Self-Made Vs Inherited Wealth (Youngest Billionaires)

When it comes to wealth, there are two primary whether you are an aspiring entrepreneur looking to build your own fortune or a curious reader interested in the world of billionaires, read on to learn more. ways people become rich: through self-made success or inheritance. While both paths can lead to immense wealth, there are key differences between the two. In this blog we will talk about youngest billionaires and compare inherited and self-made wealth.

Inherited Wealth:

Kevin David Lehmann – German heir and billionaire, born on September 1, 2003. He is the son of the late German businessman Guenther Lehmann, who was the founder of the drugstore chain dm (drogerie markt) . Following his father’s death in 2017, Kevin inherited a 50% stake in the family business, which made him the youngest billionaire in the world at the age of 18 . As of 2023, Kevin’s net worth is estimated to be around $2.4billion USD, making him one of the youngest and wealthiest people in the world. Kevin is known for keeping a low profile and rarely appears in public or gives interviews.

Alexandra Andresen – Norwegian heiress and equestrian, born on July 23, 1996. She is the daughter of Johan H. Andresen Jr., a Norwegian industrialist and investor, and the granddaughter of Johan H. Andresen, the former owner of the tobacco company Tiedemanns. After her father transferred his ownership in the family investment company, Ferd, to her and her sister, Katharina Andresen, Alexandra became the world’s youngest billionaire in 2016 at the age of 19. As of 2023, her net worth is estimated to be around $1.5 billion USD. Alexandra is also an accomplished equestrian, having won multiple Norwegian championships in dressage and represented Norway in international competitions. She is known for her love of horses and is a prominent figure in the Norwegian equestrian community.

Katharina Andresen – Norwegian heiress, born on February 21, 1995. Sister of Alexandra Andresen. Katharina became one of the world’s youngest billionaires in 2016 at the age of 20. As of 2023, her net worth is estimated to be around $1.5 billion USD. Katharina is known for her love of horses and is an accomplished equestrian, having won multiple Norwegian championships in dressage and represented Norway in international competitions. She is also a student of social sciences at Amsterdam University College in the Netherlands.

Self-Made Youngest Billionaires:

Austin Russell – American entrepreneur and the founder and CEO of Luminar Technologies, a company that develops lidar sensors for self-driving cars. Born on June 11, 1995, in California, Russell founded Luminar when he was just 17 years old. He dropped out of Stanford University after receiving a Thiel Fellowship, a program that supports young entrepreneurs. Luminar’s lidar technology is used in autonomous vehicles, enabling them to detect and map their surroundings. In December 2020, Russell became a billionaire at the age of 26, after Luminar went public through a special purpose acquisition company (SPAC) merger. As of 2023, his net worth is estimated to be around $1.2 billion USD. Russell is known for his expertise in lidar technology and his vision for a safer, autonomous future.

Evan Spiegel – American entrepreneur and the co-founder and CEO of Snapchat, a popular social media platform that allows users to share photos and videos that disappear after being viewed. He was born on June 4, 1990, in California, and studied at Stanford University. Spiegel co-founded Snapchat in 2011 while he was still a student, along with Bobby Murphy and Reggie Brown. The app quickly gained popularity, especially among younger users, and has since expanded its features to include filters, lenses, and messaging. In 2015, Spiegel became a billionaire at the age of 25, after Snapchat received a $16 billion valuation following a funding round. As of 2023, his net worth is estimated to be around $2.7 billion USD. Spiegel is known for his innovative ideas and his focus on privacy and ephemerality in social media. He is also a philanthropist and has donated significant amounts to various causes, including education and public health.

Zhang Yiming – Chinese entrepreneur and the founder and CEO of ByteDance, a technology company that owns several popular apps, including TikTok, Douyin, and Toutiao. He was born on April 1, 1983, in Longyan, Fujian, China. Zhang studied software engineering at Nankai University in Tianjin, China, before working at several technology companies, including Microsoft and Kuxun, a travel search engine. In 2012, Zhang founded ByteDance, which initially focused on developing news and content aggregation platforms. In 2016, the company launched Douyin, a short-form video app that became popular in China, and later rebranded as TikTok for international markets. Under Zhang’s leadership, ByteDance has become one of the most valuable technology companies in the world, with a valuation of over $400 billion USD. Zhang himself became a billionaire at the age of 35 in 2018, and as of 2023, his net worth is estimated to be around $45 billion USD. Zhang is known for his entrepreneurial spirit and his ability to innovate in the highly competitive technology industry. He is also a philanthropist and has donated significant amounts to various charitable causes, including education and poverty alleviation.

John Collison – is an Irish entrepreneur and the co-founder and president of Stripe, a global payment processing company. He was born on September 6, 1990, in Limerick, Ireland, and studied at Harvard University before dropping out to focus on his startup. Along with his younger brother Patrick Collison, John co-founded Stripe in 2010, with the goal of making it easier for businesses to accept online payments. Stripe has since become one of the most successful fintech startups in the world, processing billions of dollars in transactions annually for businesses of all sizes. John Collison became a billionaire at the age of 26 in 2016, and as of 2023, his net worth is estimated to be around $5.5 billion USD. Collison is known for his entrepreneurial spirit and his passion for simplifying complex payment processes. He has also been recognized for his philanthropic efforts, including donating to organizations that promote effective altruism and supporting causes related to education and healthcare.

Kylie Jenner – she became the youngest self-made billionaire in history in 2019 at the age of 21. She achieved this milestone through the success of her cosmetics brand, Kylie Cosmetics, which she founded in 2015. The brand quickly became a huge success, and Jenner became known for her innovative use of social media to promote her products. In 2019, she sold a majority stake in Kylie Cosmetics to Coty Inc. for $600 million USD, which valued the company at $1.2 billion USD, making her a billionaire. Although the term “self-made” has been the subject of debate, as Jenner came from a wealthy and famous family, she is still considered one of the youngest self-made billionaires in history.

Conclusion:

According to various studies and reports, the majority of billionaires around the world are self-made. A 2021 report by UBS and PwC found that 56% of billionaires globally are self-made, while 44% inherited their wealth. In the United States, a 2020 Forbes report found that 67% of billionaires are self-made, while 33% inherited their wealth.

It’s important to note that the definition of “self-made” and “inherited” wealth can be somewhat ambiguous and can vary depending on the source. For example, some studies may classify those who inherit wealth but go on to build successful businesses as “self-made,” while others may consider them “inherited” billionaires.

Regardless of the definition, it is clear that many of the world’s wealthiest individuals have built their fortunes through entrepreneurship, innovation, and hard work. However, there are also many individuals who have inherited significant wealth and have been able to maintain and grow their fortunes through smart investments and business strategies. Ultimately, whether someone is self-made or inherited does not necessarily determine their worth or success, but what they do with their wealth and influence can make a significant impact on society.

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