Elon Musk has been confirmed as the wealthiest individual in history, with an estimated net worth of $839 billion, according to Forbes.

The publication released its annual World’s Billionaires list on Tuesday, revealing that a record 3,428 billionaires now exist globally.

Their combined wealth reached an unprecedented all-time high of $20.1 trillion.

Musk retained the top position on the Forbes list for the second year in a row.

His fortune increased by approximately $500 billion over the past twelve months.

The dramatic rise was primarily fueled by surging valuations at Tesla and SpaceX.

SpaceX is preparing for a potential public offering scheduled for 2026.

Musk has become the first person ever to surpass the $800 billion net worth threshold.

He remains on track to become the world’s first trillionaire.