By Vikas Shukla. Originally published at ValueWalk.
Most of us know that Kylie Jenner is the youngest billionaire in the world. She amassed a net worth of $1 billion in early 2019 when she was just 21 years old. There are many other young billionaires – most in their 20s – who inherited billions of dollars or built successful businesses from scratch. On the other end of the spectrum are people who have been in business for decades before they achieved the billionaire status. Here we take a look at the top ten oldest billionaires in the world. The ranking includes only those alive at the time of this writing.
Earlier this year, Forbes magazine published its 34th annual list of billionaires. There are a total of 2,095 billionaires worldwide, according to the publication. The net worth of many has declined due to the stock market turmoil triggered by the coronavirus pandemic. The ranking below is based on data from Forbes.
Ranked: The world’s oldest billionaires
10- Charles Munger, 96
Charlie Munger is the vice-chairman of the holding company Berkshire Hathaway. Even at the age of 96, his mind remains as sharp as ever. Munger has a net worth of $1.6 billion at the time of this writing, according to Forbes’ real-time tracker. He is also the chairman of Daily Journal Corp. Munger has donated millions of dollars to universities.
9- S. Daniel Abraham, 96
Sim Daniel Abraham launched Slim-Fast in 1976 at the age of 52. Slim-Fast sells dietary supplement foods, weight loss plans, and packaged meals. Abraham sold Slim-Fast to Unilever for $2.3 billion in 2000. He currently has a net worth of $2 billion. Abraham has endowed the non-profit advocacy group S. Daniel Abraham Center for Middle East Peace.
8- Masatoshi Ito, 96
96-year-old Masatoshi Ito has a net worth of $3.3 billion. He is the honorary chairman of Japanese retail behemoth Seven & i Holdings. The company operates tens of thousands of 7-Eleven stores in Japan, the United States, and other countries. Seven & i Holdings’ subsidiaries include 7-Eleven, Ito-Yokado, Sogo & Seibu, and Seven Bank.
7- David Murdock, 97
David Murdock is the chairman and CEO of Dole Food Products. He also owns Pacific Clay and Castle & Cooke. Murdock’s net worth stands at $2 billion. He sold a 45% stake in Dole Food Products to Ireland-based Total Produce for $300 million in 2018. Notably, David Murdock intends to live until the age of 125 and beyond. He is confident that he will still be around to celebrate his 125th birthday.
6- Sumner Redstone, 97
Media mogul Sumner Redstone is the owner and chairman of the National Amusements theater chain, which is the parent company of ViacomCBS. He currently has a net worth of $2.8 billion. ViacomCBS owns properties like CBS, MTV, Showtime Networks, Paramount Pictures, Comedy Central, Miramax, and others. Redstone has donated more than $150 million to different philanthropic causes.
5- Robert Kuok, 97
Robert Kuok is a Malaysian businessman with a net worth of $10.2 billion. He is the wealthiest person in Malaysia. He has diversified business interests ranging from sugar refineries to commodities to mining and real estate. Kuok founded Shangri-La Hotels and Resorts in 1971. Shangri-La now has more than 100 luxury hotels and resorts. But Kuok’s biggest source of wealth is the palm oil giant Wilmar International.
4- George Joseph, 99
At 99, George Joseph is the fourth oldest billionaire in the world. He founded the Los Angeles-based insurance firm Mercury General in 1961 after raising $2 million from investors. Mercury General now has $3.8 billion in annual revenue and 4,500 employees. George Joseph has a net worth of $1.4 billion.
3- Aloysio de Andrade Faria, 100
The 100-year-old Brazilian banker has a net worth of $1.8 billion. Aloysio de Andrade Faria trained as a pediatrician. But he took over Banco da Lavoura when his father passed away, and turned it into a banking giant known as Banco Real. He sold most of Banco Real’s assets to ABN AMRO in 1998. The remaining assets became Alfa Financial Conglomerate, which was later merged into Alfa Bank. Aloysio de Andrade Faria serves as the chairman of Alfa Bank.
2- Marcel Adams, 100
A Holocaust survivor, Marcel Adams is one of Canada’s most successful real estate investors. Adams has a net worth of $1.6 billion. He founded Iberville Developments in 1958. Today, Iberville owns nearly 10 million square feet across various shopping centers, offices, and residential assets, and industrial properties.
1- Chang Yun Chung, 102
Born in 1918, Chang Yun Chung is the world’s oldest billionaire. He founded Singapore-based shipping company Pacific International Lines in 1967. After leading the company for more than five decades, he named his son Teo Siong Seng the chairman of Pacific International Lines in 2018. But Chang Yun Chung still plays an active role in the company’s management and provides strategic guidance.
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