This German Teenager Is Now The Youngest Billionaire In The World
This German Teenager Is Now The Youngest Billionaire In The World
Becoming a billionaire is easy when you're born into money. Just take Kevin David Lehmann, for example—the 18-year-old teenager from Germany recently became the youngest billionaire in the world after he inherited stakes in the country's leading drugstore chain, dm-drogerie markt, from his father. According to Forbes, Lehmann is now worth $3.3 billion, and he never even had to lift a finger.
“Guenther Lehmann, the 18-year-old billionaire’s father, transferred a stake in German drugstore chain 'drogerie markt' to his son when he was 14," reads Forbes' description of Lehmann in its 35th annual list of billionaires. "It remained under trusteeship until his 18th birthday, which was in September 2020.”
Once he turned of age, Lehmann was able to acquire trusteeship to the firm. He now joins the ranks of other young billionaires who also inherited their fortunes, such as Wang Zelong who takes this year's No. 2 spot with $1.5 billion, and Alexandra Andresen who follows in the No.3 spot with $1.4 billion.
Interestingly enough, neither Lehmann nor his father is actually involved in the company's affairs. In fact, not much is known about the two or their family. Lehmann is not active on social media and also rarely makes any public appearances. Such is a stark difference from the previous holder of the title, Kylie Jenner, who rose to billionaire status primarily through her Kylie Cosmetics entrepreneurship and public dealings. In 2020, Jenner was initially considered "self-made" by Forbes; however, the publication retracted the statement after a technicality proved that her wealth did not entirely result from her sole efforts.
Dm-drogerie markt is an established name in Germany. Founded in 1973, the retailer services over 1.7 million customers across the country with a total of 2,000 stores and 41,000 employees. The company is also deeply rooted in sustainable action and works with several partners on various ecological, social, and cultural campaigns.
READ MORE
Handing children part of their inheritance while everyone is still around to enjoy it can sound much easier than dealing with an estate later. However, once the amount gets large enough, tax questions start appearing fast. The surprising part is that the biggest tax issue may not be the one families expect.
Finding out that a bank closed an old account and handed the balance to the state can sound like the government simply took your savings. Usually, something much less dramatic happened, and the good news is that owners can generally claim that money back.
You worked regular hours, answered to a manager, and handled the same responsibilities as everyone else. Yet your employer called you an independent contractor, leaving you without benefits. If that classification was wrong, you might be entitled to compensation for years of missed protections.
Americans spent fortunes on these must-have 1980s electronics, from VCRs to early computers. Discover which once-expensive gadgets are practically worthless today and which might still surprise collectors with their value.
There was a time when a few dollars could buy a surprisingly satisfying fast-food meal, and the 1980s helped make that experience unforgettable. Burger chains competed with discounted sandwiches, inexpensive sides, and increasingly attractive meal combinations. By the end of the decade, Wendy's had introduced a 99 cent menu that would influence the entire industry. Those prices look almost unbelievable today, although the dollars themselves were worth considerably more back then.
Disclaimer
The information on MoneyMade.com is intended to support financial literacy and should not be considered tax or legal advice. It is not meant to serve as a forecast, research report, or investment recommendation, nor should it be taken as an offer or solicitation to buy or sell any securities or adopt any particular investment strategy. All financial, tax, and legal decisions should be made with the help of a qualified professional. We do not guarantee the accuracy, timeliness, or outcomes associated with the use of this content.
Dear reader,
It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.
Looking for a new home? Make sure you get a mortgage rate that works for you. That means understanding the difference between fixed and variable interest rates. Whether you’re looking to learn how to make money, save money, or invest your money, our well-researched and insightful content will set you on the path to financial success. Passionate about mortgage rates, real estate, investing, saving, or anything money-related? Looking to learn how to generate wealth? Improve your life today with Moneymade. If you have any feedback for the MoneyMade team, please reach out to [email protected]. Thanks for your help!
Warmest regards,
The Moneymade team
