8 September 2024, 19:46 | Updated: 8 September 2024, 19:59
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Elon Musk is on track to become the world’s first trillionaire by 2027, according to new research.
Musk, 53, is currently the richest person alive, with a network of $251billion (£191billion), according to Bloomberg.
His wealth is growing at an average rate of 110% each year according to Informa Connect Academy – meaning he would have to wait just three years to pass the $1trillion mark.
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Musk currently owns social media platform X, which he rebranded from Twitter when he bought it two years ago for $44billon.
He also owns pioneering electric car manufacturer Tesla, which currently has a market value of $669.3bn (£509.7bn).
In the 2024 Trillion Dollar Club report, the two richest companies in the world were confirmed to be Microsoft ($3.4tn or £2.6tn) and Apple ($3.3tn or £2.5tn).
The two tech giants surpassed trillion-dollar market capitalisation in 2019 and 2018 respectively.
Informa Connect Academy also confirmed that after Musk, Indian business conglomerate founder Gautam Adani was the next closest to becoming a trillionaire.
Jensen Huang, CEO of tech firm Nvidia, and Indonesian energy and mining magnate Prajogo Pangestu are set to become trillionaires by 2028, according to their current growth.