Love him or hate him, there’s no denying Elon Musk is a rich and successful businessman with a net worth of more than $430 billion. As the richest man in the world, Musk’s fortune is expected to grow in the coming years, surpassing $1 trillion before 2030. This would make him the world’s first trillionaire.
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This estimate comes from Oxfam’s latest annual inequality report, based on Forbes‘ data. It points to strong stock market performance in 2024 and other economic factors as the reason why Musk’s net worth has increased tremendously. Musk owns several companies, such as SpaceX, Tesla (TSLA), X, and others.
On top of that, Oxfam America senior policy lead Rebecca Riddell highlighted the potential danger that comes with Musk’s increasing wealth. She claims “the immense influence he has over policy and politics is really emblematic of the unchecked billionaire power that’s come to define our economic and political system.”
Who Will Join Musk as Trillionaires?
Elon Musk isn’t the only billionaire expected to transition to a trillionaire. He’s just the only one who will do it in less than five years. Oxfam predicts there will be four other billionaires that will become trillionaires shortly after Musk. They are Amazon’s (AMZN) Jeff Bezos, Oracle’s (ORCL) Larry Ellison, Meta Platforms (META) CEO Mark Zuckerberg and LVMH (LVMUY) CEO Bernard Arnault.
Which Billionaire Should Investors Bet On?
With much of the growth these billionaires will see coming from stocks, traders are likely wondering which of their companies are worth investing in. Utilizing the TipRanks comparison tool, investors can evaluate all of them.
A quick glance shows Oracle has the most upside potential at 19.36% while Tesla has a downside potential of 22.71%. However, Amazon and Meta Platforms are the only ones with Strong Buy ratings while also offering upside potential. Investors will want to keep this in mind when considering taking stakes in any of these companies.
