The automobile industry is huge, making cars and trucks that people use every day. It’s a big deal for economies worldwide. Some super-rich people, like Elon Musk and Wang Chuanfu, made billions from the automotive sector. They’re like big bosses, leading companies and inventing new stuff. China and India are major players now, making lots of cars.
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In the US, Germany, and Japan, car companies are quite popular and they make most of the cars we see around today. These billionaires and countries all play big roles in making and selling cars, shaping how we get around and making tons of money while doing it.
In this article, we’ll look at the top 10 automotive billionaires listed in Forbes.
Overview of the Automobile Industry
Over the years, the automobile industry has undergone remarkable growth and transformation, from carriages to electric vehicles today. It’s a hub of innovation and economic activity, generating significant wealth. Chinese billionaires have capitalized on the booming electric vehicle sector, playing key roles in industry development. India is becoming a major player too making it to the fourth-largest car market in 2023 underscores its growing influence.
Even with problems in 2023, like fewer electric car sales due to strikes and supply issues, the industry still sold 92 million units worldwide. Projections for 2024 show a small rise to 95 million units, signalling continued growth. Countries such as the US, Germany, and Denmark provide good chances for car engineers with lots of competition and new ideas.
Top Automotive Billionaires listed on Forbes
1. Elon Musk: – $189.2 billion – Tesla
Elon Musk is the third richest person in the world and the richest billionaire in the automotive business currently. He has helped start six companies Tesla, SpaceX, and the Boring Company. His 12% share in Tesla has boosted the company to new levels.
2. Stefan Quandt: $28.2 billion – BMW
Stefan Quandt is a well-known figure in cars. He is a German billionaire inheritor, engineer, and businessman. He’s the 63rd richest person worldwide, mainly because he owns 23.6% of BMW. Alongside his sister Susanne Klatten, the richest woman in Germany, he helps oversee BMW as deputy chairman of the supervisory board.
3. Robin Zeng: $28 billion – CATL
Robin Zeng is a Chinese entrepreneur. He founded and chairs Contemporary Amperex Technology (CATL), a major player in cars. Ranked 64th wealthiest globally, worth $28 billion, Zeng’s guidance has made CATL a top supplier of electric vehicle batteries. Since going public in 2018, CATL has teamed up with big names like BMW, Volkswagen, and Geely, solidifying Zeng’s status as the third-richest auto industry billionaire.
4. Susanne Klatten: $27.2 billion – BMW
Susanne Klatten is a German billionaire heiress, ranked 69th wealthiest worldwide. She owns about 19% of BMW, boosting her fame in cars and making her the fourth richest auto industry billionaire. Besides cars, Klatten runs Altana, a chemical company with yearly sales of over $2.5 billion, as its sole owner and deputy chair.
5. Eric Li: $18.6 billion – Geely
Eric Li, also known as Li Shufu, is a Chinese investor and political expert. He chairs Geely Automobile Holdings, a major Chinese carmaker independent of state control. His journey started in 2010 with buying Volvo, and then he broadened his investments with stakes in luxury brands like Aston Martin and Lotus, strengthening his influence. Li’s early struggles, building toy cars from sand due to money constraints, highlight his drive. Ranked 102nd richest globally, his savvy and foresight shape China’s and the world’s car industry.
6. Wang Chuanfu: $15.9 billion – BYD Company
Wang Chuanfu is a Chinese scientist and billionaire. He leads BYD Company as founder, chairman, and CEO. Ranked 121st richest globally, Wang started BYD in the 1990s, focusing on rechargeable batteries. Thanks to his guidance, BYD is now the world’s biggest electric vehicle (EV) company, surpassing Tesla in 2022 and claiming 21% of the global EV market.
7. Huang Shilin: $12.9 billion – CATL
Huang Shilin was once CATL’s vice chairman and the top battery supplier for electric cars. He is a Chinese billionaire. Despite leaving in 2022, he’s still the 152nd richest globally, worth $12.9 billion. CATL flourished under Huang’s leadership, advancing battery technology for eco-friendly travel. His post-CATL ventures highlight his enduring impact on the business world.
8. Lu Xiangyang: $12.7 billion – BYD
Lu Xiangyang’s journey began in 1995 when he and his cousin Wang Chuanfu established BYD, a battery manufacturer while working at a local branch of the People’s Bank of China. Today, Lu serves as the vice chairman of the company, which has surpassed Tesla to become the world’s largest electric vehicle (EV) maker by sales. Additionally, Lu leads his own investment firm, Youngy Investment Holding Group. With a net worth ranking him as the 155th richest individual globally, Lu’s success as a Chinese entrepreneur highlights his significant contributions to both the automobile and investment industries.
9. Shahid Khan: $12.3 billion – Jaguar
Shahid Khan is a Pakistani-American billionaire businessman and sports mogul. He ranks as the 163rd-richest individual globally. Starting as an immigrant in the United States from Pakistan, he’s known for owning the NFL’s Jacksonville Jaguars and auto parts supplier Flex-N-Gate. In 1980, he bought Flex-N-Gate from his old boss. Khan’s innovative one-piece truck bumper design, as an engineer, laid the groundwork for his success. With 76 factories and over 27,000 employees worldwide, Flex-N-Gate showcases Khan’s leadership and influence in the car industry.
10. Wei Jianjun: $11.6 billion – Great Wall Motors
Wei Jianjun is a Chinese businessman and the 175th richest person globally. He is the chairman of Great Wall Motors, China’s top SUV maker. At just 26 in 1990, he took over the struggling Great Wall Automobile Industry Company, laying the foundation for today’s success.
