A new study conducted by Tipalti Approve guarantees that the CEO of Tesla and SpaceX is on track to become the world's first trillionaire as early as 2024.

"Since 2017, Musk's fortune has shown an average annual increase of 129%, which could get him into the billion-dollar club in just two short years, reaching a net worth of $1.38 trillion in 2024 at age 52. SpaceX generates massive revenues by charging government and commercial customers to send various things into space, including satellites, supplies for the ISS, and people," the study states.

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According to the Bloomberg Billionaires Index, a ranking of the 500 richest people, Elon Musk has been the richest person in the world since January, having overtaken Amazon founder Jeff Bezos. At the time, the former's net worth was $188.5 billion. Although Jeff Bezos overtook Musk in the race in February, the Tesla CEO now has a net worth of $200 billion.

The study compared the annual net worth of the world's richest people and estimated how quickly they will reach a personal valuation of $1 trillion, based on average annual growth trends. Elon Musk could be the world's first trillionaire as early as 2024.

In addition to Tesla's CEO, the Tipalti Approve study also mentioned Gautam Adani, chairman and founder of the Adani Group, Microsoft founder Bill Gates, Zhang Yiming, chairman and founder of Beijing ByteDance Technology Co., and Amazon founder Jeff Bezos.