Elon Musk is the wealthiest individual ever recorded, worth an estimated $839 billion, Forbes said Tuesday, as a record 3,428 billionaires worldwide saw their combined fortunes surge to an all-time high of $20.1 trillion.

Musk topped the Forbes World's Billionaires list for the second consecutive year after his fortune swelled by roughly $500 billion over the past twelve months, driven by rising valuations at Tesla and SpaceX, which is targeting a public offering in 2026.

He is the first person ever to surpass the $800 billion mark and is on course to become the world's first trillionaire.