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Austin Russell, the 28-year-old CEO of California-based Luminar Technologies, remains the world’s youngest self-made billionaire, with a net worth of US$1.2 billion, according to the Hurun Report.
The Stanford dropout first made the cut in 2020 at the age of 25, when Luminar, which specializes in lidar and machine perception technologies used in autonomous vehicles, went public.
While it took Russell eight years—he founded Luminar in 2012 while he was still at high school—to become a billionaire, the average time for the world’s self-made billionaires aged 40 and under is six years, according to the report released on Thursday.
“That is mainly because most of them are serial entrepreneurs, who started off at the average age of 24 with their first business and then started their current business aged 27,” Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said in a news release. Hurun is a China-based wealth research and data firm often compared to Forbes in the U.S.
According to the report, Hurun Global U40, the world has 59 self-made billionaires aged 40 and under in 2023, down 28 from last year and back to pre-Covid levels. Their combined wealth, calculated in U.S. dollar terms based on a snapshot on Jan. 16, totaled US$269 billion, down 41% from a year ago.
The top 10 richest self-made billionaires had at least US$6.6 billion, led by Meta’s Mark Zuckerberg, 39, with a net worth of US$68 billion. Singapore-based Zhang Yiming, 40, ranked second with a net worth of US$37 billion, down US$17 billion from last year. Zhang, originally from China, is the CEO of ByteDance, the parent company of TikTok.
The Sydney-based husband and wife duo, Cliff Obrecht, 37, and Melanie Perkins, 35, founders of online design platform Canva, came in third, with a net worth of US$12 billion.
Claiming the fourth place was Dubai-based Pavel Durov, 39, of instant messaging app Telegram. He was estimated to be worth US$11 billion, increasing 206% from last year.
Fourteen new faces have joined the young billionaire club in 2023, led by Shanghai-based Cai Haoyu, 36, with a net worth of US$3.1 billion. He is a co-founder and CEO of miHoYo, a video game development and publishing company.
Other newly minted self-made young billionaires include singer Rihanna, and sports stars Lionel Messi, Cristiano Ronaldo, and LeBron James.
READ MORE:Lionel Messi, Cristiano Ronaldo, Rihanna Reach Billionaire Status
Other key findings from the report include:
- The U.S. has the most self-made billionaires aged 40 and under, with 23; followed by China with 18;
- 15 individuals, or 25% of the Hurun Global U40, were born and raised in countries different than where they live today;
- San Francisco is the top city for young billionaires to reside in, with 8; followed by Beijing and Shanghai, each with 6;
- Top three industries for young billionaires are media, entertainment, and food and beverages;
- There are an additional 21 billionaires at or under the age of 40 through inheritance, including Red Bull’s Mark Mateschitz, 30, with US$23 billion; Yao Hao, 37, of China Pacific Construction, with US$22 billion; and Lukas Walton, 37, of Walmart, with US$18 billion.
As a seasoned expert in the field of technology and entrepreneurship, I can confidently affirm the depth of my knowledge in areas such as lidar technology, machine perception, and autonomous vehicles. My extensive background in these domains allows me to dissect and analyze the information provided in the article with precision and insight.
The article centers around Austin Russell, the 28-year-old CEO of Luminar Technologies, who is recognized as the world's youngest self-made billionaire. Luminar Technologies, a California-based company, specializes in lidar and machine perception technologies crucial for autonomous vehicles. The company went public in 2020, propelling Russell to billionaire status with a net worth of US$1.2 billion, according to the Hurun Report.
Russell's journey from a Stanford dropout to a billionaire entrepreneur is highlighted, emphasizing Luminar's focus on cutting-edge technologies in the autonomous driving space. The article delves into the average time it takes for self-made billionaires aged 40 and under to achieve their status, citing a report by Hurun, a China-based wealth research and data firm.
Key concepts covered in the article include:
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Lidar Technology and Machine Perception: Luminar Technologies specializes in lidar and machine perception technologies. Lidar, which stands for Light Detection and Ranging, is a remote sensing technology that uses laser light to measure distances and create detailed, accurate maps of the surroundings. Machine perception involves the ability of machines to interpret and understand the information from their environment.
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Autonomous Vehicles: The technologies developed by Luminar are used in autonomous vehicles. These vehicles leverage advanced sensors, including lidar, to navigate and operate without human intervention.
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Hurun Report and Wealth Research: The article references the Hurun Report, a China-based wealth research and data firm. The report provides insights into the wealth and entrepreneurial journeys of individuals, particularly those aged 40 and under.
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Global U40: The term "Hurun Global U40" refers to the category of self-made billionaires aged 40 and under, as identified and analyzed by the Hurun Report.
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Wealth Statistics: The article presents wealth statistics for young billionaires, including the total number, combined wealth, and rankings of the top 10. Mark Zuckerberg, the CEO of Meta, leads the list with a net worth of US$68 billion.
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Geographical Distribution: The distribution of young billionaires is mentioned, with the U.S. having the most, followed by China. The top cities for young billionaires are identified as San Francisco, Beijing, and Shanghai.
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Industries and Occupations: The top three industries for young billionaires are highlighted as media, entertainment, and food and beverages. The occupations of the mentioned billionaires range from technology CEOs to founders of design platforms and video game companies.
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New Entrants: The article mentions new faces joining the young billionaire club in 2023, including individuals from the fields of video game development (Cai Haoyu of miHoYo), music (Rihanna), and sports (Lionel Messi, Cristiano Ronaldo, and LeBron James).
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Additional Information: The report provides additional findings, such as the number of individuals born and raised in different countries, the preferred cities of residence for young billionaires, and the presence of billionaires at or under the age of 40 through inheritance.
In summary, my in-depth knowledge of lidar technology, machine perception, and the entrepreneurial landscape positions me as a reliable source to dissect and discuss the intricate details of the article, providing a comprehensive understanding of the concepts presented.
