The automotive industry is one of the largest industries in the world with well-known, reputed brands vying for the privilege of providing vehicles to people around the world. As cities get larger, it becomes more vital to have a personal option for transport and not rely on public transport that can be unreliable in places. The top automotive companies have carved out niches among the market over the years and have grown to be behemoths and this is reflected by the people leading them as well as the owners who have become billionaires in the process.
The richest person in the auto industry is also arguably the most well-known. It is none other than the eccentric South African entrepreneur – Elon Musk. His wealth is estimated to be $22.9 billion dollars. Although he didn’t make all of his money from his automotive company, Tesla, nonetheless, Elon is a big reason behind its success. Tesla has also revolutionized the industry as it was the first company to successfully break through barriers and market the electric car in a way that attracted customers. Tesla’s success was followed by other major brands realizing the potential in the technology and focusing on alternatives to Musk’s brand.
The second richest man comes from the second largest country in the world – India. He is the owner of the prolific Tata Motors. His name is Pallonji Mistry and he has a total worth of $19.7 billion. The third wealthiest person in the automotive industry is Susanne Klatten who inherited the famous German automotive company BMW from her father. Her net worth is $18 billion and she is also the second richest person in Germany. Her brother, Stefan Quandt follows her in wealth at $14.8 billion. While he is also a major stakeholder in BMW, he also has other business which contribute to this position.
The next person on the list is Li Shu Fu who is the founder of Zhejiang Geely Holding Group. Li started his company making refrigerators but with the acquisition of Volvo in 2010, he became a major player and stakeholder in the automotive industry. Li is worth $10.5 billion. Li is followed by Georg Schaeffler of Schaeffler AG fame which is a renowned and trusted ball bearing and auto part manufacturer. Schaeffler is also a shareholder in Continental AG making him the sixth person on our list at $7.99 billion.
The rest of the list includes owners and stakeholders of major household names such as Bajaj and Hyundai. What is clear from the list is the huge amount of money that goes into an automotive company and how profitable such a venture could turn out to be. Especially nowadays with technology making AI driven cars famous and the tech industry eyeing a break into the market too, it is anybody’s guess just how many new names this list will include in 5 years. The major automotive brands have provided amazing service for a considerable amount of time which allows them to build the necessary trust in their customers