Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new report on global wealth.
Musk, 53, is currently the richest person in the world with a net worth of $251 billion, according to the Bloomberg Billionaires Index.
However, a new report from Informa Connect Academy has revealed that Musk’s wealth has been growing at a staggering average rate of 110 percent a year.
This means that if the Tesla CEO’s wealth continues to increase at the same rate, he could be crowned the world’s first trillionaire within the next three years, according to the findings.
The report, titled 2024 Trillion Dollar Club, puts Musk’s Tesla business at a market value of $669.3 billion.
According to a report by Informa Connect Academy, Elon Musk is on track to become the world’s first billionaire by 2027
Gautam Adani, 62, the founder of the Adani Group, will become the second person to reach billionaire status, according to the findings.
The company’s growth rate is also impressively high, at 173.3 percent according to Informa Connect Academy, meaning Tesla alone could surpass $1 trillion as early as next year.
The academy’s analysis suggested that the founder of India’s Guatam Adani business conglomerate would be second in line to reach billionaire status.
This would reportedly happen the year after Musk, in 2028, if his annual growth remains at 123 percent.
Jensen Huang, chief executive of tech firm Nvidia, and Indonesian energy and mining tycoon Prajogo Pangetsu are also expected to become billionaires by 2028, the findings showed.
Bernard Arnault, the boss of LVMH Moet Hennessy Louis Vuitton and the third-richest person in the world at around $200 billion, is on track to earn $1 trillion by 2030, the same year as Meta CEO Mark Zuckerberg.
The two richest companies valued according to the growth report were Microsoft, at $3.4 trillion, and Apple, at $2.5 trillion.
Both tech giants hit the $1 trillion mark in 2019 and 2018 respectively.
Several companies have achieved predictions of more than $1 trillion, with Taiwan’s TSMC recently taking the top spot.
Nvidia joined the Trillion Dollar Club in May last year and hit $3 trillion in June, ranking it after Microsoft and before Apple as the world’s second most valuable company.
The world crowned its first billionaire, Standard Oil founder JD Rockefeller, in 1916.
Just days before Informa Connect Academy crowned Musk the man most likely to become the world’s first trillionaire, the entrepreneur said astronauts could land on Mars within four years, as NASA faces pressure over its delayed plans to land on the Moon.
Musk’s SpaceX is set to launch its first unmanned spacecraft to the Red Planet in two years, when the next Earth-Mars transfer window opens, to test the reliability of an intact landing on Mars.
If the tests are unsuccessful, SpaceX, which Musk founded in 2022, will launch manned flights to Mars in four years.
Musk’s other businesses include neurotechnology firm Neuralink and The Boring Company, a tunnel-building company.
He also bought Twitter for around $44 billion in late 2022 before controversially rebranding it as X, and most recently the billionaire faced a dispute with Brazil’s Supreme Court that saw the platform banned in the country.
Supreme Court Justice Alexandre de Moraes initiated the nationwide shutdown earlier this month after Musk refused to appoint a legal representative in the country, missing a deadline imposed by Moraes.
Moraes, 55, and Musk have been embroiled in a months-long dispute over free speech, far-right accounts and misinformation, and the new ban is a result of rising tensions.
Internet service providers across the country, which is home to 215 million people and was one of X’s largest markets, completely blocked the platform on August 31, and the country’s major news sites stopped publishing at the same time.
A furious Musk took to X following the ban, saying: “The tyrant Voldemort is crushing people’s right to free speech,” comparing De Moraes to the evil wizard from the Harry Potter series.
Moraes said X will remain suspended until he complies with his orders, and also set a daily fine of £6,790 for individuals or companies using virtual private networks (VPNs) to access him.