What would happen in the world where we've successfully domesticated all wild animals?

Imagine we as human beings have successfully domesticated all wild animals(including lion,tiger,bear,etc). We made them lost their predatory instinct(don’t say it’s impossible,but as I said,just imagine) and they’re no more than our nowadays lovely pets but just in bigger size(for some). So,what do you think would happen to our world if we’ve already reached this state? Do you believe your government will allow such creature as pet? Finally,if you ever interested to have one,what kind of animal(former wild animal) you’ll take as your pet? And why?