The world’s first trillionaire: A threat to democracy?

Elon Musk, the richest man in the world, with a net worth of around $700 billion, is on track to become the world’s first trillionaire within the next decade. Tesla shareholders recently approved a $1 trillion pay deal, which would further increase his wealth in return for meeting quotas and boosting Tesla’s market value. This vast sum is more than: Switzerland’s entire GDP ($806 billion in 2024), the total wealth of 9 million US households, or 40 years of NASA’s total budget.

According to analysis by Oxfam, there will be at least five trillionaires within the next decade. In 2024, billionaire wealth grew by $2 trillion, while the number of people living in poverty has barely changed since 1990.

The crown jewel of this oligarchy is a billionaire president, backed and bought by the world’s richest man Elon Musk, running the world’s largest economy

Oxfam’s International Executive Director Amitabh Behar said: “The crown jewel of this oligarchy is a billionaire president, backed and bought by the world’s richest man Elon Musk, running the world’s largest economy. We present this report as a stark wake up-call that ordinary people the world over are being crushed by the enormous wealth of a tiny few.” Musk’s ever-increasing wealth allows him to blur the line between economic power and political influence, posing risks to democratic governance across the world.

Musk’s wealth has allowed him to control social media, something that has become increasingly important in the political landscape. Since acquiring X (then Twitter) in late 2022 for $44 billion, Musk has completely overhauled the platform, firing 80% of the workforce and overseeing X’s shift towards the right.

The platform has become the site of increasing disinformation, as an EU Commission report found in September 2023 that X had the highest amount of Russian disinformation out of the major social media platforms. A separate report also found that changes made to the site’s safety policies have helped spread false information about the war in Ukraine.

Musk’s lack of commitment to preventing disinformation was further highlighted in May 2023, when he removed X from the EU’s disinformation code of practice, a voluntary agreement signed by companies such as Google and Meta. Musk has deliberately created a space allowing disinformation, damaging the credibility of X as a platform and shifting the political debate away from absolute fact towards conspiracy and disinformation.

As well as his indirect influence, Musk has exercised direct political influence in the US and abroad. Musk’s wealth was vital in Trump’s election, as he contributed more than $250 million to his 2024 campaign. The Supreme Court’s 2010 decision to eliminate campaign finance safeguards that limited companies’ independent political spending has allowed the wealthiest to use their wealth to pursue their own political interests in this way.

‘It is very dangerous that a nonpolitical actor now speaks with a sort of political legitimacy’, which Musk has gained due to his wealth

Musk also gained power under Trump’s administration as head of the Department of Government Efficiency (DOGE), with the aim to reduce spending through huge cuts to government agencies, programmes and mass layoffs. This role gave him direct access to the president, as he often stayed in the Lincoln bedroom, attended cabinet meetings, and visited Mar-a-Lago, Trump’s private residence.

Musk’s influence has extended to policy, particularly evident in Trump’s executive order in February 2025 freezing aid to South Africa, due to alleged human rights violations against white farmers. Musk used X to criticise President Cyril Ramaphosa, condemning the country’s “openly racist” ownership laws. Musk has been trying to license his Starlink telecommunications business in South Africa, but under the nation’s Black Economic Empowerment policy, telecom firms were required to have 30% ownership by Black people, which Musk suggested was racist. The country is now moving to modify the regulations, allowing foreign satellite firms to bypass them.

Musk has encouraged right-wing political movements in at least 18 countries across the world. Manuela Caiani, an associate professor at the Scuola Normale Superiore and who studies international far-right movements, said “It is very dangerous that a nonpolitical actor now speaks with a sort of political legitimacy”, which Musk has gained due to his wealth.

Musk has consistently supported nationalist movements, notably the far-right party Alternative for Germany (AfD), which is strongly anti-immigration and has previously downplayed Nazi atrocities. He has also supported other similar anti-immigration policies, sharing a social media post in September 2023 from far-right Italian account Radio Genoa that equated allowing migrants into Europe to “European suicide”.

Musk is clear evidence that wealth leads to undemocratic power, which he exercises to influence both US and international politics, particularly through his control of X

He has also influenced international politics through his control of X, such as when his platform complied with censorship requests from right-wing leaders in India to hide clips of a BBC documentary which criticised prime minister Narendra Modi. X also suspended the accounts of key opposition figures in Turkey, just before their elections in 2023.

Musk is clear evidence that wealth leads to undemocratic power, which he exercises to influence both US and international politics, particularly through his control of X. It is unclear whether this influence will continue to rise over the next decades, or whether governments will take action to reduce wealth inequality.

Oxfam is calling for governments to act, to radically reduce wealth inequality. And to tax the rich to ensure they pay their fair share. What is clear is that unchecked wealth provides wealthy individuals with a greater level of power and influence, which threatens democratic systems across the world.