In this article, we will look at the 20 youngest billionaires in the world. We have also discussed the individual journeys of most of these billionaires.
With evolving job markets and an ever-changing economic environment, the age-old tradition of toiling for decades before finally retiring in the sunset of life has given way to a new paradigm. The youth of today is armed with innovative ideas and boundless creativity and are hence, rewriting the rules of wealth building. They no longer adhere to the conventional path of lifelong employment; instead, they harness their intelligence and entrepreneurial spirit to amass fortunes at a remarkably young age. To read more about wealth building, see, how to become a millionaire.
Speaking of wealth, the richest person in the world today is Elon Musk, whose net worth is $230.1 billion. A world away, the youngest billionaire in Africa is Mohammed Dewji, who has a net worth of $1.5 billion at the age of 48 as of 2022. While these individuals represent striking success stories of self-made, it’s important to recognize that, in our list of the youngest billionaires in the world, a major portion have inherited their wealth. Speaking of entrepreneurship, do check our article about the Most Influential Entrepreneurs Today.
The Successful Stories of the Youngest Billionaires
Consider the stories of Mark Zuckerberg and Elon Musk, two luminaries who epitomize this modern ethos. Zuckerberg, the co-founder of Meta Plaforms Inc (NASDAQ:META) , became a billionaire in his early twenties, revolutionizing social networking and communication. On the other hand, Elon Musk, with ventures like Tesla Inc (NASDAQ:TSLA) and SpaceX, has consistently disrupted traditional industries and amassed wealth at a pace that defies convention.
In fact, Mark Zuckerberg’s journey started in January 2004 when, as a Harvard student, he began developing a new website, “Thefacebook,” with his roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. Six days after its launch in February 2004, the platform faced controversy, as three Harvard seniors accused Zuckerberg of misleading them and using their ideas for a competing product. This resulted in a lawsuit and a settlement where Zuckerberg agreed to pay 1.2 million Meta Plaforms Inc (NASDAQ:META) shares and $20 million in cash.
What began as a “Harvard thing” soon expanded to other schools, leading to a pertinent decision for Zuckerberg to drop out of Harvard during his sophomore year to focus on the project. This decision began Meta Plaforms Inc (NASDAQ:META)’s expansion and relocation to Palo Alto, California. Meta Plaforms Inc (NASDAQ:META) encountered several milestones, such as reaching 500 million users in 2010. Zuckerberg’s vision of creating an open information flow for people continued to drive the platform’s growth, and it expanded further into mobile technology and global internet access.
In January 2019, Zuckerberg initiated plans to integrate end-to-end encryption across major social media platforms, Facebook, Instagram, and WhatsApp, and later integrated chat systems between Instagram and Messenger, encouraging cross-communication between users.
On the other hand, three young individuals, Evan Spiegel, Bobby Murphy, and Reggie Brown, founded Snap Inc (NYSE:SNAP), an American camera and social media company, back in 2011. Originally known as Snapchat Inc., the company later changed into the Snap Inc (NYSE:SNAP) in 2016 to include its expanding product lineup that comprised of Snapchat, Spectacles, and Bitmoji. What’s interesting is that the founders collectively wield a 95% of the company’s voting shares, with Spiegel commanding 48% and Murphy with 47%. These shares can only be transferred when one of them retires or passes away. In 2023, Evan Spiegel is one of the youngest billionaires in the world with a net worth of $2.7B.
Snap Inc (NYSE:SNAP) has been highly financially successful. In fact, in the third quarter of 2023, Snap Inc (NYSE:SNAP) reported a 5% year-over-year increase in revenue, totaling $1,189 million, compared to $1,128 million in the previous year. However, the company also faced a net loss of $368 million, slightly higher than the $360 million loss in the prior year.
Millennials: A Generation Known for Their Passion
Since most of the billionaires in our list are millennials, let’s discuss some interesting findings about them.
According to a survey, millennials are known for their passion and optimism. While this can be a positive trait, it challenges businesses trying to influence purchasing and employment decisions. Traditional factors like product quality and performance have less sway over Millennials, with 27.2% placing a greater emphasis on issues like work-life balance, income inequality, and education, compared to 14.2% of Baby Boomers and 18% of Generation X. They are also more open to new ideas and consider a broader range of factors in their decision-making, like business leaders’ ability to effect change and their authenticity.
On the other hand, when it comes to exploring jobs, 37% of Millennials value celebrity endorsements, and 77% seek empathy from their business leaders. They also pay attention to the organization’s ecosystem of partners. Organizations must pay attention to their brand’s reputation to attract and retain Millennials, like what people say about them on employee review sites like Glassdoor and in the community.
CHAILUK CHALATHAI/Shutterstock.com
Our Methodology
To list the youngest billionaires in the world, we have included billionaires whose age is below 35. We sourced our data from the 2023 real-time billionaires list from Forbes.
Please note that in case of similar ages for any billionaires, the billionaire with greater net worth is ranked higher. The list is presented in ascending order of age otherwise.
20. Joe Lau
Age: 33
Net Worth: $1.8B
Joe Lau is a Stanford graduate who co-founded Alchemy, a blockchain software company valued at $10.2 billion in 2020. Lau’s 26% stake in the company contributes to his $1.8 billion net worth, Alchemy employs engineers from tech giants like Alphabet Inc (NASDAQ:GOOG) and Amazon.com, Inc (NASDAQ:AMZN)
19. Rocco Basilico
Age: 33
Net Worth: $3.5B
Rocco Basilico is the stepson of the late EssilorLuxottica chairman Leonardo Del Vecchio, who inherited a 12.5% stake in Delfin’s holdings. He holds the role of EssilorLuxottica’s chief wearables officer and leads its luxury brands, making him one of the two Del Vecchio heirs actively involved in the company.
18. Evan Speigal
Age: 32
Net Worth: $2.7B
Evan Spiegel co-founded Snap Inc (NYSE:SNAP). In 2011, he conceived a messaging app as a class project and, with Bobby Murphy and Reggie Brown, launched “Picaboo,” later renamed Snapchat. He left Stanford in 2012 to focus on the app, which quickly gained popularity. Spiegel graduated in 2018.
17. John Collison
Age: 32
Net Worth: $5.5B
John Collison is an Irish billionaire entrepreneur who co-founded Stripe Inc with his brother Patrick in 2010. In 2016, he became the youngest self-made billionaire.
16. Jonathan Kwok
Age: 31
Net Worth: $2.7B
Jonathan Kwok is the son of late Sun Hung Kai Properties’ chairman Walter Kwok, along with his brother Geoffrey, who assumed control of Empire Group Holdings after Walter’s death in 2018. They inherited his SHKP stake and shared a beneficiary role in five major family trusts.
15. Ben Francis
Age: 30
Net Worth: $1.2B
Benjamin David Francis is a British billionaire entrepreneur, CEO, and majority owner of Gymshark, a fitness apparel company founded in 2012. With a 70% stake valued at $1.45 billion, he’s worth $1.2 billion as of 2023. He is one of the youngest self-made billionaires in the world.
14. Palmer Luckey
Age: 30
Net Worth: $1.7B
Palmer Freeman Luckey gained fame as the founder of Oculus VR and creator of the Oculus Rift and is credited with revitalizing the virtual reality arena. In 2017, he left Oculus to establish Anduril Industries, specializing in defense technology, particularly autonomous drones and military sensors. He ranked 22nd on Forbes’ 2016 list of America’s wealthiest entrepreneurs under 40.
13. Michal Strnad
Age: 30
Net Worth: $2B
Michal Strnad is a 30-year-old Czech billionaire who serves as the owner and CEO of Czechoslovak Group (CSG) which is an industrial holding firm specializing in ammunition, military trucks, army vehicles, and active radars. Inheriting CSG from his father in 2018, the company is a key player in the European defense industry, ranking as the fourth-largest ammunition producer in the EU.
12. Mark Mateschitz
Age: 30
Net Worth: $34.7B
Mark Dietrich Mateschitz is an Austrian billionaire holding a 49% stake in Red Bull GmbH, the energy drink company co-founded by his father, Dietrich Mateschitz. He also serves on the board of the Red Bull Wings for Life Foundation, mainly overseen by his mother, Anita Gerhardter. He is one of the top 20 youngest billionaires in the world.
11. Gustav Magnar Witzoe
Age: 29
Net Worth: $2.7B
Gustav Magnar Witzoe is a Norwegian billionaire who holds a major stake in SalMar ASA, a salmon fish farming company founded by his father. He’s currently engaged in technology startups and property investments. Witzoe previously associated with MGM Property and invested in ventures like Gopi and Keybutler.
10. Ryan Beslow
Age: 28
Net Worth: $1.1B
Ryan Breslow is an American entrepreneur who co-founded Bolt Financial Inc, a one-click checkout technology company, and co-founded Eco, a digital cryptocurrency platform. He’s also involved in Love, a crypto pharmaceutical startup, and founded The Movement which is a dance nonprofit. He is one of the top 10 youngest billionaires in the world.
9. Katherina Andersen
Age: 27
Net Worth: $1.5B
Katharina Andresen, born in 1995, is one of the world’s youngest billionaires. She and her sister, Alexandra, who is just a year younger, inherited a 84% of their family’s investment company, Ferd. Their father, Johan, still oversees the company and maintains control with 70% of the voting power, thanks to a special share structure. Ferd is involved in different financial activities, like hedge funds, Nordic stock exchange investments, and private equity ventures. She is one of the youngest billionaires in the world in 2023.
8. Leonardo Maria Del Vecchio
Age: 27
Net Worth: $3.5B
Leonardo Maria Del Vecchio is one of Leonardo Del Vecchio’s six children who inherited a 12.5% stake in Delfin’s holdings after his father died in 2022. He works at EssilorLuxottica as its chief strategy officer and is one of the two heirs actively involved in the company. Additionally, he serves as CEO of eyeglasses retailer Salmoiraghi & Viganò, acquired by EssilorLuxottica in 2016.
7. Wang Zelong
Age: 26
Net Worth: $1.4B
Wang inherited a stake valued at over $1.3 billion in CNNC Hua Yuan Titanium Dioxide Co., a Shenzhen stock exchange-traded company specializing in the production of titanium dioxide pigment. She is one of the youngest billionaires in Asia.
6. Alexandra Andresen
Age: 26
Net Worth: $1.5B
Alexandra Andresen became the world’s youngest billionaire at 19 in 2016 and held that title on Forbes for three consecutive years. She’s the daughter of Johan H. Andresen Jr., owner of Ferd AS, and inherited a major ownership stake from him alongside her sister, Katharina.
5. Kim Jung Min
Age: 21
Net Worth: $1.7B
Jung-min and her younger sister, Jung-youn, collectively possess approximately 31% of NXC, the largest shareholder in the online gaming giant Nexon. Their father, Kim Jung-ju, who established Nexon in 1994, left them the majority of their holdings when he passed away in February 2022 at the age of 54.
4. Luca Del Vecchio
Age: 21
Net Worth: $3.5B
Luca Del Vecchio is among six children of the late EssilorLuxottica chairman, Leonardo Del Vecchio. Following his father’s death in 2022, Luca, alongside his stepmother and siblings, inherited a 12.5% stake in the Luxembourg-based holding company Delfin. Apart from its major role in EssilorLuxottica, Delfin holds shares in key companies like Generali, Mediobanca, UniCredit, and Covivio. Luca is one of two children Leonardo had with Sabina Grossi, Luxottica’s former head of investor relations. In 2023, Luca Del Vecchio was ranked 818th on the Forbes Billionaires list, with eyeglasses as his major source of wealth. He resides in Milan, Italy, and holds an Italian citizenship.
3. Kevin David Lehmann
Age: 20
Net Worth: $2.3B
Kevin David Lehmann possesses a 50% stake in Germany’s key drugstore chain, DM (Drogerie Markt), with annual revenues of over $14 billion. Founded by Goetz Werner in 1973, DM now operates 3,700 stores. In 1974, Kevin’s father, Guenther, invested in DM and in 2017, he transferred his 50% DM ownership to Kevin David. Neither Kevin David nor his father has been actively involved in DM’s operations despite their major ownership in the company.
2. Kim Jung-Youn
Age: 19
Net Worth: $1.7B
Kim Jun Young and her elder sister, Kim Jung Min, inherited a 30.78% stake in NXC, their father’s personal holding company. NXC is the largest shareholder in Nexon, a Japan-listed company. Their combined stakes in NXC are worth approximately $2.5 billion each, although after accounting for South Korea’s high inheritance tax, their estimated net worth stands at around $1 billion each. Their mother, Yoo Jung Hyun, who helped establish Nexon in 1994, inherited a 4.57% stake in NXC, and she is now the largest shareholder with a 34% stake and a net worth of $3 billion.
1. Clemente Del Vecchio
Age: 18
Net Worth: $3.5B
Clemente Del Vecchio, at just 18, has become the world’s youngest billionaire, inheriting a heavy fortune following his father Leonardo Del Vecchio’s death. Although expected to eventually lead Luxottica Group, his father’s eyewear empire, Clemente is focused on his studies and has a deep interest in science and technology, with plans to attend college. He also invests in real estate and owns luxury properties in Italy. He is the youngest billionaire in the world in 2023.
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Disclosure: None. 20 Youngest Billionaires In The World is originally published on Insider Monkey.
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