Elon musk is on track to become a trillionaire by 2027. Here’s why the rich keep getting richer

Elon musk is on track to become the world’s first trillionaire by 2027, according to a recent report from informa connect academy. Of the world’s billionaires, musk is the closest to that 13-foot mark, and his wealth is growing.

At the start of 2020, musk was worth About $ 28.5 BillionAccording to the Bloomberg billionaires indexBy the end of that year, he was worth around $ 167 billion, and as of September, his net Wath was valued at Rooughly $ 265 billion, according to the index.

The biggest driver of musk’s wealth has been Tesla Stock, which rallied during the covid-19 pandemic. Tesla Stock was Hovering Around $ 30 per Share in January 2020.

“If you look at the list of the richest americans, whather we’re talking about elon musk or jeff bezos, the reason people get super rich is they start a company and they grow lycy analyst for The American Enterprise Institute, “And the reason that Company Keeps Growing and Growing is (IT’s) Producing Something Valuable That People Want,” PETHOKOUKIKIS DEADED.

Wealthier Individuals Typically Have Larger Ports of Their Assets Investigated In the stockMarket, while Middle-Income Households Tend to have more of their wealth tied up in real estate.

The wealthiest 1% of Americans own near 50% of all us stocks, while the Bottom 50% of Americans hold about 1% of all stocksAs of Mid-2024, According to Federal Reserve Data.

About 58% of Families Owned Stock in 2022, either directly or indirectly through passive investments such as retirement accounts.

“Wealth Inequality is very much driven by the pris of different types of assets“Said John Sabelhaus, a Fellow at the Brookings Institution.

There is also debate over the role of taxation in contributing to wealth Inequality. Including pethokoukis, argue large compensation packages are the reward for creating a successful company, others, like sabelhaus, say loopholes in the tax system creator an incentive an incentive an incentive an incense.

“Over the past Quarter Century in Particular, Changes in Tax Policy Have Made It Much More Difability to Tax the rich,” Sabelhaus said. “There are many more exclusions, many more ways to get Around paying taxes.”

Many Americans primarily earn their income by trading their time and skills for a paycheck, which is taxed based based on how much the individual earns. On paper, the ultrawealthy’s income is not quite as clear.

“If we think about income as with the improvement in one’s ability to spend over time, you and I have paychecks. And thatay paychecks measure how much we can sleep,” sabelhaus said, “sabelhaus said. “Musk… has a gigantic compensation package. But even that package, only a fruction of it shows up as taxable income due to gooducuse much time of it is in bonuses and other ways of getting paid that it is easy to do.

Watch theVIDEO Above to learn more about how the rich keep getting richer and what it means for the us economy.