The world's first trillionaire will make his or her fortune from space mining, according to renowned investment bank and financial services company Goldman Sachs.

Goldman Sachs has long supported the asteroid mining venture, and recent advancements in space technology are now making the business look more realistic and lucrative.

Space Mining Will Give Rise To World's First Trillionaire

Goldman Sachs believes that space mining is the next trillion-dollar industry and that the first trillionaire in the world will rise to such status by mining asteroids for resources, reported RT.

NASA has identified over 12,000 asteroids within about 45 million kilometers of Earth, and each one of them have the potential of functioning like treasure chests. Geologists think that the asteroids contain precious metals, iron ore, nickel, and other minerals at much higher concentrations than found on our planet.

Goldman Sachs has monitored the industry with the improvements in mining technology and the lowering costs of space travel.

"While the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower," the investment bank said, showing its belief in the future of space mining.

Will Space Mining Be Good For Us?

Goldman Sachs is not the only supporter of space mining, as physicist Michio Kaku also recently advocated for asteroid mining as a solution to Earth's resource shortage. Kaku even described asteroids as "a flying gold mine in outer space," with valuable resources that will be a huge boost to the rapidly depleting reserves on Earth.

Even Luxembourg, a small country in Europe, has invested in the development of the space mining industry. In 2016, its government allotted $223 million in funds for space mining ventures, showing its determination to become the first country to support an asteroid mining operation. Luxembourg is now working closely with Planetary Resources and Deep Space Industries, two of the leading companies in the space mining race.

While space mining may have been impossible to think about a few decades ago, the efforts of both the public and the private sector in developing space exploration technology have made the industry more realistic. For example, the successful SpaceX Falcon Heavy rocket in February may have "changed the game" for the industry. Instead of a few hundred ore-bearing asteroids, SpaceX has enabled access to thousands of them.

The benefits of space mining are clear, but will it be a profitable business? It has been previously estimated that a 3,000-foot asteroid may contain platinum worth a total of $5.4 trillion, signaling a lucrative operation.

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