- Richard Branson is perhaps one of the world’s most well-known billionaires.
- Branson is the entrepreneur behind The Virgin Group, including the airline Virgin America.
- Virgin Galactic, Branson’s space company, might launch its inaugural flight within weeks to compete with SpaceX.
The conglomerate The Virgin Group is responsible for businesses such as Virgin Mobile, Virgin Records and Virgin Megastore, Virgin-brand hotels and airlines, and Virgin Galactic. The company caters to the consumer needs of around 53 million customers worldwide, aided by its 69,000 employees who work across 35 countries. And the man responsible for that global operation is billionaire Richard Branson.
Click to read about 15 secrets for success from Richard Branson.
Richard Branson Net Worth: $5 Billion
Richard Branson has a net worth of $5 billion, according to Forbes. The majority of his wealth likely comes from the capital produced by Virgin’s dozens of brands, such as Virgin Mobile. His company’s venture capital portfolio includes Twitter, Slack, Pinterest and Square. But Branson’s biggest undertaking — and possibly his biggest future money-maker — is out of this world.
Find Out: How to Invest Like Richard Branson
Branson’s Wealth Could Grow Astronomically in the Next 10 Years
Virgin Galactic, Virgin’s space tourism company of which Branson is also CEO, could be in space “within weeks” from Oct. 9, 2018. Tickets for the endeavor will run hopeful space tourists almost $250,000, though Branson hopes to lower the cost to less than $50,000 within a decade. The space industry is estimated to be worth $2.7 trillion by 2045, according to Bank of America Merrill Lynch, and with limited competition, Branson stands to get a big piece of that pie.
How Branson Grew the Virgin Group
Richard Branson initially ran Virgin as a mail-order record retailer in 1970. He expanded the business first into a record store, then into a recording studio, at which point everything changed.
The Virgin label’s first artist was Mike Oldfield, who recorded the classic instrumental progressive album “Tubular Bells” in 1972-73. Branson would later sign rock icons such as the Sex Pistols and the Rolling Stones, cementing Virgin as an authority on music.
Branson expanded his brand into the travel industry with Virgin Atlantic in 1984. He has since built even more travel-focused companies such as Virgin America, Virgin Trains and Virgin Hotels.
Richard Branson’s Advice to Entrepreneurs
An experienced investor and businessman, Branson isn’t afraid to dole out advice to those he thinks need it. He recently said embattled Tesla CEO Elon Musk should get some sleep.
“He’s a wonderfully creative person but he shouldn’t be getting very little sleep,” Branson told CNBC, adding that Musk needs to “learn the art of delegation.” Helpful words from Branson, given that Musk’s SpaceX company is his biggest space flight competitor.
More on Net Worth and Business People