Elon Musk has said that AI and robotics could create a future of “universal high income”—not merely universal basic income—because machines would produce goods and services in such abundance that poverty and traditional employment could largely disappear.

His main points were:

“There will be universal high income—not basic.”
“There will be no poverty in the future, and so no need to save money.”
In a positive scenario, “probably none of us will have a job,” because AI and robots could provide everything people need.
Work would become optional—more like a hobby—and people would have access to abundant goods, services, and medical care.
He has even suggested that “everyone can have a penthouse if they want,” assuming AI and robotics increase economic output dramatically.
Musk also acknowledged that the biggest issue might shift from earning a living to finding meaning and purpose when work is no longer necessary.