Elon Musk is on track to quadruple his wealth and become the world’s first dollar trillionaire in just three years, new research suggests.

The South African-born entrepreneur, 53, who owns companies ranging from Tesla to X, formerly known as Twitter, is already the richest person in the world.

The SpaceX founder has a net worth of $251 billion (£191 billion), which is growing at a rate of 110 per cent a year, according to Bloomberg’s Billionaires Index.

If his wealth continues to grow at the same rate, Mr Musk will be the world’s first US dollar trillionaire by 2027, according to data from research company Informa Connect Academy.