Elon Musk to become first person to have $1,000,000,000,000 amid claims he 'lives below the poverty line'

Elon Musk is set to become the world’s first trillionaire despite claims that he ‘lives below the poverty line’.

The tech mogul is currently the world’s richest person and his wealth is growing at a rapid rate.

In fact, according to Informa Connect Academy, Musk’s net worth is increasing annually by an astonishing 110%.

Elon Musk is set to become the world's first trillionaire (Marc Piasecki/Getty Images)

If the trend continues then the Tesla CEO could become the first trillionaire within the next three years.

It was reported by Bloomberg's Billionaires Index that Musk has a current net worth of $251 billion.

Despite these enormous figures, there have been claims in the past that he actually doesn’t live a lavish lifestyle to match his bank balance.

According to his ex-partner Grimes, life in the Musk household is actually very stripped back.

In an interview with Vanity Fair back when they were together, she revealed that Musk doesn’t live like a billionaire and instead apparently ‘lives at times below the poverty line’.

She went on to say: “To the point where I was like, ‘Can we not live in a very insecure $40,000 house? Where the neighbors, like, film us, and there’s no security, and I’m eating peanut butter for eight days in a row?’”

In recent years, Musk has been selling up his extensive property portfolio after vowing to part ways with all of his belongings in order to fund a colony on Mars.

Elon Musk lives in a modest 'box' home (X/@WalterIsaacson)

So far, he’s been sticking to his word and the last home he sold was in San Francisco.

He’s recouped $130 million by shedding the homes and now Musk claims to live in a modest three-bedroom house in Texas, which is valued at around just $45,000.

Musk made a post about it on his own platform X, formerly Twitter, saying: “My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though.

“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.”

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.