January 26, 2017: Microsoft co-founder Bill GatesÂ could becomeÂ the worldâ€™s first trillionaire by 2042, according to a research by Oxfam.
Oxfam, the international organisation working to alleviate global poverty, recently claimed in aÂ reportÂ that eight of the worldâ€™s richest men own the same wealth as the poorest half of the world population, i.e. 3.6 billion people.Â The organisation also claimedÂ that we would see the globeâ€™s first trillionaire sometime in the next 25 years.
Gates leads on Forbesâ€™ list of the wealthiest individuals at $84.4 billion in net worth.
Researchers at Oxfam use the average rate of growth of the rich to predict levels of wealth. According to the organisation, assuming that Gatesâ€™ investments continue to profit, presently at 11 per cent since 2009 according toÂ Forbes, â€œthe tech-genius can certainly become the worldâ€™s first trillionaire. â€
Gates was worth $50 billion in 2006 when he left Microsoft. His wealth has since increased to $75 billion â€œdespite his commendable attempts to give it away through his foundation,â€ the report added.
In addition to the charitable work Gates does through his personal foundation, he is one of theÂ founding members of The Giving Pledge, a commitment from some of the richest individuals in the world to give away more than half of their worth.
But as Oxfam noted, wealth is incredibly hard to shrink once someone is so rich that spending is no longer an option.Â â€œIn such an environment, if you are already rich, you have to try hard not to keep getting a lot richer,â€ Oxfam said.
â€œThe super-rich can achieve returns that are not available to the ordinary saver, helping the gap to grow between the wealthy and everyone else,â€ the report stated. â€œThe 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.â€