•Says robots, AI will deliver ‘universal high income’

World’s richest person, Elon Musk, has predicted that money could become largely irrelevant within the next decade as advances in artificial intelligence and robotics usher in what he described as an era of “incredible abundance,” where machines produce more goods and services than humanity can consume.

Speaking in a wide-ranging interview with The Economist, Musk said the rapid pace of technological innovation would fundamentally transform the global economy and labour market, making traditional concepts of wealth and employment less important. “Money won’t matter in 2036,” Musk insisted.

Questioning the future role of money, the Tesla and SpaceX chief executive maintained that with surplus goods than humans can consume, money would become useless in the next 10 years.

“What do you want money for? You want money for goods and services, right? If robots and AI are providing more goods and services than any human could possibly consume, what do you need money for in that case?” he asked.

Musk argued that widespread automation would not necessarily result in economic hardship, predicting instead what he called “universal high income” as AI systems increasingly take over productive activities currently performed by humans.

He also suggested China could emerge as a dominant force in artificial intelligence because of its growing computing capacity, noting that Chinese technology companies were already making significant progress despite having comparatively limited computing resources.

The billionaire acknowledged that he became “a little too involved in politics” following his role in the 2024 United States presidential election, after President Donald Trump appointed him senior adviser and co-head of the Department of Government Efficiency (DOGE), which ceased operations earlier this month. ExecutiveBranch

According to Musk, the department was established to ensure public funds were spent prudently and to curb fraudulent expenditure. “I got a lot of flak from this,” he admitted.

Responding to criticism over his political views and comments on immigration, Musk rejected allegations that he is racist.

“My partner is… she’s half Indian, and I have four children with her. One of them was named after a famous Indian physicist, so I would say I’m not racist,” he said.

He added that there were “senior executives of all races” across his companies, insisting, “I don’t think there’s any racism there.”

However, when questioned about accusations that he holds anti-Muslim views, Musk said his opposition was directed at individuals who sought to impose values that conflict with those of Western societies.

“If people are coming to a country with antithetical views, I am against that,” he said. “I’m against rape and murder, I’m against the imposition of rules and laws that are contrary to what we’ve come to accept in the West,” he pointed out.

Despite acknowledging that he is “loathed” by some people, Musk said he remained unconcerned about public opinion.

“Maybe some people do loathe me, and that’s probably true, I don’t care,” he said, adding that his nearly 250 million followers on X suggested that “a lot more people actually like me than don’t.” (THISDAY)

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