Elon Musk, the world’s wealthiest individual, is on track to potentially become the world’s first trillionaire by 2027, according to a report by Informa Connect Academy. The report highlights Musk’s remarkable wealth growth, which has been increasing at an impressive annual rate of 110%. Musk currently holds a net worth of $237 billion, as per the Bloomberg Billionaires Index. The idea of becoming the world’s first trillionaire has long fascinated economists and the public alike. The closest historical parallel is John D. Rockefeller, who became the world’s first billionaire in 1916 through his dominance in the oil industry with Standard Oil. Now, Musk’s success with companies such as Tesla, SpaceX, and his ventures in the energy and AI sectors are positioning him to break new ground in wealth accumulation.

To put this into perspective, very few companies in history have ever crossed the $1 trillion mark in valuation. Companies like Apple, Microsoft, Nvidia, Alphabet (Google’s parent company), Amazon, Saudi Aramco, Meta, and most recently, Warren Buffett’s Berkshire Hathaway, are part of the exclusive “trillion-dollar club.” Nvidia, for example, joined the group in May 2023 and surged to a $3 trillion valuation by June, making it the second-most valuable company globally, just behind Microsoft and ahead of Apple.

Musk’s rise to a trillion-dollar fortune would mark a significant milestone, not just for him personally, but for global capitalism, showing the immense concentration of wealth possible through innovation in technology and other high-growth sectors. Following Musk, several other individuals are also projected to reach trillionaire status in the near future. Gautam Adani, the Indian industrialist, could potentially be the second individual to hit the trillion-dollar mark by 2028. According to the report, Adani’s wealth has been growing at a rate of 123% annually, driven largely by his diversified business empire that includes ports, power, and renewable energy.

On the heels of Adani is Nvidia’s CEO Jensen Huang, who has benefitted from the explosive growth of the AI and semiconductor sectors. Nvidia’s rise to prominence, particularly its role in AI-driven technologies, has made Huang another top contender for trillionaire status. Another potential trillionaire is Indonesian energy and mining tycoon Prajogo Pangestu, whose business empire has thrived in recent years due to the global demand for energy and commodities. If his growth trajectory holds, he could also join the ranks of the world’s wealthiest by 2028.

The French luxury magnate Bernard Arnault, who controls LVMH and is currently the world’s third-richest person with a net worth of $181 billion, is projected to reach the trillionaire mark by 2030, around the same time as Meta’s CEO Mark Zuckerberg. Both men have built empires in luxury goods and social media, respectively, and continue to see robust growth in their wealth.

In the 2024 U.S. presidential election, Republican candidate and former President Donald Trump has formed a new connection with Elon Musk. Recently, Trump praised Musk and announced that if he wins the upcoming election, he will establish a Government Efficiency Commission under Musk’s chairmanship. This commission will oversee the financial structure and functioning of the federal government.

Elon Musk, the CEO of Tesla and SpaceX, has previously supported Trump. Trump appreciated Musk’s support and referred to him as a “good and smart person.” Trump said, “Elon Musk has fully supported me. He has the capabilities to lead this commission and can handle this responsibility with great expertise.” He also claimed that Musk is already prepared to head this commission.

However, Trump did not elaborate on the specific duties of the commission. But he mentioned that the commission’s main objective would be to eliminate fraud and improper payments within the federal government’s operations. According to Trump, the commission will prepare its work plan within six months of its formation, aiming to increase government efficiency and ensure financial transparency.

Elon Musk had hinted in a podcast a while back that he is interested in working with the U.S. government. He believes there is significant potential for improvement in the federal government’s operations, and he could contribute actively in this direction.

This announcement is seen as an attempt to attract Trump’s supporters during the election campaign, using Musk’s public image and leadership capabilities. However, it remains to be seen how successful this plan will be for Trump’s election campaign and what Musk’s actual contribution to this potential commission would be.