If you want to become a billionaire at an early age (and do not come from a family with a billion-dollar fortune), the technology industry is about to go. Think of all the billionaires in their 40s, 50s and 60s, who have already been billionaires for decades – Peter Thiel, Elon Musk, Sergey Brin, Larry Page, Jeff Bezos and Bill Gates immediately considered. The one thing they all have (apart from their late 40s to early 60s) is that they made their fortunes in the tech industry.
During the last decade, the rate of young tech founders rose to the ranks of their 30th billionaire clubTh Birthdays have gained momentum. Furthermore, this trend shows no signs of slowing down anytime soon. And while the technology revolution that mined young billionaires in America has now spread around the world. There are about 143 tech billionaires in the world with an average net worth of $ 6 billion. The average value of billionaires who did not make their money at Tech is half that at $ 3 billion. Why the discrepancy? If you ask Peter Thiel, he will tell you that tech companies have an edge because they are large-scale and relatively easy to develop. Tech companies also have relatively low operating costs and large profit margins. This is a theory he spies on in his best book, “Zero to One”.
Let’s take a look at 10 (as an entry from Stripe to the Collison brothers counting 11 spots on 11 people) who are the youngest tech billionaires in the world right now.
# 10 John Collison (30) and Patrick Collison (32)
Net worth: $ 2.1 billion each
John and Patrick Collison are brothers who co-founded Stripe. They hail from Ireland and in 2010 co-founded Stripe in San Francisco. The company received a $ 2 million investment in 2011 from Peter Thiel and Elon Musk. In November 2016, when the Collison brothers became the youngest self-made billionaires in the world in a round. The funding is valued by his mobile payment company for $ 9.2 billion.
# 9 Austin Russell (25)
Net worth: $ 2.4 billion
Austin Russell founded Luminar Technologies at the age of 17. After his company went public on Nasdaq at the end of 2020, his total assets have grown to $ 2.4 billion. Luminar is a self-driving car startup currently valued at $ 10.5 billion. This makes him the youngest self-made billionaire. He is one of the first billionaires to emerge from the self-driving car industry. Investors at Luminar include Peter Thiel who helped Russell start Luminar when he made him a Thiel Fellow in 2012.
# 8 Pavel Durov (36)
Net worth: 2.7 billion dollars
Pavel Durov founded the Russian social networking site VK and Telegram Messenger. He started VKontakte (VK) in 2006, the same year he graduated from college. He was sacked as VK CEO in 2014 after he claimed that the company was taken over by associates of Vladimir Putin. He left Russia with no plans to return. Durov donated one million dollars to the Wikimedia Foundation and is the subject of the Russian book “The Durov Code: The True Story of VK and Its Creator”.
# 7 Drew Houston (37)
Net worth: $ 3 billion
Drew is the founder and CEO of Houston online storage and backup company, Dropbox. Houston first came up with the idea for his company when he was a student of computer science at the Massachusetts Office of Information and Technology. Absent-minded Houston continued to leave its USB drive behind at its dorm. So his solution was to invent something where he could store (and backup) his college work online and access it from any computer, which would make life a little easier.
# 6 Daniel Ek (38)
Net worth: $ 4 billion
Daniel is a Swedish technology entrepreneur who founded the music streaming service Spotify in 2006. Spotify operated exclusively in Europe for three years before launching in the US in 2011. Today when Spotify went public in April 2018 at a valuation of $ 28 billion, one was left with a paper net worth of approximately $ 2.6 billion. At the time of the IPO, Spotify had 71 million paying subscribers and $ 5 billion in annual revenue. Today, Spotify has more than 140 million paid subscribers and a valuation of approximately $ 60 billion.
# 5 Frank Wang (41)
Net worth: $ 4.8 billion
Frank Wang founded Daijiang Innovation Technology Company (DJI), which has a 70% share in the consumer drone market. Wang launched DJI in 2006 from his hostel room in Hong Kong. Now he is on a mission to make his company successful like other top Chinese companies, such as smartphone maker Xiaomi and e-commerce website Alibaba. However, unlike those two examples, DJI is poised to become the first Chinese company to lead its industry.
# 4 Evan Spiegel (30)
Net worth: $ 9 billion
Evan Spiegel co-founded Snapchat with Bobby Murphy and Reggie Brown while he was a student at Stanford. In August 2014, Snapchat took an investment from venture capital firm Claren Perkins, which valued the company as complete for $ 10 billion. On March 2, 2017, Snap Inc. debuted on the New York Stock Exchange. The company was expected to go public at a rate of $ 17 per share but actually opened at $ 24. On the day of the IPO, Spiegel sold 16 million shares, resulting in a $ 272 million pre-tax windfall (approximately $ 180 million after taxes). When Snap started doing business, Spiegel became the CEO of the youngest public company; He was 26 years old at the time. Today Snap Inc. has a valuation of $ 22 billion.
# 3 Brian Chesky (39)
Net worth: $ 11 billion
Airbnb founder Brian Chesky landed in San Francisco in October 2007. He planned an accident with his friend Joe Gabia. The two youths agreed to split the rent in place of Gabia. The only problem was Chesky’s half-fare was $ 1,150 and he only had $ 1,000. The week Chesky went to town, San Francisco was hosting the huge Industrial Designers Society of America conference and all hotel rooms in the city were sold out. Chesky and Gabia had an idea. He decided to convert his home into a bed and breakfast for conference attendees. They did not even have extra beds or bedrooms, but they had three air mattresses. He provoked them and called himself Airbed and Breakfast. Three people stayed with Chesky and Gabia at the conference. Each paid $ 80 a night. For the price, they also received a free breakfast and a tour around the city. And with that, a $ 100 billion idea was born.
# 2. Zhang Yiming (37)
Net worth: $ 16 billion
Zhang Yiming founded the Chinese tech company ByteDance in 2012. The content platform had more than 800 million daily users and a valuation of $ 75 billion by 2019, making Zhang several times a billionaire. However, these days, Zhang is known for the most popular product of ByteDance: Tiktok.
# 1 Mark Zuckerberg (36)
Net worth: $ 104 billion
Mark Zuckerberg founded thefacebook.com on February 4, 2004 from his Harvard dorm room. He dropped out of Harvard in his Solepor year to move to Palo Alto to focus on Facebook full time. Facebook made its IPO in May 2012, raising Zuckerberg’s value to $ 15 billion. His net worth broke the $ 100 billion barrier for the first time on August 7, 2020.