Becoming a billionaire

Otis Daniels_Finck
Becoming a billionaire is no easy task and that is why only a limited number of people in the world reach this status.

From those that do, not much is made about millennial billionaires, given their extraordinary ability to accumulate such a huge amount of wealth at a relatively young age.

Interested in personal wealth, analysed the latest data from Forbes to establish which industries in the world have the most millennial (23 – 38 years old) billionaires.

The data shows that technology is the sector that has the most millennial billionaires – 28 – with a net worth totalling an astonishing U$254.5 billion! The finance and investment industry has the next most millennial billionaires at eight, with an accumulated net worth of U$24.6 billion.

The automotive, fashion and retail, healthcare, and media and entertainment industries respectively have six millennial billionaires each. Interestingly, the construction and engineering, gambling and casinos, logistics, sports and telecommunications industries have no millennial billionaires.

Overall, there are currently 78 millennial billionaires in the world with a collective net worth of U$418.6 billion.

The richest millennial billionaire is Facebook CEO Mark Zuckerberg (U$97 billion) ahead of Zhang Yiming, the founder of content media platform ByteDance who has a net worth of U$35.6 billion.

The CEO of work management software Asana Dustin Moskovitz (U$17.8 billion) and founder of messaging app Telegram Pavel Durov (U$17.2 billion) are among the other millennial billionaires with a net worth of more than U$15 billion.

A breakdown indicates that the 78 millennial billionaires are from United States (33.3%), China (20.5%), Germany (10.3%), Russia (5.1%), Brazil (5.1%), Hong Kong (5.1%), Denmark (3.8%), Australia (3.8%), Sweden (2.6%), Canada (2.6%), Ireland (2.6%), Norway (1.3%), the United Kingdom (1.3%), India (1.3%) and Finland (1.3%).

Research methodology

According to the Pew Research Center, the 23 to 28 age range is to be considered a millennial.

The latest data from Forbes World’s Billionaires list was then analysed to see how many billionaires in this age group were in the 17 different industries. The results were then tallied for each included industry and were thus ranked by the industries who currently have the most to least number of millennial billionaires.

Millennial billionaires who accumulated their fortune from more than one sector/industry were excluded from the research, so it could be a fair and definitive assessment for each included industry in the research – in total there were five millennial billionaires who fell under the ‘diversified’ classification.