Austin Russell had dropped out of university in 2012 to set up his company, Luminar Technologies thanks to a $100,000 fellowship from a billionaire tech investor Peter Thiel. Now aged 26, he is one of the youngest billionaires in the world but not the first on the list.
18-year-old Kevin David Lehmann tops the 2021 list of youngest billionaires, according to Forbes'.
Legit.ng brings to you top 10 list of youngest ladies and gents who are in the three comma club and the source of their wealth.
1. Kevin David Lehmann
Kevin David Lehmann debuted on the youngest billionaires list following his taking over of the 50% stake in German drugstore chain drogerie markt in September 2020, according to Business Insider.
The 18-year-old German is worth $3.3 billion at the moment, Forbes latest report posits.
2. Wang Zelong
24-year-old Wang Zelong is second on this list. The Chinese currently worth $1.5 billion had inherited a stake in CNNC Hua Yuan Titanium Dioxide Co., which trades on the Shenzhen stock exchange pegged at $1.3 billion.
3. Alexandra Andresen
Alexandra Andresen, 24, got her wealth from an investment firm. She inherited 42% of Ferd, a Bærum, Norway-based investment company that is said to be run by her father.
The business outfit gives a yearly revenue of $2 billion. Alexandra is $1.4 billion in worth.
4. Katharina Andresen
25-year-old Katharina Andresen like her sister in third place also got an inheritance of 42% of the Norway-based investment firm, Ferd. She is worth $1.4 billion.
5. Austin Russell
Austin Russell who had dropped out of the University of Stanford in 2012 comes in 5th place with a net worth of $2.4 billion. He owes his wealth to his automatic car tech firm, Luminar Technologie he had set up thanks to a $100,000 fellowship from tech billionaire Thiel.
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Though the company entered a merger in December 2020, he still owns one-third of it.
6. Gustav Magnar Witzoe
Gustav Magnar Witzoe made his wealth thanks to his fish business. The 27-year-old is worth $4.4 billion. He owns more than half of SalMar ASA, a company his father founded in 1991.
7. Andy Fang
Andy Fang is 28 years old and got his wealth from his DoorDash company. The United States man is worth $2 billion.
8. Stanley Tang
Stanley Tang co-founded the food delivery app, DoorDash with Andy Tang in 2013. Tang, 28, who had served as the company's chief technology officer is also worth $2 billion.
9. Sam Bankman-Fried
Sam Bankman-Fried, 29, is a crypto magnate. The United States man owns the trading firm Alameda Research and crypto derivatives trading platform FTX. He is worth $8.7 billion.
10. Jonathan Kwok
29-year-old Jonathan Kwok, worth $2.4 billion is a real estate businessman. He started property developer Empire Group Holdings which he runs with his older brother, Geoffrey.
This is after he - along with his older brother - had inherited his late father's stake in Hong Kong property developer Sun Hung Kai Properties.
Meanwhile, Legit.ng earlier reported about the 5 youngest millionaires in Nigeria in 2021 and the stories behind their wealth.
39-year-old Jason Njoku came in at number 5. The businessman is the founder of Spark, a $2 million worth business outfit, according to nigeriafinder.com, that is concerned with making investments in local internet start-ups.
The Nigerian movie maker is also a big player on the continental scene with investments in African startups. Plus, he is a co-founder of one of Nigeria's leading video platforms for Nollywood movies, iROKOtv.