In the process, Milner expects the boom to create internet companies worth at least $4 trillion.

On Friday, billionaire investor Yuri Milner, founder of venture capital giant DST Global disclosed that the surge in global online consumer spending is likely to create new internet companies worth almost $4 trillion.

Milner, who made the comments during a conference in Hong Kong, was an early backer of internet giants including Facebook Inc, Alibaba Group Holding, and Twitter Inc.

He expects global online consumer spending to more than double to 15% by 2025 from its current 6%.