Elon Musk: On Track to Become the World’s First Trillionaire
Elon Musk's wealth is projected to grow at an astonishing average rate of 110% per year, positioning him as a strong contender to become the world's first trillionaire by 2027. According to the latest report titled '2024 Trillion Dollar Club' by Informa Connect Academy, Musk currently holds a net worth of $251 billion, making him the richest person globally. The report highlights that if his wealth continues to grow at this pace, he could reach the monumental milestone of $1 trillion within just three years. This growth is largely fueled by his companies, including Tesla, which is valued at approximately $669.3 billion and has a remarkable growth rate of 173.3% annually.
The Rise of Other Billionaires
Musk is not alone in this race; other billionaires are also on the path to joining the trillionaire club. Indian businessman Gautam Adani is projected to reach this milestone by 2028, with an annual growth rate of 123%. Following closely are Jensen Huang of Nvidia and Indonesian tycoon Pragogo Pangestu, both expected to enter the club around the same time. The report indicates a significant shift in the rankings of the world's wealthiest individuals, as traditional figures like Jeff Bezos and Bill Gates are predicted to lag behind, with their growth rates unable to match the rapid ascent of Musk and his contemporaries.
The Gender Gap in Billionaire Wealth
Interestingly, the report notes that the billionaire club may remain predominantly male for several more years. The first woman expected to join the ranks of trillionaires is Françoise Bettencourt Meyers, a member of L'Oréal's management, who is not anticipated to reach this milestone before 2040. This highlights ongoing disparities in wealth accumulation among genders, as the wealth of the top billionaires continues to grow exponentially. The report raises concerns about wealth inequality, echoing sentiments from various NGOs that have noted a doubling of fortunes among the wealthiest since 2020.
