A galactic gold rush has been predicted for some time, with experts saying teams will race against each other to collect precious metals from space rocks.

Earlier this year, physicist Michio Kaku described asteroids as “flying gold mine[s] in outer space” that could replenish any metal shortage on Earth.

Examples of valuable asteroids include one rock measuring 3,000ft across that contains $5.4 trillion worth of platinum.

And now it is predicted the first trillionaire will make their fortune in outer space.

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Asteroid mining: On a mission to explode the earth's economy View gallery

Renowned astrophysicist Neil deGrasse Tyson: “The first trillionaire there will ever be is the person who exploits the natural resources on asteroids.

“There’s this vast universe of limitless energy and limitless resources.

“I look at wars fought over access to resources. That could be a thing of the past, once space becomes our backyard.”

A fortune of a trillion would make them wealthier than the world's richest men Jeff Bezos, Mark Zuckerberg and Bill Gates combined.

Finance company Goldman Sachs has also been closely monitoring the space mining market.

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The investment bank said in a recent statement: “While the psychological barrier to mining asteroids is high, the actual financial and technological barriers are far lower.

“Prospecting probes can likely be built for tens of millions of dollars each and Caltech has suggested an asteroid-grabbing spacecraft could cost $2.6 billion.”

At the moment, the race to bring back these flying metals is between private companies.

However, this looks set to change after Luxembourg established the Space Resources Initiative.

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The country’s government is planning to dole out millions in funding to companies looking to exploit space’s natural resources.

Our goal is to put into place an overall framework for the exploration and commercial use of resources from ‘celestial bodies’ such as asteroids, or from the moon,” commented Etienne Schneider, Luxembourg’s deputy prime minister and minister of the economy.