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Tech sector millennial billionaires rake in $254bn

By , ITWeb's news editor.
Africa , South Africa , 23 Jun 2021

The technology sector has the most millennial billionaires, with the combined net worth of the 28 tech millennial billionaires equating to an astonishing $254.5 billion.

This is according to research by PhysicalGold.com, which says the richest millennial billionaire in the world is Facebook CEO Mark Zuckerberg, with a sizeable net worth of $97 billion.

PhysicalGold.com analysed the latest data from Forbes to establish which industries in the world have the most millennial billionaires.

The firm established, via the Pew Research Centre, the ages which fall under the category of millennials, with those in the 23 to 38 age range considered to be millennials.

PhysicalGold.com then analysed the latest data from Forbes World’s Billionaires list to see how many billionaires aged between 23 to 38 were in the 17 different industries.

The results were then tallied for each included industry and were ranked by the industries that currently have the most to least number of millennial billionaires.

For added context, the net worth of each identified millennial billionaire in a particular industry was added together to show the collective net worth of all the millennial billionaires in each industry.

Those millennial billionaires who accumulated their fortune from more than one sector/industry (diversified) 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.

According to the firm, the finance and investment industry has the next most millennial billionaires at eight, with their accumulative net worth at $24.6 billion.

It adds that the automotive, fashion and retail, healthcare and media and entertainment industries have six millennial billionaires each.

Interestingly, PhysicalGold says, 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 and the collective net worth of the 78 millennial billionaires is a colossal $418.6 billion.

In second position after Zuckerberg is Zhang Yiming, founder of content media platform ByteDance, with a net worth of $35.6 billion.

ByteDance is a Chinese multinational Internet technology firm behind popular social media platform TikTok, among others.

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

(Source – PhysicalGold.com)
(Source – PhysicalGold.com)
(Source – PhysicalGold.com)
(Source – PhysicalGold.com)
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