Elon Musk will become the first trillionaire in 2024

A new study from the company software Tipalti Approve predicts that Elon Musk, the world’s richest person, will be the first person to achieve trillionaire status in 2024.

The company based its projection on historical data provided by Forbeswhich estimates the net worth of the CEO of Tesla and SpaceX to be US$225.5 billion as of June 9.

Elon Musk

Since 2017, the tech tycoon’s fortune has grown by an average of 129 percent annually, putting him well on his way to becoming a trillionaire with a net worth of $1.38 billion at the age of 52.

Although Musk has other companies, such as Neuralink and Boring Company, the study notes that Tesla and SpaceX will fuel his rise to trillionaire status. Together, both companies saw the magnate’s fortune grow more than ten times compared to 2020. The most significant jump occurred during the first days of the covid-19 pandemic.

Elon MuskSpaceX

These two companies combined saw Musk’s fortune soar from $25 billion in 2020 to $263 billion in 2022. SpaceX generates massive revenue by charging government and commercial customers to send various things into space, including satellites, supplies from the ISS [Estación Espacial Internacional] and people.

Even so, the study points out that the race of the trillionaires is not certain, since the CEO of Amazon, Jeff Bezos, was previously considered to take the title before Elon Musk:

It was Bezos, not Musk, who a few years ago was expected to become the world’s first trillionaire and is now not expected to join the club until 2030, some six years after Musk.

Elon Musk/Jeff Bezos

Other notable potential trillionaires include Adani Group Chairman Gautam Adani (2025); the founder and CEO of TikTok’s parent company, ByteDance Technology Co., Zhang Yiming (2026); and Louis Vuitton CEO Mukesh Ambani (2029). But also to the co-founder of Google, Larry Page (2032); Facebook CEO Mark Zuckerberg (2034); Oracle CEO Larry Ellison (2036); Walmart heiress Alice Walton (2042) and Microsoft co-founder Bill Gates (2044).

Graph from the study of software company Tipalti Approve

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