Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new global wealth report.
According to Bloomberg’s Billionaires Index, Musk, 53, is currently the richest person in the world with a fortune of $251 billion.
However, a new report from Informa Connect Academy shows that Musk’s wealth is growing at a staggering average rate of 110 percent per year.
This means that if Tesla’s CEO’s wealth continues to grow at the same rate, he could become the world’s first trillionaire within the next three years, the findings show.
The report, titled 2024 Trillion Dollar Club, estimates the market value of Musk’s Tesla company at $669.3 billion.
According to a report from Informa Connect Academy, Elon Musk is on track to become the world’s first trillionaire by 2027
Gautam Adani, 62, the founder of Adani Group, is expected to become the second person to attain billionaire status, findings show
The company’s growth figures are also impressively high, at 173.3 percent according to Informa Connect Academy, meaning Tesla could surpass the $1 trillion mark next year alone.
The academy’s analysis found that the founder of a business conglomerate, Guatam Adani from India, would be second in line to achieve trillionaire status.
That would reportedly happen the year after Musk, in 2028, if his annual growth rate remains at 123 percent.
According to the findings, Jensen Huang, CEO of technology company Nvidia, and Indonesian energy and mining magnate Prajogo Pangetsu are also expected to be trillionaires by 2028.
Bernard Arnault, the boss of LVMH Moet Hennessy Louis Vuitton and the world’s third-richest person with a fortune of 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 in the growth report were Microsoft at $3.4 trillion and Apple at $2.5 trillion.
Both tech giants hit the trillion dollar mark in 2019 and 2018 respectively.
A number of companies have raised forecasts of over $1 trillion, with Taiwan-based TSMC recently taking the top spot.
Nvidia joined the Trillion Dollar Club in May of last year and reached $3 trillion in revenue in June, making it the second most valuable company in the world at the time, behind Microsoft and ahead of Apple.
The world crowned its first billionaire, Standard Oil founder JD Rockefeller, in 1916.
Just days before Informa Connect Academy named Musk the world’s most likely candidate to become a trillionaire, the businessman said astronauts could land on Mars within four years as NASA faces pressure over delayed plans to land on the moon.
Musk’s SpaceX is set to launch its first unmanned Starships to the Red Planet in two years, when the next Earth-Mars transfer period begins. The goal is to test the reliability of an intact landing on Mars.
If the tests prove unsuccessful, SpaceX, which Musk founded in 2022, will launch manned flights to Mars in four years.
Musk’s other companies include neurotechnology company Neuralink and The Boring Company, a tunnel construction company.
In late 2022, he bought Twitter for around $44 billion, after which he controversially renamed it X. The multibillionaire recently clashed with Brazil’s Supreme Court, which decided to ban the platform in the country.
Supreme Court Justice Alexandre de Moraes ordered the nationwide shutdown earlier this month after Musk refused to appoint a legal representative for the country, missing a deadline set by Moraes.
Moraes, 55, and Musk have been locked in a months-long feud over freedom of speech, far-right accounts and disinformation. The new ban comes amid escalating tensions.
Internet providers across the country, home to 215 million people and one of X’s largest markets, blocked the platform entirely on August 31. At the same time, the country’s major news sites stopped posting.
Musk was furious with X after the ban, saying: “The tyrant Voldemort is undermining the people’s right to free speech.” He compared Voldemort to the evil wizard from the Harry Potter series.
Moraes said X would remain suspended until the site complied with his orders. He also imposed a daily fine of £6,790 on individuals or companies using virtual private networks (VPNs) to access the site.