Taylor Swift and Shein Co-founder Join the Ranks of New Billionaires of the Year
Pop sensation Taylor Swift, basketball legend Earvin “Magic” Johnson, and Shein co-founder Maggie Gu have made their debut on Forbes’ list of billionaires this year.
Forbes magazine announced on April 2nd the list of the richest people on the planet in 2024. Accordingly, the world has gained 265 new billionaires thanks to the booming stock market last year. They come from 32 countries, with a total wealth of $510 billion USD.
The most famous new billionaire this year is pop singer Taylor Swift (USA). Her global tour, the Eras Tour, became the first tour to gross over $1 billion USD worldwide. Taylor Swift’s performances have had a positive impact on the local economies wherever she goes.
The 34-year-old singer currently has an estimated net worth of around $1.1 billion USD, thanks to the success of her tour, the value of her released songs, and her real estate portfolio. Swift is also the first musician to reach the billion-dollar mark solely through songwriting and performing. Last year, she ranked fifth on Forbes’ list of the world’s most powerful women.
This year, the United States leads in terms of the number of new representatives on the billionaire list, with 67 people. The richest among them is Todd Graves (52 years old) – the founder of the fast-food chain Raising Cane’s. His wealth is estimated at around $9.1 billion USD.
Graves came up with the idea of opening a shop specializing in fried chicken tenders while in college. However, this idea received the lowest grade from his teacher.
Graves later failed to secure a bank loan to realize his idea, so he decided to do other jobs to save money. He opened the first Raising Cane’s store in 1996.
NBA basketball legend and businessman Earvin “Magic” Johnson is also a prominent figure on Forbes’ list of new billionaires this year.
His wealth is estimated at around $1.2 billion USD, thanks to investments in professional sports teams, movie theaters, Starbucks franchises, real estate, and healthcare.
In addition to his sports career, Johnson is famous for his story of living with HIV/AIDS for over 30 years. He discovered he had the HIV virus in 1991, when his career was at its peak.
This year, China is the second-largest contributor to the number of new billionaires in the world. The country has gained an additional 31 billionaires, despite facing many economic challenges.
Leading this group are the co-founders of the fast-fashion giant Shein – Maggie Gu, Molly Miao, and Ren Xiaoqing. Each of them has an estimated wealth of $4.2 billion USD.
According to Financial Times sources, last year Shein achieved $45 billion USD in revenue and over $2 billion USD in profit. Shein is seeking to IPO in the UK or the US.
This year, more than half of the new billionaire list are self-made. This group has amassed billions of dollars through their own companies, rather than inheriting family wealth.
The wealthiest self-made billionaire this year is Shunsaku Sagami (Japan). He is the founder of the M&A Research Institute. The company uses AI to find buyers for businesses in need, especially for family-owned companies in Japan without successors. Sagami is 33 years old this year, with a net worth of $1.9 billion USD.
