Ten things that would happen if everyone on the planet became a billionaire when NASA captures asteroid worth $10,000,000,000,000,000,000
NASA is gearing up to snag a metal-rich asteroid valued at an astonishing $10 quintillion - and hypothetically, it could make every single one of us billionaires.
After lifting off from Kennedy Space Center in October 2023, the Psyche spacecraft has been hurtling through the void at around 84,000 mph.
It’s scheduled to arrive at the M-type asteroid in late July 2029, where it will spend months orbiting the space rock, studying its makeup and mapping its hidden treasure trove of gold, iron, nickel, platinum and cobalt.
Back on Earth, teams of scientists are hoping their findings will unlock secrets about how planets form and what lies at their cores.
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But if 16 Psyche really does contain enough precious metals to dwarf the world’s $100 trillion GDP by a factor of 100,000, even a fraction of that haul could cause chaos.
While a future where everyone’s suddenly a billionaire overnight sounds exciting, it could have some devastating effects.
Here are 10 concerning things that would happen should NASA capture the asteroid and, for some reason, every single one of us be made a billionaire...
Massive inflation
If everyone in the world was worth billions, it would lead to hyperinflation - where prices spiral and currency devalues.
So, the purchasing power of money would plummet.
Prices for goods and services would skyrocket, however, because there would be too much money chasing too few goods.
A few countries have faced this in real life, like Venezuela, when the collapse of oil revenues in 2016 plunged the government into massive fiscal deficits.
The central bank attempted to tackle this by printing bolívars far beyond the economy’s productive capacity, shattering confidence in the bolívar and driving prices ever higher.
Currency devaluation
As touched on above, governments would probably be forced to devalue currencies or issue new ones to try to stabilize the economy. Having every individual as a billionaire would make the existing currency meaningless in many ways.
Neither a dollar, euro, nor yen would no longer have the same value it once did.
Disruption in the job market
Being mega-rich and not needing to work is a goal for many ambitious entrepreneurs. But if none of us needed to work, then so many jobs, especially low-wage ones, would likely be abandoned.
What if companies, restaurants and bars began disintegrating, because they couldn't get the staff? We'd surely still want to order take-out or go out for meals - with all this newfound time and money...
While traditional jobs may disappear, new avenues for creativity and entrepreneurship could emerge, with people focusing on passions and personal fulfilment rather than necessity.
Rising healthcare and education access
With more wealth in the hands of individuals, there could be a universal improvement in access to services like healthcare and education.
Yet, this would depend on how those services are distributed and whether they remain high-quality.
Plus, there might be a struggle to employ healthcare and education workers, considering the lack of need for jobs now...
Global collaboration - or competition
With more people at similar economic levels, humanity might be able to focus on collaboration. This could look like solving global problems such as poverty, and addressing climate change collectively.
On the flip side, there's a risk that new types of competition - not based on money, but maybe ideas, social influence or creative output - would emerge, and those who 'win' could gain disproportionate influence.
Economic inequality wouldn't go away
It's surprising, but even if everyone had billions, major inequality would still exist.
Some people would invest wisely, use their money more effectively or have the education and skills to leverage it.
Others, meanwhile, might burn through their money for the sake of it. Think of those lottery winners who win big and then lose it within months because of gambling and drugs.
And, wealth would still be measured against others, so you could be a billionaire, but still have less than someone else.
Social shifts
With everyone financially secure, societal values might shift. People could focus more on things like personal growth, creativity, sustainability and relationships, rather than constantly chasing money.
There'd still be social classes and hierarchy - even if they looked slightly different to how they do now - like new governance systems where wealth isn't as central to power.
Resource scarcity and environmental impact
More money would likely mean more demand for resources, leading to overconsumption of energy, food and materials. This could put an even greater strain on our planet's already limited resources.
And with more money, people might buy more products, travel more and consume more. This could lead to increased waste, carbon emissions and environmental damage unless major reforms in sustainability happen alongside the wealth shift.
Technological evolution
With financial pressures lifted, more people might dive into research, development, and artistic projects.
We might see a golden age of innovation and creative breakthroughs.
People could devote even time to subjects such as space exploration and AI development - unwelcome competition for the likes of Elon Musk and Jeff Bezos, I'm sure.
It also means the definition of success might change from material wealth to personal fulfilment - so maybe cultural norms could shift towards well-being, mental health and community rather than just 'winning' financially.
Global power structures
If we were all mega loaded, then traditional power structures could shift. Governments, corporations and wealthy elites would find it difficult to control or dominate a population where everyone has the same financial power.
But the challenge would be how to manage governance, resources and decision-making in a world where everyone’s income and wealth are roughly the same.
If inequality disappeared but still left power struggles over resources, there could be political instability, as people try to reorganize society in new ways.
Ellie Kemp