with the growing global poverty rate, which has remained largely unchanged since 1990. The charity calls for a radically more equitable economic system and urges the wealthiest individuals to bear the cost of eradicating poverty.

Among the five projected trillionaires, the following individuals are leading the pack:

Elon Musk: The world’s richest person, Musk is set to become the first trillionaire. His wealth has surged by more than 105% over the past year, driven by strong connections with the incoming administration and a favorable regulatory environment for his companies, Tesla and SpaceX.

Jeff Bezos: Amazon's founder and the tech mogul’s recent venture into space with his Blue Origin company also positions Bezos as a likely candidate. His wealth has grown 35% over the last year, largely due to investments in AI and space exploration.

Mark Zuckerberg: Meta's CEO has refocused on AI after shifting away from the Metaverse, driving substantial growth for the company. Meta's stock has risen 60% over the past year, boosting Zuckerberg’s wealth to $217 billion.

Jensen Huang: The CEO of Nvidia, Huang’s net worth has surged by 111.88% annually between 2017 and 2024. His company’s leading position in AI chip production places him on track to hit trillionaire status by 2028, with a current net worth of $117 billion.

Bernard Arnault: As the chairman of LVMH, Arnault’s wealth has increased from $161 billion to $188 billion, driven by the luxury goods sector. His family-controlled business could see Arnault join the trillionaire club by 2030.

Informa Connect Academy’s report also identifies potential trillionaires outside the top 10, including Gautam Adani, an Indian infrastructure magnate, and Prajogo Pangestu, the founder of Indonesia’s largest petrochemical company.

As billionaires continue to amass wealth, Oxfam stresses the need for a more equitable economic system and urges the wealthiest individuals to contribute to global poverty alleviation efforts.