Two Texas billionaires with ties to Austin are poised to join a club that currently has no members.
Elon Musk, head of Austin-based Tesla, and Michael Dell, chairman and CEO of Round Rock-based Dell Technologies, will be among the world’s first trillionaires, according to a new study from Tipalti Approve, which produces procurement software.
Musk is set to become the world’s first trillionaire by 2024, the study finds. That would make him the first person to reach that peak. Tipalti Approve projects his net worth will soar to $1.38 trillion by 2024, when Musk will celebrate his 52nd birthday.
The company based its projection on the 129 percent average annual growth of Musk’s net worth since 2017. Forbes estimates Musk’s net worth at $225.5 billion as of June 9, meaning he’s the richest person in the world.
Tesla and Musk’s other ventures, most notably SpaceX, will fuel his ascent to trillionaire status, according to the study.
“SpaceX generates massive incomes by charging governmental and commercial clients to send various things into space, including satellites, [International Space Station} supplies, and people,” the study says.
While Musk is on track to become a trillionaire by 2024, Dell’s entry into the trillionaires club will take a big longer. The study predicts Dell, with average annual growth in his net worth of 33 percent, will become a trillionaire by 2033.
Forbes puts Dell’s estimated net worth at $57.8 billion as of June 9. By 2033, Dell could be worth $1.26 trillion, the study says. At that point, he’d be 67 years old.
The study envisions Fort Worth billionaire Alice Walton, a Walmart heir, edging past the $1 trillion mark in 2042. At that time, she’d be 92 years old. As of June 9, Forbes estimates her net worth at $58.6 billion.