According to a report released by the group that tracks wealth, Elon Musk is on track to become the world’s first trillionaire by 2027.
The report cited the rapid growth of his wealth, which has been increasing at an annual rate of over 110 percent, as one of the reasons why he is poised to become wealthier.
As of Friday, Musk was the world’s richest person with a wealth of $251 billion.
The report released by the academy noted that India’s business magnate and founder of Adani Enterprises, Gautam Adani, could become the second trillionaire after Elon Musk.
If his annual growth rate continues to be at 123%, he will reportedly become a trillionaire in 2028.
Other individuals such as Prajogo Pangestu, the founder of Indonesia’s mining and energy company, and Jensen Huang, the head of Nvidia, could also become rich in the same year.
Bernard Arnault, the CEO of LVMH, the parent company of Louis Vuitton, is also on track to become a trillionaire in 2030.
Several companies have been able to secure valuations of over $1 trillion.
Notably, Berkshire Hathaway, which is the holding company of Warren Buffett, was able to top the $1 trillion mark in August.
In May 2023, Nvidia became the first company to join the $1 trillion club. In June, it hit $3 trillion, which made it the second-most valuable organization in the world after Apple.
According to CNBC, the topic of who might become the first trillionaire has been a fascination for the public since the first billionaire was named in 1916.
That person was John D Rockefeller, who was the founder of Standard Oil, at that time the biggest shareholder of the company.
Despite the fascination, many academics believe that the accumulation of wealth is a social ill.
A report released earlier this year revealed that the rich are more responsible for the rising carbon emissions than the poor.
Before the Informa Connect Academy named Musk as the most likely candidate to become the first trillionaire, he posted a message on X, which was widely criticized by the users of the platform.
In his post, Musk praised an interview conducted by Tucker Carlson, a former Fox News host, and Darryl Cooper, a right-wing media personality.
During the interview, Cooper claimed that the Nazis did not intend to kill 6 million Jews during the Holocaust.
Cooper went on to say that the Nazi regime was incapable of caring for its citizens.
He also blamed Winston Churchill for the war’s outcome. After deleting his post, Musk was criticized by the White House.
The administration condemned the interview conducted by Carlson.
In August, Musk announced his support for Donald Trump, the Republican nominee for the upcoming presidential election.
He was joined by his wife, who is running for the Democratic nomination. Kamala Harris is the party’s vice president.
