AI Data Centres Proliferate, Electricity and Water Costs Rise, While the Wealthy Acquire Private Jets
The surge in the Artificial Intelligence (AI) business is causing the wealth of several individuals to skyrocket, even driving them to hunt for luxury goods such as yachts and private jets.
A UBS report, summarised by the Financial Times, noted that the number of global billionaires increased by 13% between April 2025 and April 2026, reaching a record 3,302 individuals with a net worth of at least US$1 billion. More than 1,000 of these are based in the United States. When combined, their wealth increased by an average of 25 per cent, far outstripping the growth of global private wealth, which stood at only 10.8 per cent. This wealth increase is primarily driven by the soaring valuations of AI and semiconductor companies.
However, the tastes of these new billionaires differ from the older generation of the wealthy. They are not satisfied with just houses, but are also ordering super-luxury cruise ships, private jets, and specially configured luxury cars. Toby Edwards, Deputy Director of the luxury aviation company FlyVictor, explained that old standards of luxury, such as champagne and caviar, have been left behind. Instead, AI billionaires are requesting things that seem simple but are highly specific, such as particular types of drinking water and healthy food menus. “They rent private jets for efficiency and privacy, not for show,” Edwards stated, as quoted from the report.
Paul Charles, a luxury travel consultant, added that the emergence of new wealthy individuals from the AI world is triggering a new wave of demand for providers of jets, yachts, and luxury cars. “The concept of the discerning customer is now outdated. Companies must adapt to serve the new generation of luxury travellers born from this AI wealth,” he said. This concentration of wealth in the hands of a few is occurring at a time when the purchasing power of the wider population is under increasing pressure.
Furthermore, the wealth accumulating in the hands of a few is being generated by technology that threatens millions of workers. According to an S&P Global survey in 2026, the impact of AI adoption on employment has turned negative. In the last 12 months, the number of companies reporting workforce reductions due to AI was 5 percentage points higher than those adding employees. This trend is expected to worsen by another two points next year. Generative AI and increasingly autonomous artificial intelligence are now capable of replacing entire sequences of work, rather than merely serving as a tool.
Fresh graduates, administrative staff, content creators, and creative professionals are the most vulnerable groups. Bank of America has warned that the emergence of “AI agents” that can work independently without human supervision could create a much larger wave of layoffs than previous waves. Even when companies continue to employ humans, AI tends to suppress wages and shift profits to capital owners—the tech billionaires whose names are now soaring.
Another cost to be borne by the general public comes from the voracious energy consumption of data centres used to train AI machines. An average-sized data centre consumes electricity equivalent to 100,000 households. It is estimated that by 2028, data centres could absorb 12 per cent of all electricity consumption in the United States. Consequently, electricity bills for residents living near data centre developments are also surging. Research from Carnegie Mellon University estimates that increases could reach 25 per cent or more. The companies causing the surge do not bear the burden entirely; instead, it is passed on to ordinary household customers through rising electricity tariffs.
Moreover, there is an enormous requirement for water to cool AI machines. According to a United Nations report, AI-related water consumption is expected to be equivalent to the basic drinking water needs of 1.3 billion people by the end of this decade. In some regions, AI companies require millions of litres of water per day, forcing local residents to share increasingly depleted water supplies.