AI will make money irrelevant within 10 years, says Elon Musk

The world’s richest man and Chief Executive Officer of Tesla and SpaceX, Elon Musk, has predicted that money could become largely insignificant by 2036 as advances in artificial intelligence (AI) and robotics transform the global economy.

Musk made the prediction in an interview with The Economist, where he argued that rapid technological innovation could usher in an era in which AI-powered systems and robots produce more goods and services than people can consume.

“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 said.

Responding to concerns about the impact of AI on employment over the next decade, Musk suggested that societies could transition to what he described as “universal high income,” where people’s livelihoods would no longer depend solely on traditional jobs.

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The billionaire entrepreneur also predicted that China could emerge as a global leader in artificial intelligence, citing the country’s growing computing capacity and the performance of its technology companies despite existing resource constraints.

“I think there’s a good chance China will dominate AI when it has a lot of compute,” Musk said.

Reflecting on his involvement in politics, Musk acknowledged that he became “a little too involved” and “got carried away,” referring to his participation in the 2024 United States presidential election, which was won by President Donald Trump.

Following Trump’s victory, Musk was appointed Senior Adviser and co-head of the Department of Government Efficiency (DOGE), an initiative established to improve government spending and reduce waste. The department concluded its operations on July 4, 2026.

Musk defended the initiative, saying its objective was to ensure public funds were spent responsibly and to curb fraudulent expenditure.

“The goal was to make sure money is spent in sensible ways and not on fraudulent activities,” he said, adding that the role attracted significant public criticism.

Musk’s latest comments add to the growing global debate over the long-term impact of artificial intelligence on employment, wealth distribution and the future of economic systems.