Trillionaires

Elon Musk has become the world's first trillionaire. But is this simply the result of inflation and economic growth, or does it signal that we're entering a new era of wealth creation?

In this episode, Nick, Peter and Fraser ask whether today's extraordinary fortunes are genuinely unprecedented or simply the latest point on a centuries-long trend. Along the way they unpack the difference between nominal and real wealth, ask who history's first 'real' billionaire might have been, and examine how technological revolutions have created new extremes of wealth.

The conversation then broadens into a discussion about exponential growth, artificial intelligence and the future of capitalism. As AI increasingly replaces cognitive labour, could wealth become concentrated in the hands of those who own the technology rather than those who work? If so, what happens to employment, economic growth and the social contract?

• SpaceX acquires Cursor
• First dollar millionaire - John Jacob Astor
• First dollar billionaire - John D Rockefeller
• Holden Karnofsky, 'The Most Important Century'
• Thomas Young, 'The Last Man Who Knew Everything'