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Ellon Musk will be the first trillionaire in 2024, study predicts

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Tipalti Approve conducted a new study that compared the annual net worth of the world’s wealthiest people, predicting when they will reach a personal valuation of one trillion dollars.

According to an analysis of average yearly growth trends, Elon Musk will be the first to reach the milestone — as soon as 2024.

Musk currently has the highest net worth of any living person, estimated to be around $200 billion. That figure had risen to $263 billion by mid-January of this year.

Musk’s profitable work at Tesla (TSLA) is only one source of his vast wealth; his SpaceX project has pushed his net worth into the tens of millions.

Tesla Motors CEO Elon Musk speaks next to the company’s newest Model S during the Model S Beta Event held at the Tesla factory in Fremont, California October 1, 2011. 📷 Reuters

“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 business titans on the list include Gautam Adani, the chairman and founder of the Indian conglomerate Adani Group (ADANIENT), Bill Gates, the founder of Microsoft (MSFT), and the chairman and founder of Beijing ByteDance Technology Co. Zhang Yiming and Jeff Bezos, former CEO of Amazon (AMZN).

Zhang Yiming, the founder of the popular video sharing apps TikTok and Toutiao, is expected to become a trillionaire by 2026. Yiming, who is 42 years old, would be the world’s youngest trillionaire if this occurs.

Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. Picture taken March 4, 2020. 📷 Reuters

Projections like these are difficult to accurately predict, according to the report, because wealth can increase (or decrease) very quickly, causing standings to shift rapidly. Zhong Shanshan, the chairman of Chinese bottled water company Nongfu Spring, saw his net worth rise from $2 billion in 2020 to $71 billion in 2022 after two of his companies went public in Hong Kong.

“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.”

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