Millennial billionaires thrive in tech industry
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CAPE TOWN- There are 2 755 billionaires globally, and 78 of them belong to the millennial generation of whom the majority thrived in the tech industry.
According to a report by PhysicalGold.com, which analysed the latest Forbes World’s Billionaires List, four of the top five millennial (23 to 38 years old) billionaires in the world are from the tech industry.
The tech industry boasts 28 millennial billionaires with a combined net worth of $254.5 billion (about R3.6 trillion), followed by finance and investments with eight billionaires accumulating $24.6bn and automotive with six billionaires standing at $17.2bn.
“Fashion and retail, health care and media and entertainment industries have six millennial billionaires each,” read the report.
“Interestingly, the construction and engineering, gambling and casinos, logistics, sports and telecommunications industries have no millennial billionaires,” it said.
While the collective net worth of the 78 millennial billionaires in the world accumulates to $418.6bn, Facebook’s Mark Zuckerberg leads the way with a net worth of $97bn, followed by the founder of TikTok, Zhang Yiming, with a total of $35.6bn.
Visual Capitalist, a content creation firm that focuses on technology, investing and the economy, reported that overall billionaires were up $8 trillion in combined net worth compared to 2020, with 86% of them richer than what they were a year ago.
"The US is home to the most millennial billionaires at 33 total, with China coming in second at 23. Most other countries fall far behind," read the report by Visual Capitalist.
"In the US, millennial billionaires are often associated with notable tech companies like Snapchat, Airbnb, and Facebook… Others are heirs of massive family fortunes like Lukas Walton, grandson of Sam Walton, the founder of Walmart and the original head of America’s richest family," it said.