Tesla's Elon Musk Closing In On BMW Heirs As The World's Richest Automotive Titan

Mar 3 2014, 5:08pm CST | by

For years, Johanna Quandt and her children, Stefan Quandt and Susanne Klatten, have been the auto industry’s wealthiest individuals, thanks to their nearly 50 percent stake in the German automaker BMW. The three billionaires inherited their wealth from their late husband and father, Herbert Quandt, the German industrialist credited with saving BMW from bankruptcy in the early 1960s.

Record vehicle sales fueled an uptick in BMW’s stock price which made them all wealthier in 2014: Klatten is now worth $17.4 billion; her brother is worth $14.9 billion, and her mother is worth $12.8 billion, according to the 2014 Forbes Billionaires List.

But roaring up behind them is Elon Musk, 42, the South African-born founder of Tesla Motors, whose fortune has more than tripled in the past year to $8.4 billion. His electric car company’s stock is up a stunning 625% in the past year, with bulls believing the $70,000-and-up Tesla Model S sedan is more than just a plaything for the Silicon Valley set but a signal of the car of the future. In February, Musk announced plans to build a $5 billion factory to produce low-cost, advanced lithium-ion batteries for a new generation of more affordable EVs for the mass market.

While about two-thirds of his wealth comes from Tesla, Musk’s increased fortune can also be traced to a 340-percent gain for his stock in SolarCity, the solar panel designer and installer run by his cousin Lyndon Rive and his privately-held spacecraft-maker SpaceX, reportedly worth more than $4 billion.

The wealthiest automotive titans on Forbes’ Billionaires list now include more Asians, a reflection of how the Chinese auto industry has surpassed the United States as the world’s largest. Among them are Wei Jianjun ($6.9 billion), chairman of Great Wall Motor, one of the largest non-state-owned automakers in China: Wang Chuanfu ($4.3 billion), chairman of Warren Buffet-backed automaker, BYD; and Chung Mong-Koo ($6.8 billion), chairman of South Korea’s Hyundai Motor.

Tires can also make one exceedingly wealthy, it seems. Bruce Halle, the 83-year-old founder of the Discount Tire store chain, is worth $5 billion, and Taiwan’s Luo Jye, 88, (and his family), the chairman of Chen Shin Rubber, one of the world’s largest tire producers, is worth $4.4 billion.

Rounding out the Top 10 car guys (and gals) on the Forbes list is Shahid Khan, founder of Chicago-based Flex-N-Gate, an automotive parts supplier, who also owns the Jacksonville Jaguars football team and recently added a professional soccer team to his holdings. Khan is a naturalized U.S. citizen who emigrated from Pakistan for college at age 16. He founded Bumper Works in 1978 after designing a one-piece car bumper that has since become the industry standard.

Read more about the world’s billionaires.

Source: Forbes Auto

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

IPad Air Giveaway 2014 is Online
IPad Air Giveaway 2014 is Online
Our sister site I4U News is giving away a brand new iPad Air or if you can wait an iPad Air 2. This is an $499 value.
 
 
Your Parent Or Kid Moved In: Are You Covered?
A record 57 million Americans now live in multigenerational family households — double the number in 1980, according to a new Pew Research Center study. And I bet many of them have the wrong homeowner’s or renters...
 
 
Pandora Looks to Challenge Terrestrial Radio's Dominance in Cars
Pandora Media is one of the largest Internet radio providers in the U.S. with more than 75 million active users. While the company’s active user count has increased at a robust pace historically, it is likely to slow...
 
 
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
It’s January 2026. New York Yankees owner Hal Steinbrenner gets out of his driverless car and triumphantly marches before the gathered press to introduce his prized new free agent. It’s a record-breaking contract—over...
 
 
 

Latest from the Network

Rihanna approached for Bond movie?
Los Angeles, Sep 29 (IANS) Singer Rihanna has reportedly been approached for a cameo in the upcoming Bond film. The "We found love" hitmaker is said to be excited to appear in the spy thriller, reports contactmusic....
Read more on Celebrity Balla
 
US Congresswoman Tulsi Gabbard calls on Modi
New York, Sep 29 (IANS) Tulsi Gabbard, the first Hindu American in the US Congress, called on visiting Indian Prime Minister Narendra Modi here Sunday and presented him with a ginger flower garland from Hawaii....
Read more on Politics Balla
 
143 killed in clashes against IS in Iraq
Baghdad, Sep 29 (IANS) A total of 143 people were killed Sunday in the ongoing clashes between the Iraqi security forces and militants, including of the the Islamic State (IS), security sources said. In Anbar province...
Read more on Politics Balla
 
Quake in Peru kills eight
Lima, Sep 29 (IANS) At least eight people were killed and six injured following a 5.1-magnitude earthquake which jolted southern parts of Peru, authorities said Sunday. The temblor hit Paruro province in the Andean...
Read more on Politics Balla
 
Bieber swaps 'bad influence' for cookbooks
Los Angeles, Sep 29 (IANS) Singer Justin Bieber has reportedly taken the decision to give up alcohol and "bad influence" friends. According to sources, the wild-child "Baby" hitmaker, now 20, has grown up and swapped...
Read more on Celebrity Balla
 
Will build India of your dreams, join in our effort: Modi to Indians abroad (Intro Roundup)
New York, Sep 29 (IANS) Indian Prime Minister Narendra Modi connected with thousands of rapturously cheering Indian diaspora at Madison Square Garden here Sunday, promising them he would deliver on the electoral...
Read more on Politics Balla
 
David McIntosh hits back at Kelly Brook
David McIntosh insists there a ''two sides'' to his split from Kelly Brook. The former 'Gladiator' - who split from the brunette beauty, 34, earlier this week amid claims he had remained close to his ex-girlfriend...
Read more on Celebrity Balla
 
Modi invites diaspora to 'Make in India', help clean Ganga
New York, Sep 29 (IANS) Prime Minister Narendra Modi Saturday invited Indians abroad to join the "Make in India" initiative, saying the country aimed to show its strength by exploiting technology to the maximum extent...
Read more on Politics Balla
 
Indians have woven magic with the mouse: Modi at Madison Square
New York, Sep 28 (IANS) India was once known as a world of snake charmers, now the magic that its people have woven "with the mouse" in the IT sphere is world-renowned, said Prime Minister Narendra Modi here Sunday. "...
Read more on Politics Balla
 
Modi announces lifelong visas for Indian diaspora
New York, Sep 29 (IANS) Amid cheers from thousands of Indian-Americans, Prime Minister Narendra Modi Saturday announced several measures to ease travel to their motherland including life-long visas. "Happy?" he asked...
Read more on Politics Balla