Pope Leo Warns of Global Crisis if Musk Becomes First Trillionaire

Pope Leo XIV Warns of Rising Wealth Inequality and Calls Out Executive Excess

Pope Leo XIV has raised concerns about the growing disparity between the earnings of corporate executives and ordinary workers, with a particular focus on the wealth accumulation of figures like Elon Musk. In his first formal interview since becoming pope, he expressed alarm over the widening gap in income and warned that unchecked executive pay could lead to significant global challenges.

The pontiff highlighted how the ratio of CEO pay to worker pay has grown dramatically over the years. He noted that while CEOs once earned four to six times more than their employees, today, they can make as much as 600 times more. “If that is the only thing that has value anymore, then we’re in big trouble,” he said during an interview with Catholic news site Crux.

This critique comes at a time when Tesla’s board proposed a staggering $1 trillion pay package for Elon Musk, contingent on his ability to grow the company by eightfold over the next decade. The proposal has sparked debate, especially given the current economic climate where many workers are struggling with inflation, stagnant wages, and a tight job market.

Musk recently purchased $1 billion worth of Tesla stock, signaling his continued commitment to the company. However, the stark contrast between the wealth of top executives and the average worker raises serious questions about fairness and economic equity.

Pope Leo’s comments reflect broader concerns about executive compensation. According to data from the Institute for Policy Studies, among the 100 S&P 500 corporations with the lowest median worker pay, the average CEO compensation reached $17.2 million in 2024, compared to a median worker pay of just $35,570. This results in a ratio of 632 to 1.

Billionaires’ Wealth Surges While Philanthropy Lags

While everyday workers face financial struggles, the wealth of the ultra-rich continues to grow at an alarming rate. Oxfam reported that billionaire wealth increased three times faster in 2024 than in 2023. Over the past decade, the top 1% have seen their wealth increase by nearly $34 trillion—enough to eliminate annual poverty 22 times over at the highest poverty line.

One recent example is Larry Ellison, who broke the record for the biggest one-day increase in the history of Bloomberg’s Billionaire Index. His net worth surged by $89 billion due to the rapid growth of his tech firm Oracle.

Despite this wealth, many billionaires are falling short of their philanthropy commitments. The Giving Pledge, initiated by Warren Buffett and Bill and Melinda Gates in 2010, encourages signatories to give away at least 50% of their wealth to philanthropy. However, among the 256 signers, only nine have fully honored their pledges.

According to the Institute for Policy Studies, of the estimated $206 billion donated by the original 2010 Pledgers, roughly 80%, or $164 billion, has gone into private foundations. While some argue that these donations still have a positive impact, critics say that the overall commitment to public philanthropy remains low.

The Giving Pledge has responded to reports highlighting this issue, stating that such analyses may not fully capture the intent and impact of its signatories. However, the organization acknowledges there are still important questions to address in encouraging greater giving.

As the gap between the wealthy and the working class continues to widen, voices like Pope Leo XIV’s serve as a reminder of the need for balance and responsibility in both corporate leadership and personal wealth management.