Twelve people under the age of 30 made Forbes’ 2022 list of the World’s Billionaires. According to the magazine, their combined fortune is worth $25.8 billion.

RBC reports that four billionaires under 30 - all safe-made - are newcomers this year. Three of them are representatives of fintech sector.

The richest among them is Gary Wang ($5,9 bln), age 28, who together with Sam Bankman-Fried, co-founded cryptocurrency exchange FTX.

FTX started operating from 2019 and is one of the world’s five top cryptocurrency exchanges in terms of trading volume. Bloomberg reports that the daily transaction volume could reach up to $15 billion.
 
The second comes 27-year-old Ryan Breslow, who dropped out of Stanford to build payment software company Bolt. Forbes estimated his wealth $2 billion. He stepped down as CEO earlier this year. Bolt was founded in San-Francisco in 2014. According to Crunchbase, the company raised $1,3 billion and its valuation amounts to $11 billion.

Bolt works to improve the online checkout experience for both buyers and sellers. The company says its service allows to make a purchase 50% faster than its competitors. Buyers do not need to enter personal data before each purchase - it is enough to save it in Bolt. In addition, every operation made through the service undergoes a fraud detection check which, as the company says, detects 100% of illegal activity.

Rounding out the new entrants are fellow Stanford dropouts Pedro Franceschi and Henrique Dubugras, who vaulted into the billionaire ranks when their corporate credit card startup Brex hit a $12.3 billion valuation in January. The Brazilian-born founders, ages 25 and 26, respectively, are now worth an estimated $1.5 billion apiece.

Founded in 2017 in San Francisco, the company issues corporate credit cards for startups that have been turned down by traditional banks. Credit cards can be obtained without confirmation of the company’s cash flows and guarantee deposit. The credit limit is determined not on the basis of credit history, but on the amount in the startup’s bank account. In October last year, Brex raised $300 million in investments.

Forbes writes that five out of 12 young billionaires inherited their fortune, seven are self-made. Last year, the list included 10 billionaires under 30, but their combined net worth was $3,7 billion more than of the 2022 group. Forbes explains this mainly by the instability of the stock markets, as well as the transition of the co-founder of the FTX exchange Bankman-Fried, to the category of billionaires over 30 (he turned 30 in March). In 2021, Bankman-Fried was the richest billionaire under 30.

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