Billionaire entrepreneur Elon Musk has predicted that money could lose its importance within the next decade as advances in artificial intelligence (AI) and robotics transform the global economy.
Musk, the world’s richest man, made the prediction during an interview with The Economist, arguing that a future where AI and robots can produce more goods and services than humans can consume could make traditional money systems less necessary.
“Money won’t matter in 2036,” Musk said, questioning the role of currency in a world where machines handle much of the production of goods and services.
“If robots and AI are providing more goods and services than any human could consume, what do you need money for in that case?” he asked.
The Tesla and SpaceX chief executive suggested that people who lose jobs to automation could be supported through what he described as “universal high income.”
Musk also expressed his views on the global race for artificial intelligence dominance, stating that China could become a leading force in AI development due to its large computing capacity and the progress being made by Chinese technology companies despite limited resources.
Reflecting on his involvement in politics, Musk admitted that he became “a little too involved” and “got carried away” during the 2024 United States presidential election, which was won by Donald Trump.
Following Trump’s re-election, Musk was appointed as a senior adviser and co-head of the Department of Government Efficiency (DOGE), an initiative that ended operations on July 4, 2026.
Musk defended the purpose of DOGE, saying its objective was to ensure government funds were spent responsibly and to prevent waste and fraudulent spending.
“I got a lot of flak from this,” he said, while maintaining that the initiative was aimed at improving financial accountability.
Samuel Agada is a writer and media contributor from Olamaboro Local Government Area of Kogi State, Nigeria. He is a graduate of Biochemistry from the University of Jos and a former banker with GTBank and FCMB. A prolific writer, songwriter, educator, and Gospel preacher, he is passionate about informing, inspiring, and impacting society through his work.