Elon Musk would become the world’s first trillionaire by 2024, a new study from accounting firm Tipalti Approve says.
Musk currently boasts a net worth of around $200 billion, the highest of any living human. By mid-January of this year, that figure stood at $263 billion. Musk’s profitable work at Tesla is only one contributor to his vast wealth; it is his SpaceX project which has pushed his net worth into the twelve-figure range.
Musk could become a trillionaire at the age of 52
“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.
“SpaceX generates massive incomes by charging governmental and commercial clients to send various things into space, including satellites, ISS supplies, and people.”
Other moguls on the list include Gautam Adani, the chairman and founder of the Indian conglomerate Adani Group, Microsoft founder Bill Gates, chairman and founder of Beijing ByteDance Technology Co. Zhang Yiming, and former Amazon CEO Jeff Bezos.
Zhang Yiming, who founded the parent company for the popular video-sharing apps TikTok and Toutiao, is projected to achieve trillionaire status by 2026. If that happens, Yiming would be the world’s youngest trillionaire, at 42 years old.
Projections like these are difficult to correctly predict, the report noted, because wealth can increase (or decrease) very quickly and thus the standings change rapidly.
“In 2017, e-commerce and global procurement giant Jeff Bezos was the first to reach $100 billion since Bill Gates back in 1999,” the report pointed out.
“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.”
Elon Musk’s rise to the top
In 2002, Musk founded SpaceX, an aerospace manufacturer and space transport services company, of which he is CEO and Chief Engineer.
In 2004, he joined electric vehicle manufacturer Tesla Motors, Inc. (now Tesla, Inc.) as chairman and product architect, becoming its CEO in 2008.
In 2006, he helped create SolarCity, a solar energy services company that was later acquired by Tesla and became Tesla Energy.
In 2015, he co-founded OpenAI, a nonprofit research company that promotes friendly artificial intelligence.
In 2016, he co-founded Neuralink, a neurotechnology company focused on developing brain-computer interfaces and founded The Boring Company, a tunnel construction company. Musk has proposed the Hyperloop, a high-speed vactrain transportation system