Elon Musk on target to become world's first trillionaire

Elon Musk on target to become world's first trillionaire
New report also puts Tesla on course to be a trillion dollar company.
SEP 09, 2024

The world’s richest person has $237 billion as of today (September 9) according to Bloomberg’s Billionaires Index and to call that level of wealth ‘sufficient’ would be an understatement.

But it could soon seem paltry compared to what could be ahead for Elon Musk according to a new report that looks at people and firms that are – or are about to be – worth a cool trillion dollars.

The 2024 Trillion Dollar Club includes seven companies that are worth at least $1 trillion as of July 2024:

  1. Microsoft ($3.4 trillion)
  2. Apple ($3.3 trillion)
  3. Nvidia ($3 trillion)
  4. Alphabet ($2.3 trillion)
  5. Amazon ($2 trillion)
  6. Saudi Aramco ($1.8 trillion)
  7. Meta ($1.3 trillion)

But there are also several that are likely to join them, according to the analysis from Informa Connect Academy: Taiwan-based TSMC, Warren Buffett’s Berkshire Hathaway, Eli Lilly, Broadcom, and Tesla. Berkshire Hathaway recently became the first firm outside the tech sector to reach $1 trillion market cap before slipping back.

 

For Tesla, the report notes an “impressive growth rate, estimated to be growing annually at an average rate of 173.32%, means it should exceed $1 trillion in 2025” from its current market cap of $669 billion.

 

While Musk only owns around 13% of Tesla stock, he has other holdings and investments including Space X which account for a large chunk of his wealth. With Informa Connect Academy’s estimate that his net worth is growing at more than 109% annually, the report estimates that he will become the world’s first trillionaire in 2027.

 

If all things remain equal, Musk will be in a club of one for just one year before Indian entrepreneur Gautam Adani, Nvidia’s Jensen Huang, and Indonesian entrepreneur Prajogo Pangestu join him.

 

By the end of the decade the Trillion Dollar Club’s members will also include luxury fashion magnates Bernard Arnault and his family, and Nike’s Phil Knight and his family, and Meta’s Mark Zuckerberg. They will be joined by the likes of Jeff Bezos (Amazon), Larry Page and Sergey Brin (Google), and Warren Buffett within the following 15 years.

 

The world’s first trillionaire woman will (by current projections) by Francoise Bettencourt Meyers, granddaughter of the founder of L’Oreal. Her and her family have a current net worth just below $100 billion and are estimated to join the Trillion Dollar Club in 2040.

Latest News

Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says
Advisor headcount down at Bank of America, Osaic and UBS so far in 2025, Wolfe Research analyst says

Counting advisor moves in and out of firms requires some art as well as science.

Carson Group's M&A head sees '10-to-15 year bull market' for RIAs
Carson Group's M&A head sees '10-to-15 year bull market' for RIAs

“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.

Nationwide finds Medicare myth on long-term care could cost Americans dearly
Nationwide finds Medicare myth on long-term care could cost Americans dearly

As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.

Fintech bytes: Orion, Altruist unveil new RIA-focused integrations
Fintech bytes: Orion, Altruist unveil new RIA-focused integrations

Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.

Raymond James reels in advisors managing $1B+ in Colorado
Raymond James reels in advisors managing $1B+ in Colorado

The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave