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  1. Elon Musk may become first trillionaire in the world, followed by Gautam Adani: Report

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Elon Musk may become first trillionaire in the world, followed by Gautam Adani: Report

Abha Raverkar

5 min read | Updated on September 10, 2024, 09:32 IST

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SUMMARY

Elon Musk is projected to become the first trillionaire by 2027, followed by India’s Gautam Adani, NVIDIA’s Jensen Huang and Indonesia’s Prajogo Pangestu, who are on course to enter the trillionaire club by 2028. However, this comes at the backdrop of widening income inequality gap.

Elon Musk is currently the richest man in the world, and his net worth, which is growing at an average annual rate of 109.88%, is on track to reach the $1 trillion mark by 2027

Elon Musk is currently the richest man in the world, and his net worth, which is growing at an average annual rate of 109.88%, is on track to reach the $1 trillion mark by 2027

With a net worth of about $237 billion as of September 9, 2024, on the Bloomberg Billionaires Index, Elon Musk is on course to become the first trillionaire on the planet by 2027, as per a report by Informa Connect Academy.

The Tesla founder is currently the richest man in the world, and his net worth, which is growing at an average annual rate of 109.88%, is on track to reach the $1 trillion mark in the next three years, according to the report.

The report titled ‘2024 Trillion Dollar Club’ highlights a list of thirty billionaires who are on the path of becoming trillionaires by approximately the mid-century; the report also puts a spotlight on companies with market valuations exceeding $1 trillion or approaching that milestone.

Trillionaires Club

The study said, “No one in the world has claimed trillionaire status—at least not yet. However, there are some likely candidates. The following are multi-billionaires who will probably become trillionaires sooner or later.”

With a current net worth of $99.6 billion, which has been growing at an annual average rate of 122.86%, Gautam Adani is projected to become the second trillionaire in the world after Elon Musk in the next four years, i.e., by 2028, as per the report.

Gautam Adani, the founder and chairperson of the multinational conglomerate, Adani Group, is the second richest person in India and the 13th richest in the world.

His rival, Mukesh Ambani, now ranked Asia's richest with a networth of $111 billion, may achieve the same status by 2033, according to the report.
Further, Jensen Huang, CEO and co-founder of NVIDIA, the first U.S. trillion-dollar company, has a net worth of $90.5 billion. With an annual average growth rate of 111.18%, he is projected to become a trillionaire by 2028, the report highlighted.
The Indonesian business magnate and investor, Prajogo Pangestu, the founder and chairperson of Barito Pacific, is on track to have a net worth of $1 trillion by 2028.

His company, Barito Pacific, is into petrochemicals, energy, real estate, logistics, and investments, among other interests, and in 2007, it acquired 70% of Chandra Asri, a petrochemicals company with a current market cap valuation greater than $48 billion as per the report.

With a current net worth of $33.8 billion, Prajogo Pangestu is the richest man in Indonesia. His net worth has been growing at an annual average rate of 135.95%.

As per the report, the fifth person projected to become a trillionaire is Bernard Arnault, the CEO of the “largest luxury conglomerate in the world,” LVMH.

With an astronomical net worth of $181 billion, coupled with a net worth annual average growth rate of 29.33%, the third richest man on Earth is on course to reach $1 trillion in wealth by 2030, according to the report.

Women’s club

Out of the thirty billionaires mentioned in the report, three women are at the helm of reaching the $1 trillion mark by the middle of the twenty-first century, the report highlighted.

Namely, Francoise Bettencourt Meyers, granddaughter of Eugène Schueller, who founded L'Oréal, and her family own more than one-third of the company. With a net worth of $87.8 billion, she is on track to become a trillionaire by 2040.
Additionally, Julia Koch, widow of David Koch, owns a 42% stake in Koch Industries, which is co-owned by David’s brother, Charles Koch. With a net worth of $64.3 billion, she is projected to become a trillionaire by 2050.
Alice Walton, the only daughter of Sam Walton, who founded Walmart, is on course to hit the $1 trillion mark in net worth by 2051. She and her siblings in total own a 50% stake in the retail giant.

Trillion-dollar companies

The report also showcases a list of companies that have reached a market valuation of $1 trillion and those that are on track to reach that valuation.

Currently, there are only a handful of companies that have crossed the $1 trillion in valuation as per the report. This includes Microsoft, Nvidia, Apple, Alphabet, Amazon, Saudi Aramco, and Meta. The most recent case is that of Warren Buffett's Berkshire Hathaway in late August.

Taiwan Semiconductor Manufacturing Company (TSMC), Eli Lilly, Broadcom and Tesla are the top brands nipping at the heels of the $1 trillion valuation, which they’re expected to reach by 2025.

While there has been an ever-present fascination with the opulence of the wealthy, which can be dated back to the days of empires or when the world got its first billionaire in 1916, John D. Rockefeller, the top 1% of society does not just symbolise the crème de la crème of grandeur but also presents a rather stark image of the widening gap between the rich and the poor.

According to a research paper released by Oxfam in February 2024, 60% of the people in the world have grown poorer—equating to almost 5 billion people.

Further, the rich 1% of the world’s population snap up 52% of all income while the poorer half gets about 8.5%, an IMF report stated.

Inputs from PTI
Uplearn

About The Author

Abha Raverkar
Abha Raverkar is a post-graduate in economics from Christ University, Bengaluru. She has a strong interest in the markets and loves to unravel the nitty-gritties of the latest happenings in the world of markets, business, and economy.

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