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11 December 2023

Meet the youngest self-made billionaires - Snapchat founders

Evan Spiegel (L) and Bobby Murphy attend the 2014 Time 100 Gala at Frederick P. Rose Hall, Jazz at Lincoln Center on April 29, 2014 in New York City. (Getty images)

By Staff

Bill Gates is still the leader of the pack of World's richest with a net worth of $75 billion, according to real-time data by Forbes, the young ones are having their equal share of the limelight.

As a whole, 1,810 billionaires are on the list, which is down 16 people from last year.

The list added 198 billionaires this year, which again was down from last year, when 290 individuals were added.

The youngest billionaire was 19-year-old Danish heiress Alexandra Andresen. Her 20-year-old sister Katharina is the second youngest on the list.

In all, 66 billionaires are under 40 years of age.

While other young billionaires earn their wealth through inheritance, four of the youngest billionaires who are included in the richest people in the world are self-made and are proving that skill and passion can help you win the race.

(Getty images)

Evan Spiegel, 25 years old, now holds the top spot as the youngest billionaire and 842nd spot on the richest people in the world list with a net worth of $2.1 billion, according to Forbes.

He is the co-founder and chief executive officer of Snapchat.

Snapchat is a messaging application that makes use of photos to communicate. Snapchat was valued at $19 billion in 2015.

Bobby Murphy, 27-years old, co-founder of Snapchat, sits as the second youngest and 989th of the richest people in the world list, according to Forbes.

He now has an estimated net worth of $1.8 billion.

Snapchat, the temporary photo and video messaging company, continues to capture more users and interest from investors since Evan Spiegel and Bobby Murphy cofounded the company in 2011.

Almost 100 million people use the free app daily. More than 60% of 13- to 34-year-old U.S. smartphone users are on the service.

Spiegel, who holds the reins as Snapchat's CEO, grew up in the Los Angeles area.

He studied product design at Stanford University and met Murphy, who was two years ahead of him and studying math, at the Kappa Sigma frat house.

The two eventually developed an app that could send photo messages to contacts with a timer that would remove them in 10 seconds or less and called it Picaboo.

It flopped. Rebranded as Snapchat, the app took off in 2011.

In late, 2013 Spiegel turned down a $3 billion buyout offer from Facebook.

In May 2015, Snapchat raised $538 million in new funding, reportedly valuing the company at about $16 billion.

Forbes estimates that Spiegel and Murphy each have ownership stakes of about 13% and 11%, respectively. In September 2014 the duo got rid of a significant distraction, settling out of court with another former fraternity brother and early creator of the app, Reggie Brown.

Others in the list

Mark Zuckerberg, 31-years old, is the fourth youngest billionaire and is currently the sixth in the ranking of the richest people in the world, according to Forbes.

He is the most popular self-made billionaire who made it through social media, through Facebook, which is the most popular social media platform so far.

From the 16th spot in 2015, Zuckerberg now climbs at the 6th spot with a whopping net worth of $44.6 billion.

Last December, Zuckerberg and wife Priscilla Chan pledged to give away 99% of their wealth in their lifetimes, through their "Chan-Zuckerberg Initiative" organization, reported Business Insider.

Dustin Moskovitz, also 31-years old, is in the 5th youngest spot and is 116th in the richest people in the world list. He is purportedly the third employee of Facebook and has helped Zuckerberg launch the website, according to Investopedia.

He now has his own software firm, Asana, and has a current net worth of $9.2 billion, according to Forbes.