Famous tech entrepreneur Elon Musk is expected to become the world’s first trillionaire if a financial forecast comes true. The CEO of Tesla, SpaceX, and X (formerly Twitter) could soon become the world’s first trillionaire, according to a recent report by Informa Connect Academy.
The report predicts that Musk will reach an AU$1.5 trillion net worth by 2027, well ahead of his competitors in the billionaire race.
Musk is already the wealthiest person on the planet with an estimated fortune of AU$363.3 billion but continues outpacing rivals in accumulating wealth. The report highlights that his fortune is growing at an astonishing rate of 110% annually. He is on track to reach a 13-figure net worth within the next three years if these trends continue.
Musk’s financial success is driven by his leadership of several high-profile companies like Tesla and SpaceX. These companies are leaders making major strides in their respective industries.
Tesla is the company that put Electric Vehicles in the limelight as a viable alternative to combustion engine vehicles. SpaceX has become a leader in space exploration and satellite launches. Musk’s bold ventures in these fields have played a significant role in his rapid rise to financial prominence.
Despite the forecast for Musk, other billionaires are also projected to breach the trillionaire threshold within the next decade. Indonesian tycoon Prajogo Pangestu, CEO of Nvidia Jensen Huang, and Indian industrialist Gautam Adani expect to reach the mark status by 2028.
Meanwhile, French luxury goods magnate Bernard Arnault, known for his leadership of LVMH, is projected to follow in 2031.
Musk might be the current favourite to reached the milestone but he faces stiff competition. Several other billionaires are aggressively expanding their businesses and exploring new markets to stay on his heels.
The report also discusses companies that are on track to reach a market capitalisation of at least US$1 trillion in the coming years. Taiwan Semiconductor Manufacturing Co. is predicted to achieve this milestone as early as next year. Other major companies, including pharmaceutical giant Eli Lilly, chipmaker Broadcom, and Musk’s Tesla, are forecast to reach a trillion-dollar market capitalisation by 2025.
Musk’s rise has not been without controversy like his recent acquisition of X. Nonetheless, his ability to defy conventional business norms has cemented his place as one of the most influential figures in the tech world. His vision for the future, including ambitious goals like colonising Mars and developing autonomous vehicles, has captured the attention of investors and the public.
There will always be scepticism about Musk’s long-term sustainability, but few can argue with the financial success he has achieved so far. There is no denying Musk’s influence on the global economy, even if he doesn’t become the world’s first trillionaire. He continues solidifying his position as one of the most powerful figures in the business world by pushing the boundaries of technology and innovation.
The race to see the world’s first trillionaire is heating up. It will be interesting to see whether Musk can maintain his momentum and secure his place in history as the first person to reach the fabled status. One thing is certain: Musk's financial journey is far from over. Investors, competitors, and the global business community will be watching his next moves closely.