Elon Musk could become the first trillionaire within the next couple of years, according to a new report.

Informa Connect Academy identified Musk, the CEO of Tesla, SpaceX and X, as the "clear favourite" to amass a 13-figure net worth before any other billionaires in a recently released report.

Musk, who is worth $241.8 billion, according to Forbes, could reach a staggering new level of wealth by 2027 thanks to how quickly his net worth increases each year, the report estimated.

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His personal fortune goes up nearly 110% each year on average, Informa Connect Academy found.