World’s Richest Man Says Saving Is Pointless
Jakarta, CNBC Indonesia – With wealth exceeding US$900 billion, equivalent to Rp15,750 trillion, Elon Musk has made a statement that has provoked widespread anger: he says saving for the future is pointless. His reasoning is that AI will soon bring abundance to everyone, making money irrelevant.
In a post on his social media platform X, Musk wrote that saving for the distant future was no longer relevant.
“Saving for the distant future is pointless amid the coming abundance thanks to AI,” he wrote, as quoted by Futurism.
This is not the first time he has made the claim. Earlier this year, Musk said something similar in an interview.
“Don’t worry about saving for retirement 10 or 20 years from now – it won’t matter. If technological progress unfolds as predicted, saving for old age will become irrelevant.”
The statement immediately sparked sharp reactions. Musk is one of the world’s richest people, and his wealth surged after SpaceX was listed. Even if he spent US$100 million every day for the next 20 years, he would still not run out of money.
Yet compared with other billionaires, Musk is known for being particularly stingy when it comes to philanthropy.
The Musk Foundation, which he established, is reported to leave very little for charity. A 2023 report found that the foundation had failed to distribute the minimum amount it was required to donate, falling short by US$421 million. Most of its assets instead went to organisations with business ties to Musk himself.
Musk’s money has also funded political organisations intended to influence the outcome of US elections.
AI will provide everything
Musk’s argument is based on his belief that AI will transform the world radically. He predicts that within around five years, AI’s capabilities will surpass the combined intelligence of all human beings.
“Almost nothing cannot be done better by AI than by humans,” he said in an interview with The Economist magazine.
“The result will be an era of extraordinary prosperity, in which everyone can have anything they want.”
However, this view is considered far removed from reality. Many observers stress that the benefits of AI advances are currently accruing to a handful of companies and wealthy people, while there has been little sign of improved prosperity for the wider public.
Recently, Musk also promised to give one share of SpaceX to every child in the United States. The move was seen as a response to a plan by rival Anthropic to set aside a large portion of its shares for a public-benefit fund. But details and a timetable for Musk’s promise have yet to be announced.