The richest person in the world Elon Musk is projected to become the first person ever to accumulate a net worth of $1 trillion by 2024, a study based on the analysis of average yearly growth trends by Tipalti Approve says.
"Since 2017, Musk’s fortune has shown an annual average increase of 129%, which could potentially see him enter the trillion-dollar club in just two short years, achieving a net worth of $1.38 trillion by 2024 at age 52,” the Approve report found.
Tesla, manufacturer of electric vehicles owned by Musk contributes in a big way to his booming fortunes. But it is his SpaceX project which has skyrocketed his net worth into the twelve-figure range.
“SpaceX generates massive incomes by charging governmental and commercial clients to send various things into space, including satellites, ISS supplies, and people,” Yahoo Finance cited the report as saying.
Another billionaire, who are also expected to hit the trillion-dollar range after Musk, is TikTok and ByteDance founder Zhang Yiming, who is projected to reach $1 trillion net worth by 2026.
Former Amazon CEO Jeff Bezos, who is currently worth $189.2 billion, may not hit the threshold until 2030.
“In 2017, e-commerce and global procurement giant Jeff Bezos was the first to reach $100 billion since Bill Gates back in 1999,” Approve’s report said. “It was Bezos, not Musk, who a few years ago was expected to become the world’s first trillionaire, and who now isn’t expected to join the club until 2030, some six years after Musk.”
Other moguls on the list include Gautam Adani, the chairman and founder of the Indian conglomerate Adani Group, and Microsoft co-founder Bill Gates.