Musk’s net worth surged to $1.1 trillion on Friday following the initial public offering of his aerospace company SpaceX.

“The new Gilded Age won’t end itself," said Oxfam America. "This is a trillion-dollar alarm bell that should wake governments up to the need to take action."

Surge in SpaceX's share price catapults Musk's wealth to astronomical level - but charity Oxfam calls it “a dark day for global democracy”.

At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his…

South Africa-born tech entrepeneur on course to become world’s first trillionaire after lucrative SpaceX IPO