The world’s richest man, Elon Musk has set a new record, becoming the first individual in history to achieve a net worth of more than US$500 billion, according to Forbes’ real-time billionaires index.

The milestone further solidifies Musk’s position as the world’s richest person, placing him far ahead of rivals in the global tech and business sectors.

According to the BBC, his fortune briefly peaked at US$500.1 billion on Wednesday afternoon in New York before dipping slightly to just over US$499 billion later in the day.

Musk’s vast wealth is closely tied to his 12 per cent stake in Tesla, the electric carmaker whose stock has surged sharply this year, driving much of the billionaire’s gains.

The entrepreneur, who also leads SpaceX, Neuralink and other ventures, has long topped global wealth rankings, but Wednesday’s figure marks the first time anyone has crossed the half-trillion-dollar threshold.

Forbes also predicts he could be the world’s first trillionaire in 2033.