Billionaires: The Next Generation

August 28, 2008 at 4:34 pm Leave a comment

 When Michael Birch met an American brunette named Xochi at a college bar in London, he wasn’t just meeting his future wife. It was also the beginning of a beautiful business.

Earlier this year the couple sold their social-networking site, Bebo, to AOL for $850 million. Their cut: about $600 million. An impressive haul for anybody, but especially for Michael and Xochi, who are just 38 and 36.

In Pictures: Next-Gen Billionaires

The world’s current crop of billionaires has plenty of money but not much youth. The average age of the 1,125 people on Forbes’ list of the world’s wealthiest is 61. It’s impossible to predict exactly who will replace them, but don’t bet against people like the Birches.

Or 32-year-old Tiger Woods. When the golf champion returns to the links from a knee injury, he’ll continue a financial rise that could crown him the first billionaire to make his money through sports. We predict it could happen as soon as 2011 because of Tiger’s lucrative endorsement deals. (See “Tiger’s Next Trophy: Billionaire.”)

Deal maker Roelof Botha is another to keep an eye on. The 34-year-old venture capitalist at Sequoia Capital hit a grand slam with an early investment in YouTube. The deal yielded a 65-fold return for Sequoia, a storied firm that also employs current billionaire Michael Moritz.

Hedge fund manager Chase Coleman’s age, 33, belies his exceptional ability to manage money. His Tiger Global fund reportedly returned over 70% after fees last year, a performance over six times better than the hedge fund average. One estimate pegged Coleman’s earnings from his banner year as high as $400 million.

See Complete story

http://www.forbes.com/business/2008/08/13/billionaires-woods-birch-biz-billies-cx_af_0813nextgenbillies.html

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Entry filed under: Internet Startup.

15 Year Old sells message board Programmer Brings in $1 Million a month from Facebook

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About Biz News

My Name is Bisi and this is my blog This blog features stories that I have read that I think are interesting . I usually bookmark the stories that I find interesting but they are getting too many . I have decided to catalog and share them on this site . I am not really promoting the site so you might have accidentally stumbled on it . Thanks for visiting .
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