Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new global wealth report.
The Tesla CEO is currently the world's richest person with a net worth of $251 billion, as reported by Bloomberg's Billionaires Index.
Informa Connect Academy reveals that Musk's wealth is growing at an astonishing average rate of 110% annually. If this trend continues, he could hit the trillion-dollar mark within the next three years.
The report titled "2024 Trillion Dollar Club" puts Tesla's market value at $669.3 billion.
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The electric vehicle manufacturer's growth rate is equally impressive at 173.3%, suggesting the company might surpass $1 trillion as soon as next year.
But despite his insane wealth, the South African lives a modest life in a minimalistic house, or a 'box' - as some have called it.
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Last year, the author of the bestselling biography Steve Jobs, Walter Isaacson, posted on X (formerly Twitter): "In 2020, Musk decided to sell his five grand houses and to have as his primary residence this spartan two-bedroom house in Boca Chica, TX, where we would meet and he would sit at this wood table and make phone calls."
This was shared alongside an image of what appears to be Musk's front room used as his office base.
This followed Musk's announcement in 2020 which read: “I am selling almost all physical possessions. Will own no house” and went on to list his California properties.
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When one of his followers asked why, he had a one-word answer: freedom.
The combined asking prices for his seven California homes were over $100 million.
Commenting on his humble abode, Musk tweeted in 2021: "My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though."
He added: "Only house I own is the events house in the Bay Area. If I sold it, the house would see less use, unless bought by a big family, which might happen some day."
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The New York Post revealed that Musk’s home is actually a foldable, 20-foot-by-20-foot prefabricated unit made by Boxabl, a housing startup. The Boxabl Casita is designed like a studio apartment, with a large room divided into a living and sleeping area, a fully equipped kitchen, and a bathroom with a tub shower.
It doesn't seem as though hitting the one trillion mark will affect Musk's modest lifestyle in any way.