Elon Musk is on track to become the world's first trillionaire by 2027, according to a new global wealth report, Paralel.Az reports citing Sky News.

Musk, 53, is currently the richest person in the world, with a net worth of $251bn (£191bn), according to Bloomberg's Billionaires Index.

However, according to Informa Connect Academy's findings, his wealth has been growing at an average rate of 110% a year.

It means that - providing his wealth continues to grow at the same rate - he could reach the trillionaire mark within the next three years, according to the findings.

The same report - the 2024 Trillion Dollar Club - puts Musk's electric car business Tesla at a market value of $669.3bn (£509.7bn).

Its growth rate is also exceedingly high - 173.3% per year according to Informa Connect Academy - which means the business alone could exceed $1tn (£0.76tn) by next year.