A Shift Toward Inherited Wealth in 2024’s Youngest Billionaires List
Forbes’ recently unveiled its “World’s Youngest Billionaires 2024” list, marking a significant shift in the landscape of wealth among the under-30 elite. For the first time in 15 years, the list features no self-made billionaires under the age of 30, highlighting a new era where generational wealth transfer takes center stage. This year’s rankings include notable heirs such as Clemente and Luca Del Vecchio of Ray-Ban fame, and Mark Mateschitz, the heir to the Red Bull empire.
The 8 richest young billionaires of 2024
The list ranks the world’s wealthiest young billionaires, spotlighting those who have inherited substantial fortunes. Here’s a look at the top eight:
8. Gustav Magnar Witzøe
Age: 30
Net Worth: $4.2 Billion
At just 19, Norwegian billionaire Gustav Magnar Witzøe was handed nearly half of SalMar, the world’s second-largest salmon farming company, by his father. This strategic move was intended to sidestep a hefty inheritance tax. Today, Gustav focuses on tech start-ups and real estate, while his father oversees SalMar’s operations. A frequent guest at the Met Gala, Gustav also dabbles in modeling for various brands and magazines.
7. Michal Strnad
Age: 31
Net Worth: $4.5 Billion
Michal Strnad took the reins of Czechoslovak Group (CSG) from his father in 2018, becoming CEO of one of the European Union’s largest ammunition producers. CSG’s portfolio includes weapons, military vehicles, radars, and even the Czech watchmaker PRIM. Under Michal’s leadership, the company has continued to expand its influence across the continent.
5-6. Clemente Del Vecchio and Luca Del Vecchio
Ages: 19 and 22
Net Worth: $4.9 Billion Each
Brothers Clemente and Luca Del Vecchio inherited their fortunes from their father, the late Leonardo Del Vecchio, who was the chairman of EssilorLuxottica, the parent company behind the iconic eyewear brand Ray-Ban. Each brother received a 12.5% stake in the family’s holding company. In addition to their eyewear empire, the Milan-based siblings hold investments in the insurance firm Generali, property developer Covivio, and Italian banks Mediobanca and UniCredit.
4-3. Firoz Mistry and Zahan Mistry
Ages: 27 and 25
Net Worth: $5.1 Billion Each
Firoz and Zahan Mistry, Irish brothers now residing in Mumbai, inherited their wealth through stakes in the Tata conglomerate and the Shapoorji Pallonji Group. They gained prominence following the tragic deaths of their father and grandfather, who were Tata’s largest individual shareholders. Their inherited fortunes place them among the wealthiest young billionaires in the world.
2. John Collison
Age: 33
Net Worth: $7.2 Billion
John Collison, co-founder and president of the online payment platform Stripe, launched the company alongside his brother Patrick in 2010. By 2016, John had earned the title of the world’s youngest self-made billionaire. Today, Stripe is one of the most valuable fintech companies globally, with John continuing to play a pivotal role in its growth.
1. Mark Mateschitz
Age: 31
Net Worth: $39.6 Billion
Mark Mateschitz ascended to the top of the young billionaire rankings in 2022 after inheriting a 49% stake in Red Bull following the death of his father, Dietrich Mateschitz. Red Bull, a global energy drink giant, generated $11.6 billion in revenue last year and sold 12.1 billion cans, contributing significantly to Mark’s staggering net worth.
Check the full list here
The dominance of generational wealth
This year’s list underscores the growing influence of inherited wealth among the world’s youngest billionaires. With no new self-made entrants under 30, the rankings reflect a broader trend where the transfer of generational wealth is becoming increasingly prominent. As these young billionaires continue to shape global industries, their inherited fortunes are set to play a pivotal role in the future of business and finance.