Elon Musk, the richest human in the known universe, is on track to become the world’s first trillionaire.
As of March 28, 2022, Musk has a net worth of $256 billion, according to Bloomberg. A recent analysis by Tipalti Approve found that the SpaceX founder’s fortunes are currently undergoing an annual increase of up to 129 percent, which could potentially see him own a net worth of $1.38 trillion ($1,380 billion) by 2024 at age 52.
To reach their findings, the recent analysis by Tipalti Approve looked at the net worth of the top 30 people on the Forbes Rich List and recorded the last six years of data from current standings back to 2017.
This isn't the first time this prediction of Musk making history has been made. Just last year, analysts from Morgan Stanley forecasted that Musk is set to reach trillionaire status very shortly, primarily as a result of his booming space exploration business SpaceX.
The world’s richest person is usually listed as Musk or Amazon founder Jeff Bezos, depending on how their stocks and shares are doing in that particular period. However, Bezos is not forecasted to become the second-ever trillionaire according to Tipalti Approve.
That title goes to Gautam Adani, an Indian billionaire industrialist who founded Adani Group, a multi-pronged conglomerate involved in port management, energy production, mining, food processing, and more. Currently valued at around $93 billion, Adani and his family's coffers are set to swell to $1 trillion by 2025.
Next set to receive trillionaire status is Zhang Yiming, the Chinese internet entrepreneur who founded ByteDance, better known as TikTok. Then it will be Bernard Arnault, chairman and chief executive of the world's largest luxury goods company, LVMH Moët Hennessy – Louis Vuitton SE, followed by Mukesh Ambani, the largest shareholder of conglomerate Reliance Industries Ltd.
As per this new analysis, Bezos is predicted to become the world’s sixth trillionaire around 2030. Mark Zuckerberg is predicted to hit trillionaire status in 2034 at age 49. Bill Gates, the co-founder of Microsoft who was the world's richest person from 1995 to 2017, isn’t expected to reach the trillionaire mark until 2044, at which time he’ll be 88 years of age.
Meanwhile, as the wealth of these few hyper-rich individuals continues to skyrocket, after 25 years of extreme poverty steadily declining, 2020 saw global extreme poverty rise for the first time in over 20 years, largely due to disruption caused by the COVID-19 pandemic. Developed countries are also feeling the sting, with poverty and inequality forecasted to increase across Europe and North America due to COVID-19. Furthermore, climate change is estimated to push up to 132 million people into poverty by 2030.