Elon Musk will become the world’s first trillionaire by 2027, according to a new report.
Musk is currently the world’s richest person and has an estimated wealth of $251bn currently.
The Tesla, SpaceX and X (formerly Twitter) boss has seen his wealth grow at an average annual rate of 110 per cent.
Because of this, the Informa Connect Academy, a group that tracks wealth, predicts in its 2024 Trillion Dollar Club report that Musk will become the first ever trillionaire by 2027.
The academy also suggested that Indian business conglomerate founder Gautam Adani would become the second to achieve trillionaire status the following year. This is assuming his annual growth rate stays at 123 per cent.
The other wealthy folk who could make the leap from billionaire to trillionaire status in 2028 are Jensen Huang, the chief executive officer of the tech firm Nvidia, and Prajogo Pangestu, an Indonesian energy and mining mogul.
Meanwhile, Meta CEO Mark Zuckerberg could become a trillionaire in 2030, along with Bernard Arnault, the LVMH Moët Hennessy Louis Vuitton boss who is currently the world’s third-richest person with a worth of about $200bn.
The world’s first billionaire was American John D Rockefeller, who achieved the mega wealthy status in 1916 thanks to the fact he was the founder and largest shareholder of Standard Oil.
The very existence of billionaire’s is a controversial thing for many though, who believe the extreme accumulation of wealth by a select few is bad news for society.
In January this year, a report from Oxfam found that the five richest men in the world had doubled their wealth whilst the poorest 60 per cent of the globe had continued to get poorer.
Along with concerns about the inequality the existence of billionaires highlights, there are also environmental worries.
Last year, a report found that the wealthiest 1 per cent of the world caused more carbon emissions than the poorest 66 per cent.