Is It Me Or Are Millionaires Getting Younger (Much Younger)?
My fellow Supper Club member Reece Chowdhry who is only 29 now, was just 13 when he acquired his first Apple product, an Ipod. Now, this was in 2002, so 5 years before Jobs launched the pretty ubiquitous Iphone and even longer before the Ipad or many other innovations that we have seen from Apple that have made it the largest company in the world by market cap and the first trillion dollar corporation. In fact, back when young Reece acquired the Apple device, Apple had just emerged from a period of heavy losses and were saved by the founder Steve Jobs returning to turn it around. At the time Nokia were the biggest mobile phone company and there were so many tech names whose products Reece could have acquired, such as Atari, Hitachi, Compaq or Palm that are all just memories now as they all ultimately collapsed.
So what... you are probably thinking, he was hardly a genius for buying himself an Ipod in 2002 and, what’s the relevance anyway? Well, you would be right, if that was all that Reece had bought in 2002, it wouldn’t have been such a big deal, but it wasn’t all he bought. You see, the thirteen year old Reece was so impressed with his new Apple device that he also bought as many Apple shares as he could afford with his pocket money. The rest as they say, is history. His ultimate gain helped launch both his highly successful angel investing career and his fund, RLC Ventures. Today, Reece is employing the same canniness with both his own and his investor’s capital from his unassuming office by Victoria Station into a number of high growth tech investments which have seen his first fund of just £1m achieve a 6x return to date.
Now Reece is not unattractive, but frankly he’s no Kylie Jenner who has also prospered on the back of Apple by launching an app related to her makeup business that went to number one in the Itunes store. Jenner, who is just 21 is currently worth $900m according to Forbes and is forecast to be the world youngest ever billionaire through her 100% ownership of Kylie Cosmetics which she launched after her media career first saw her hit our screens at the age of ten.
Impressive as Reece was launching his investment career at 13 and Kylie’s launch of her career at 10, the undisputed winner of youngest millionaire goes to Ryan who rather like Madonna or Beyonce doesn’t really use a surname and is currently just eight years old. He is now one of the highest paid Youtube stars through his daily “Ryan's Toy Review.” Ryan has earned over $11m in revenue in the last two years and has received over 25 billion views to date. Ryans parents both work for him full time and Ryan is moving from influencing the toy industry to licensing his own toy brand to Walmart.
I think that the moral of these stories is that it is never too early to start to teach your kids entrepreneurship, and who knows, maybe, they might even give you a job in their company before they are out of nappies?