For the first time in 15 years, there are no self-made billionaires under the age of 30, according to Forbes’ 2024 World’s Billionaires list. The youngest billionaires on the list this year are all 33 or younger, with the 25 youngest individuals collectively worth $110 billion. Among them are self-made entrepreneurs like Evan Spiegel of Snap, Ben Francis of Gymshark, and Palmer Luckey of Oculus VR.
However, for the first time since 2009, every billionaire under 30 on the list inherited their fortune, indicating the beginning of a “great wealth transfer” as aging self-made entrepreneurs pass on their wealth to the next generation. The youngest billionaire in the world is Brazil’s Livia Voigt, just 19 years old, with an estimated net worth of $1.1 billion from her stake in the electrical equipment producer WEG. She and her sister, Dora Voigt de Assis, are among the fresh faces among the 25 youngest billionaires.
The trend of young billionaires inheriting their wealth is evident in the case of the Mistry brothers from Ireland, who are each worth an estimated $4.9 billion due to their stakes in the Mumbai-based conglomerate Tata Sons. Other young heirs include Clemente Del Vecchio from Italy, Sophie Luise Fielmann from Germany, and more. The generational wealth transfer is expected to increase as aging populations around the world pass away and leave their fortunes to their descendants.
While many of the young billionaires come from inherited wealth, there are still a few self-made individuals on the list, such as Shunsaku Sagami from Japan, who founded M&A Research Institute Holdings and saw his wealth soar after the company went public. The list also includes familiar faces like Evan Spiegel of Snapchat and John Collison of Stripe, who have built successful companies from scratch and amassed significant wealth at a young age.
Overall, the 25 youngest billionaires on the Forbes list have seen their wealth increase significantly compared to last year. The majority of them are from Europe, with the rest hailing from Brazil, South Korea, Hong Kong, Japan, and the United States. While the landscape of the billionaire world is evolving, with more young heirs joining the ranks, there are still opportunities for self-made entrepreneurs to make their mark and establish their fortunes.
