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

Miami to have 1,000 feet observation tower
Miami, Aug 28 (IANS/EFE) The voters of Miami in the US have approved a proposal by a real estate promoter to build a 1,000 feet high observation tower here. Sixty-nine percent of the voters approved the plans of...
Read more on Business Balla
 
Ebola epidemic to get worse: health official
London, Aug 28 (IANS) The Ebola outbreak in West Africa will get worse before it gets better, said a top public health official, the BBC reported Thursday. Tom Frieden, director of the US-based Centres for Disease...
Read more on Business Balla
 
12 Indian firms among Forbes Asia's Fabulous 50
Washington, Aug 28 (IANS) A dozen Indian firms figure in this year's Forbes Asia's Fabulous 50 list of the region's best big publicly traded companies with HDFC Bank making the list more times than any other company....
Read more on Business Balla
 
First gay sailor of Chilean navy
London, Aug 28 (IANS) A sailor in Chile has become the first serving member of the Chilean armed forces to announce he is gay, the BBC reported Thursday. Mauricio Ruiz, 24, said his decision had "not been easy", but...
Read more on Politics Balla
 
Pakistani cleric ends talks with government
Islamabad, Aug 28 (IANS) Pakistan Awami Tehreek leader Tahir-ul-Qadri Thursday announced he was ending dialogue with the government as his demands were not accepted. Qadri, whose supporters have staged an anti-...
Read more on Politics Balla
 
Verona sign Brazilian midfielder Campanharo
Rio de Janeiro, Aug 28 (IANS) Hellas Verona have signed midfielder Gustavo Campanharo on a season-long loan from Brazilian club Bragantino. In a statement on their official website, the Italian Serie A outfit said the...
Read more on Sport Balla
 
Huntington-Whiteley loves making creative decision
London, Aug 28 (IANS) Supermodel Rosie Huntington-Whiteley has enjoyed indulging her creative tendencies since leaving Victoria's Secret. Huntington-Whiteley has revealed that working with British high street store...
Read more on Celebrity Balla
 
Holmes offers $1,000 reward for return of Suri's pet
Los Angeles, Aug 28 (IANS) Actress Katie Holmes has reportedly offered a $1000 reward for the safe return of her daughter's pet dog following its disappearance. Suri's new new Chihuahua, Honey, went missing Sunday....
Read more on Celebrity Balla
 
Shooting instructor killed as girl accidentally shot in US
Washington, Aug 28 (IANS) A shooting instructor was killed after a nine-year-old girld accidentally shot in the head at a gun range in the US, media reported Thursday. The deadly incident occurred Monday morning at a...
Read more on Politics Balla
 
Bella Thorne splits from Tristan Klier
Bella Thorne has split up with her boyfriend of more than two years, Tristan Klier. The 16-year-old actress confirmed that they recently decided to part ways after being asked about their relationship status on Twitter...
Read more on Celebrity Balla