Bill Gate could be $915.6 billion away from becoming the world’s first ever trillionaire, but according to new research published it is more closed than some thinks.
A new Oxfam report of inequality on wealth, entitled “An economy for the 99%”, find super-rich people like Gates have seen collectively grow by huge margins from last decade. Within next 25 years, Gates wealth could jump like never seen before.
There were 793 billionaires in 2009 worldwide with net worths totaled at $2.4 trillion. By 2016 the richest 793 people maintained net worths at $5 trillion — an annual growth rate of 11%, according to report.
“If these returns continue, it is quite possible that we could see the world’s first trillionaire within 25 years,” the report states.
In other words, Oxfam estimates that if trends hold, Gates — who’s leading the pack on Forbes’ list of the wealthiest individuals, at $84.4 billion in net worth — could stand alone on Forbes’ future list of “The World’s Trillionaires.”
After leaving Microsoft in 2006, Gates devoted himself and resources to eradicating infectious disease and improving education worldwide through the Bill and Melinda Gates Foundation.
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In partnership with Warren Buffet, Bill and his wife created the Giving Pledge for other billionaires who want to help public causes through giving away part of most of their fortunes. The Gateses have also said they don’t plan on leaving their children billions — millions perhaps, but not so much that working will be optional.
But according to Oxfam notes, wealth is incredibly hard to shrink once some is so rich that spending is no longer an option.
“The super-rich can achieve returns that are not available to the ordinary saver, helping the gap to grow between the wealthy and everyone else,” the report states. “The bigger the initial investment, the higher returns one can make as the initial costs of sophisticated advice and high-risk investments can be justified with the potential for super-lucrative returns.”
As of 2013, Gates which had donated at least $28 billion to Gates Foundation. Useless the 61-year-old he could enter the never-before-seen class of wealth by the time he is 86.