Mistry and Del Vecchio Siblings Inherit Billions, Rank Among World's Youngest Billionaires

The Forbes 2024 Billionaire List features 14 individuals under 30 with a combined net worth of $41B, including the Mistry and Del Vecchio siblings, who inherited their wealth from their late fathers' business empires.

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Mistry and Del Vecchio Siblings Inherit Billions, Rank Among World's Youngest Billionaires

Mistry and Del Vecchio Siblings Inherit Billions, Rank Among World's Youngest Billionaires

The Forbes World's Billionaire List 2024 features 14 individuals under the age of 30 with a combined net worth of nearly $41 billion, all of whom inherited their wealth as part of the "great wealth transfer" anticipated to shift over $5.2 trillion from affluent individuals to their heirs in the next two decades. Among them, the Mistry and Del Vecchio siblings stand out as the world's five wealthiest people under 30.

Zahan and Firoz Mistry, aged 25 and 27, each have a net worth of $4.9 billion, primarily from the 18.4% stake they inherited in Tata Sons, the holding company that controls the Tata Group conglomerate, from their late father Cyrus, who died in a car crash in 2022. The Mistry siblings are based in Ireland.

In Italy, the Del Vecchio siblings - Clemente, Luca, and Leonardo Maria, aged 19, 22, and 28 - each possess a net worth of $4.7 billion, inherited from their father, Leonardo Del Vecchio, the late chairman of EssilorLuxottica, the world's largest eyeglasses firm. The three Del Vecchio brothers also own shares in other companies like Generali, Mediobanca, UniCredit, and Covivio. Clemente Del Vecchio became the world's youngest billionaire at the age of 18.

Why this matters: The staggering wealth inherited by these young billionaires highlights the concentration of global wealth and the impact of generational wealth transfers. As these individuals come into their fortunes at a young age, their decisions and actions could significantly influence various industries and economies in the years to come.

The inclusion of the Mistry and Del Vecchio siblings in the Forbes 2024 list underscores the ongoing trend of substantial wealth being passed down to the next generation. "Clemente Del Vecchio became the world's youngest billionaire at the age of 18," Forbes noted, emphasizing the unparalleled nature of such vast inheritances being bestowed upon individuals at such a young age.

Key Takeaways

  • 14 billionaires under 30 have $41B net worth, inherited wealth
  • Mistry siblings (25, 27) each worth $4.9B from Tata stake
  • Del Vecchio siblings (19, 22, 28) each worth $4.7B from EssilorLuxottica
  • Clemente Del Vecchio, 18, is world's youngest billionaire
  • Wealth transfers highlight concentration of global wealth and its impact