Elon Musk, the world’s richest man and chief executive officer of Tesla and SpaceX, has predicted that money could become largely irrelevant by 2036 as artificial intelligence (AI) and robots take over much of the world’s production of goods and services.
Musk made the prediction during an interview with The Economist, where he shared his vision of a future driven by rapid advances in artificial intelligence. According to him, technological progress is moving so quickly that traditional ideas about work, income and wealth may no longer apply within the next decade.
He argued that if AI systems and robots become capable of producing more goods and services than people can consume, there would be little need for money as it is known today.
“Money won’t matter in 2036,” Musk said.
Explaining his prediction, he asked: “If robots and AI are providing more goods and services than any human could consume, what do you need money for in that case?”
His comments come as governments, businesses and technology experts around the world continue to debate the long-term impact of artificial intelligence on jobs, economies and society.
AI technology has expanded rapidly in recent years, with companies developing systems that can write, analyse data, create images, drive vehicles and perform tasks that were previously done only by humans. This has raised concerns that millions of jobs could eventually be replaced by intelligent machines.
When asked how people would survive if AI took over many jobs within the next 10 years, Musk suggested that society could move towards what he described as “universal high income.”
The idea goes beyond the concept of universal basic income, under which governments provide citizens with a fixed amount of money to meet their basic needs regardless of whether they are employed.
Musk believes future technological advances could generate such enormous wealth and productivity that people would enjoy much higher standards of living even if they no longer relied on traditional employment.
Although he did not explain in detail how such a system would operate, he has previously argued that automation and AI could make it possible for societies to produce goods and services at very low cost.
The billionaire also shared his views on the global race to develop artificial intelligence, predicting that China could become the world’s leading AI power.
According to Musk, China has the potential to dominate the sector once it gains access to greater computing power.
He noted that Chinese technology companies are already making significant progress despite operating with relatively limited computing resources.
“There is a good chance China will dominate AI when it has a lot of compute,” he said.
Artificial intelligence has become an area of intense competition between major economies, particularly the United States and China. Both countries have invested billions of dollars in AI research, semiconductor production and data infrastructure as they compete for leadership in what many experts consider the next technological revolution.
Beyond technology, Musk also reflected on his recent involvement in American politics.
He admitted that he became “a little too involved in politics” and acknowledged that he “got carried away” during the 2024 United States presidential election.
Following President Donald Trump’s victory in that election, Musk was appointed as a senior adviser and co-head of the Department of Government Efficiency (DOGE), a body established to reduce wasteful government spending and improve efficiency across federal agencies.
The department officially ceased operations on July 4, 2026.
Looking back on his role, Musk said the main objective of DOGE was to ensure that public funds were spent responsibly and not lost through fraud or waste.
“The goal was to make sure money is spent in sensible ways and not expended on fraudulent activities,” he said.
He acknowledged that the role attracted widespread criticism.
“I got a lot of flak from this,” Musk added.
Musk remains one of the world’s most influential technology entrepreneurs. Through companies including Tesla, SpaceX, xAI, Neuralink and X, formerly known as Twitter, he has played a major role in shaping discussions around electric vehicles, space exploration, artificial intelligence and digital communication.
His views on AI have often attracted global attention because he has alternated between warning about the risks posed by advanced artificial intelligence and promoting its development through his own companies.
While Musk believes AI could eventually create a future of abundance, many experts say significant challenges remain before such predictions become reality.
Governments across the world are already considering regulations to manage the growth of artificial intelligence while encouraging innovation. Issues such as data privacy, cybersecurity, misinformation, ethical use of AI and the future of employment have become central topics in international policy discussions.
For developing countries like Nigeria, experts say AI presents both opportunities and challenges. While the technology could improve productivity in sectors such as agriculture, healthcare, education and financial services, it also raises concerns about digital skills, infrastructure and the need to prepare workers for a changing economy.
Whether or not Musk’s prediction that money will become irrelevant by 2036 comes to pass, his comments have added to the growing global debate over how artificial intelligence will reshape economies, employment and everyday life.
As AI technology continues to evolve at a rapid pace, governments, businesses and individuals are increasingly being forced to consider what the future of work, income and economic systems may look like in the years ahead.