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You can save this article by registering for free here. Or sign-in if you have an account.Right now Elon Musk is the most likely candidate for the first trillionaire. Photo by Brendan SMIALOWSKI / AFP via Getty ImagesSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThere are 3,428 billionaires in the world, according to the wealth trackers at Forbes: 400 more than last year, so basically the world gained a billionaire a day.At that pace can a trillionaire be far off?Owen A. Lamont, senior vice president of Acadian Asset Management, figures the world’s first U.S. dollar trillionaire will walk among us by the end of the decade if not earlier.Elon Musk is the most likely candidate. The CEO of Tesla Inc. and SpaceX was worth US$808.1 billion at last counting, miles ahead of the fortunes of the next two richest men, Google’s Larry Page at $314.9 billion and Sergey Brin at $290.4 billion.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againJeff Bezos of Amazon.com Inc. fame at $275.3 billion is a distant fourth.A compensation package awarded to Musk last year by Tesla’s board could pay him $1 trillion over the next decade, but the highly anticipated IPO of SpaceX or a rise in Tesla’s share price could easily push him over the trillionaire line this year, said Lamont.So what does that mean?“Ultimately, the word “trillionaire” reflects arbitrary numbering conventions. However, words have power, and it’s worth pausing to reflect on this new addition to the U.S. vocabulary,” he said.In this spirit, Lamont takes an fascinating wander back in history to look at the first millionaire and first billionaire.The word “millionaire” was first coined in the 1700s to describe the newly rich investors in the monetary innovations of John Law, who Lamont describes as “a swashbuckling Scottish financier.”Law created a new scheme for French public finances that ended in the devastating boom and bust “Mississippi Bubble” of 1720. Law fled France after the scheme collapsed and died in poverty in Venice.“He rapidly went from being one of the most admired men in Europe to one of the most despised. Something for Musk to think about,” said Lamont.The first billionaire was a very different character. A teetotalling Baptist, John D. Rockefeller founded Standard Oil Company in 1870 and went on to control almost all of the oil refining in the United States.He too was not immune to the “winds of politics.” President Teddy Roosevelt and Rockefeller squared off in what has been described as “one of America’s most famous political and economic clashes” which culminated in the White House filing an anti-trust suit against Standard Oil in 1906. Five years later, the Supreme Court ordered the breakup of the company.Today as fears grow about bubbles arising from the roaring stock market and AI’s dizzying ascent, should we be concerned about a newly minted trillionaire?Not according to Lamont.“There are eight billion people on planet Earth, and as the planet gets richer and average wealth rises, we’d expect the maximum wealth also to rise. That’s the good way to generate trillionaires: increase real total wealth,” he wrote.The next milestone — quadrillionaire, arriving by 2130. Sign up here to get Posthaste delivered straight to your inbox.What’s going on with the bond market?Despite a tame core inflation reading earlier this week, the yield on 30-year Government of Canada bonds crested 4 per cent, the highest since June 2007. BMO Capital Markets chief economist Douglas Porter says this is a “seismic shift” in long-term yields, which from 2015 to early 2022 averaged under 2 per cent.Nor is it just Canada, he said: 30-year Treasury yields shot to nearly 5.2 per cent, also the highest in almost 20 years.Today’s Data: Canada retail sales, industrial product and raw materials price indicesEarnings: Williams-Sonoma Inc.Salary’s important to consider when job hunting, but top of mind should be total compensation, not just base pay. Financial Post columnist Garry Marr fills us in on why job seekers should consider the value of benefits in their calculations. Read moreInterested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.