In this article, we will look into the 20 richest billionaires in telecommunications. If you want to skip our detailed analysis of the telecommunications market, you can go directly to the 5 Richest Billionaires in Telecommunications.
Telecom Industry: Rising Market Trends and Startups
The global telecommunication market saw a growing trend of adoption of technologies such as AI, 5G, and IoT, among others in 2023. A report by Deloitte highlights the key trends in the telecommunication industry for 2024. It states that cloud services providers are assessing and experimenting with generative AI. The implementation of AI in the field can revolutionize customer care and network performance operations. In 2024, customers in the US will have double the number of options for broadband connectivity than previously available, increasing the competition among telecommunication services providers. Another factor that will lead to high competition among the companies in the telecom market, and against other industries, is the need for a skilled workforce to execute generative AI strategies.
On March 6, 5G Open Innovation Lab (5G OI Lab), the global ecosystem uniting enterprises, carriers, and telecom services providers to work toward 5G actualization, announced its 9th batch of startups, selected from around the world. Entering into its 5th year, 5G OI Lab has fostered a staggering 126 startups, supported by major telecom and tech leaders including Comcast Corporation (NASDAQ:CMCSA), AT&T Inc. (NYSE:T), Microsoft Corporation (NASDAQ:MSFT), and Intel Corporation (NASDAQ:INTC). The previous batches of the lab have collectively raised more than $2.23 billion in venture capital funding.
The 5G OI Lab is also focusing on supporting Communication Service Providers (CSPs) in monetizing edge computing through collaborations and partnerships. For instance, the recent deployment of a private 5G network at Tacoma Tideflats. Tacoma Tideflats is a project by 5G OI Labs addressing real-world business challenges through its software ecosystem. There are 9 startups in this batch, which will deal with different aspects of 5G and Edge technology, including AI-powered communication and data analysis, network edge solutions, wireless observability, generative AI development platforms, and communication software, among others.
One of the leading startups participating in the 5G OI Lab, is Ecrio which provides end-to-end communication software for the implementation of 5G/LTE private networks. On April 23, it announced its partnership with Intel Corporation (NASDAQ:INTC) to enhance mission-critical communication for 5G private networks. The software platform of Ecrio, iota-e will be integrated with the Intel Corporation (NASDAQ:INTC) technology. Iota-e is the flagship product of Ecrio, which provides tailored private cellular networks, and offers a diverse suite of voice, video calling, and mission-critical features. Its features support person-to-person and person-to-machine communication for controlling different equipment. This collaboration will benefit the manufacturing and defense sectors, providing secure and reliable communication.
Major Players in the Market
Some of the major names in the telecommunication market that are working toward AI integration and 5G implementation include SK Telecom Co., Ltd. (NYSE:SKM), AT&T Inc. (NYSE:T), and Deutsche Telekom AG (OTC:DTEGY).
SK Telecom Co., Ltd. (NYSE:SKM) is a South Korean telecommunication company. On February 26, Reuters reported that the company is collaborating with the leading AI startup, Perplexity, which will provide its AI-based search engine to SK Telecom Co., Ltd. (NYSE:SKM) subscribers. This partnership places it as a strong competitor against search engines such as Google and Naver. The company’s subscribers will be able to access the premium version of Perplexity for free. SK Telecom Co., Ltd. (NYSE:SKM) will also utilize the AI startup’s technology to create its own AI products. This collaboration not only enhances the AI capabilities of SK Telecom Co., Ltd. (NYSE:SKM), but also provides Perplexity with a pool of new users.
AT&T Inc. (NYSE:T) is a major name in the US as well as the in the global telecom industry. On March 26, the company announced that it has formed an alliance with Microsoft Corporation (NASDAQ:MSFT) to launch AT&T Cloud Voice with Microsoft Teams Phone Mobile. It will integrate an AT&T business mobile number with Microsoft Teams, which will allow users to have a single phone number regardless of their location or device. This innovative AI-driven solution will be released by the third quarter of 2024.
Deutsche Telekom AG (OTC:DTEGY) is a leading German telecommunications company. On February 26, Reuters reported that the company has revealed a concept phone called T-phone, which utilizes AI to handle user needs and eliminates the use of apps. The phone would be able to understand voice commands and perform tasks such as making purchases or booking travel destinations. This futuristic concept by Deutsche Telekom AG (OTC:DTEGY) will leverage large language models, and will avoid the overload of apps.
With this context, let’s have a look at the 20 richest billionaires in telecommunications. You can also look at 15 Biggest Telecom Companies in the US and 10 Best Telecom Dividend Stocks To Buy for 2024.
A skyscraper adorned with telecommunication equipment, symbolizing the industry.
Methodology
To compile our list of the 20 richest billionaires in telecommunications, we utilized the real-time billionaires index from Forbes. Our list ranks the billionaires from the telecommunications industry in ascending order of their net worths, as of April 24.
20 Richest Billionaires in Telecommunications
20. Strive Masiyiwa
Net Worth (April 2024): $1.8 billion
Strive Masiyiwa is one of the richest billionaires in telecommunications. Masiyiwa launched the Econet Wireless Zimbabwe mobile phone network in 1998. He has 38% shares in Econet Wireless Zimbabwe Limited (ECO.zw) and around 33% shares in the money transfer firm EcoCash. He also has stakes in Liquid Intelligent Technologies, a private company providing cloud-based services to telecommunication companies in South Africa. He is one of the richest people in Africa in 2024. As of April 24, his real-time net worth is $1.8 billion.
19. Craig McCaw
Net Worth (April 2024): $2.0 billion
Craig McCaw, along with his brothers took charge of his father’s cable TV business in 1966, Later in 1994, they sold the business to AT&T Inc. (NYSE:T) for $12.6 billion in stock. He has also served as a chairman for the telecom company, Clearwire which was later acquired by Sprint. His real time net worth is $2 billion, as of April 24.
18. Marcelo Claure
Net Worth (April 2024): $2.0 billion
Marcelo Claure is ranked 18th on our list of the richest billionaires in telecommunication. Claure is a Bolivian and American entrepreneur, who has worked as a CEO at SoftBank Group Corp. (OTC:SFTBY), a Japanese internet services firm. Most of his wealth comes from shares of T-Mobile. His net worth is valued at $2 billion, as of April 24.
17. Denis O’Brien
Net Worth (April 2024): $2.7 billion
Denis O’Brien is from Dublin, Ireland. He runs a leading mobile phone network provider, Digicel which provides services in the Caribbean, Central America, and Asia Pacific. O’Brien earned a fortune by selling Esat Telecom Group to British Telecom Group in 2000. With a net worth of $2.7 billion, O’Brien is ranked among the richest billionaires in telecommunications.
16. Taha Mikati
Net Worth (April 2024): $2.8 billion
The Lebanese Billionaire, Taha Mikati cofounded M1 Group, an investment holding company in Beirut. It has stakes in the leading South African telecom company, MTN Group Limited (OTC:MTNOY). Taha Mikati founded Investcom with his brother in 1982, which went public in 2005 and was then acquired by MTN Group Limited (OTC:MTNOY) in 2009 for $3.6 billion. He has a net worth of $2.8 billion.
15. Najib Mikati
Net Worth (April 2024): $2.8 billion
Najib Mikati is the prime minister of Lebanon. He has served as a prime minister before as well, in 2005 and from 2011 to 2014. He founded the companies Investcom and M1 Group with his brother. As of April 24, he has a net worth of $2.8 billion.
14. John Caudwell
Net Worth (April 2024): $3.2 billion
John Caudwell is one of the richest billionaires in the telecom industry. He was the founder of the mobile phone retail company, Phones 4u. Later, he sold his stakes in the company in 2006 and 2011. He along with his brother founded another mobile services company, Singlepoint which was bought by Vodafone in 2003. As of April 24, he has a net worth of $3.2 billion.
13. Naguib Sawiris
Net Worth (April 2024): $3.8 billion
Naguib Sawiris is ranked 13th on our list. He is an Egyptian businessman and is one of the richest billionaires in Africa. He is the chairman of Orascom TMT Investments and has a net worth of $3.8 billion.
12. Yasumitsu Shigeta
Net Worth (April 2024): $4.1 billion
Yasumitsu Shigeta is the chairman of Hikari Tsushin, Inc. (TYO:9435). Shugeta founded the company in 1988. Based in Tokyo, Yasumitsu is one of the richest billionaires in Japan. He has a net worth of $4.1 billion, as of April 24.
11. Shaul Shani
Net Worth (April 2024): $4.3 billion
Shaul Shani is ranked 11th on our list. In 2019, he sold Global Village Telecom for $4.5 billion. He has raised his fortune through lending and investments in emerging economies. He has cofounded three companies, out of which two were acquired, In 2014, he took charge of ECI Telecom and sold it to Robbon Communications in 2019. As of April 24, his net worth is $4.3 billion.
10. Richard Li
Net Worth (April 2024): $4.5 billion
Richard Li is the chairman of Pacific Century Group. He is the son of the wealthiest billionaire in Hong Kong. Li founded PCCW, the leading communication and media company that operates HKT in Hong Kong. He has a net worth of $4.5 billion.
9. Ananda Krishnan
Net Worth (April 2024): $4.8 billion
Ananda Krishnan is ranked 9th on our list of the richest billionaires in telecommunication. He is a Harvard graduate and has stakes in telecom company Maxis, and media company Astro Malaysia Holdings. His net worth is $4.8 billion, as of April 24.
8. Robert Hale Jr
Net Worth (April 2024): $5.4 billion
Robert Hale Jr is the CEO and founder of Granite Telecommunications, a leading telecom services provider. In 2022, his company generated $1.8 billion in sales. He has a net worth of $5.4 billion, as of April 24.
7. Patrick Drahi
Net Worth (April 2024): $5.5 billion
Patrick Drahi is the founder and owner of the French telecom company, Altice NV. In 2015, Drahi bought a 70% share in Suddenlink for $9 billion and Cablevision for $17.7 billion. He has a net worth of $5.5 billion, as of April 24.
6. Rakesh Mittal
Net Worth (April 2024): $6.7 billion
Rakesh Mittal is the non-executive director of the leading mobile phone operator in India, Bharti Airtel Ltd (NSE:BHARTIARTL). With a $6.7 billion net worth, he is ranked 6th on our list of the richest billionaires in telecommunication.
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Disclosure. None. 20 Richest Billionaires in Telecommunication is originally published on Insider Monkey.