Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new global wealth report.

Musk, 53, is currently the world’s richest person with a net worth of $251billion, according to Bloomberg’s Billionaires Index. However, a new report by Informa Connect Academy has revealed Musk’s wealth has been growing at a staggering average rate of 110 per cent a year.

This means that if the Tesla CEO’s wealth continues to climb at the same rate, he could be crowned the world’s first trillionaire within the next three years, according to the findings.

The report titled The 2024 Trillion Dollar Club, puts Musk’s Tesla business at a market value of $ 669.3 billion.

The company’s growth rate is also impressively high, at 173.3 per cent according to Informa Connect Academy, which means Tesla alone could exceed $1trillion by as early as next year.

The academy’s analysis suggested business conglomerate founder Gautam Adani from India would be second in line to achieve trillionaire status.

That would reportedly happen the year following Musk, in 2028, if his annual growth remains at 123 per cent.

Jensen Huang, chief executive of tech firm Nvidia, and Indonesian energy and mining mogul Prajogo Pangetsu are also predicted to become trillionaires by 2028, according to the findings.

Bernard Arnault, the LVMH Moet Hennessy Louis Vuitton boss and the world’s third-richest person with around $ 200 billion, is on track to snap a trillion dollars in 2030, the same year as Meta CEO Mark Zuckerberg.

The top two richest companies valued by the growth report were Microsoft at $ 3.4 trillion and Apple at $ 2.5 trillion.

Both of the tech giants hit the trillion-dollar mark back in 2019 and 2018 respectively.