Richard Branson net worth: How Virgin founder became a billionaire
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The 69-year-old tycoon has been an entrepreneur since he was a teenager, founding his first magazine at the age of just 16. Nowadays Sir Richard Branson is a self-made billionaire and one of the richest men in the world.
The famous investor is worth £3.5 billion ($4.4 billion) according to Forbes, who lists him at #565 in its billionaires rich list.
The savvy businessman has made his billions through a number of companies, most notably the Virgin Group.
Branson’s repertoire has included airlines, radio stations, health clubs, hotels, nightclubs and even a space tourism company, Virgin Galactic.
The London-born celebrity also founded Virgin Records, the record label that was home to the Rolling Stones and the Sex Pistols.
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The business mogul bought the island at the age of just 28, paying $120,000 to the previous owner, John Lyttelton, 11th Viscount Cobham.
It’s reported that it took $10 million to turn the uninhabited getaway into a private island retreat. It now houses a Balinese-style villa, with 10 bedrooms, all with open walls so that guests can get a 360 degree view of their surroundings.
However, it’s one for the rich and famous – the resort can be rented for a whopping $77,500 per day.
As the son of a barrister and flight attendant, Branson came from a modest background and is a self-made billionaire.
He started his career with a mail-order record business.
According to Investopedia: “Branson never allowed inexperience to discourage him from being a dynamic and daring entrepreneur. In fact, he named his company Virgin because he and his employees were all new to the business.”
Most recently the investor and author entered into the cruise business, launching Virgin Voyages, a Flordia-based cruise line.
The Virgin boss has come under fire amid the coronavirus pandemic as he seeks a government bailout.
The billionaire has had to put Virgin Australia into administration in order to deal with the crisis, as the travel and tourism industry takes a global hit.
The airline owner even offered up his Necker Island as security against a government loan.
In an open letter to his staff, he wrote: “Together with the team at Virgin Atlantic, we will do everything we can to keep the airline going – but we will need government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for.”
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