Tesla’s Elon Musk Closing In On BMW Heirs As The World’s Richest Automotive Titan


For many years, Johanna Quandt and her kids, Stefan Quandt and Susanne Klatten, have been the auto industry’s wealthiest men and women, thanks to their practically 50 % stake in the German automaker BMW. The 3 billionaires inherited their wealth from their late husband and father, Herbert Quandt, the German industrialist credited with saving BMW from bankruptcy in the early 1960s.

Record vehicle revenue fueled an uptick in BMW’s stock price tag which created them all wealthier in 2014: Klatten is now worth $ 17.4 billion her brother is really worth $ 14.9 billion, and her mother is really worth $ 12.8 billion, according to the 2014 Forbes Billionaires Record.

But roaring up behind them is Elon Musk, 42, the South African-born founder of Tesla Motors, whose fortune has a lot more than tripled in the past yr to $ 74 billion. His electric auto company’s stock is up a spectacular 625% in the previous year, with bulls believing the $ 70,000-and-up Tesla Model S sedan is a lot more than just a plaything for the Silicon Valley set but a signal of the automobile of the potential. In February, Musk announced strategies to construct a $ 5 billion factory to make lower-value, advanced lithium-ion batteries for a new generation of far more affordable EVs for the mass market place.

Whilst about 2-thirds of his wealth comes from Tesla, Musk’s elevated fortune can also be traced to a 340-percent acquire for his stock in SolarCity, the solar panel designer and installer run by his cousin Lyndon Rive and his privately-held spacecraft-maker SpaceX, reportedly really worth a lot more than $ 4 billion.

The wealthiest automotive titans on Forbes’ Billionaires listing now include a lot more Asians, a reflection of how the Chinese automobile market has surpassed the United States as the world’s biggest. Between them are Wei Jianjun ($ 6.9 billion), chairman of Great Wall Motor, one of the biggest non-state-owned automakers in China: Wang Chuanfu ($ 4.3 billion), chairman of Warren Buffet-backed automaker, BYD and Chung Mong-Koo ($ 6.8 billion), chairman of South Korea’s Hyundai Motor.

Tires can also make one exceedingly wealthy, it would seem. Bruce Halle, the 83-year-outdated founder of the Discount Tire store chain, is well worth $ 5 billion, and Taiwan’s Luo Jye, 88, (and his family members), the chairman of Chen Shin Rubber, one of the world’s greatest tire producers, is worth $ 4.4 billion.

Rounding out the Leading 10 automobile guys (and gals) on the Forbes checklist is Shahid Khan, founder of Chicago-primarily based Flex-N-Gate, an automotive parts supplier, who also owns the Jacksonville Jaguars football crew and just lately added a specialist soccer group to his holdings. Khan is a naturalized U.S. citizen who emigrated from Pakistan for college at age sixteen. He founded Bumper Performs in 1978 following creating a a single-piece vehicle bumper that has because turn out to be the industry standard.

Read through far more about the world’s billionaires.

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