In this article, we discuss the 25 richest billionaires in manufacturing industry. To skip our detailed analysis of the manufacturing industry, go directly to the 5 Richest Billionaires in Manufacturing Industry.
Global Manufacturing Industry: An Analysis
The global manufacturing industry contributes massively to the world’s GDP. As per the data from the World Bank, global manufacturing accounted for nearly 16% of the world’s GDP in 2022. Manufacturing is involved in almost every industry. The US and China are two of the largest manufacturing countries in the world. According to a report by Deloitte, more than 200 new clean technology manufacturing facilities have been announced since the passage of the Inflation Reduction Act (IRA) of 2022. Approximately an investment of $88 billion has been made into the 200 new clean technology manufacturing facilities across the US. In addition, the manufacturing industry is boosted by the US CHIPS and Science Act (CHIPS Act), which allocates almost $50 billion for the domestic semiconductor industry. Whereas, the Infrastructure Investment and Jobs Act (IIJA) sets aside $1.2 trillion for transportation and infrastructure in the US. Since the passing of the IRA, CHIPS ACT, and IIJA, annual construction spending has increased in the US. The annual construction spending in manufacturing was valued at $201 billion in the US, as of July 2023, reflecting a 70% increase year-over-year.
The changing trends in the manufacturing industry will have an impact on global manufacturing. According to a report by Oracle, the top industrial manufacturing trends in 2024 include technological investment, reskilling talent, reevaluating the supply chain, and building the factory for the future. Deloitte in its report mentions almost 86% of surveyed manufacturing executives believe that smart factory technologies will be the key drivers for competitiveness in the next five years.
According to a report by Markets and Markets, the global smart manufacturing market was valued at $108.9 billion in 2023 and is expected to reach $241 billion by 2028, growing at a compound annual growth rate of 17.2%. Whereas, the global general manufacturing market was estimated at $726.3 billion in 2022. The market is projected to grow to $944.6 billion by 2030, growing at a compound annual growth rate of 3.3%.
The manufacturing industry continues to face headwinds. According to data from the UN Industrial Development Organization, global manufacturing recorded a year-over-year growth of only 1.5% during the fourth quarter of 2023. Manufacturing in Asia and Oceania recorded the highest year-over-year growth rate of 3.4% in Q4 2023. In comparison, the manufacturing output in Africa and Northern America was negative during the last quarter of 2023, dropping by 0.7% and 0.5% year-over-year, respectively. Among countries, China, India, and Indonesia reported annual manufacturing year-over-year growth beyond 4% in Q4 2023.
Big Players in the Manufacturing Industry
Some of the largest manufacturing companies in the world include Apple Inc. (NASDAQ:AAPL), Hon Hai Precision Industry Co., Ltd. (OTC:HNHPF), and Samsung Electronics Co., Ltd. (KRX:005930). Let’s take a look at some recent updates by these companies.
Apple Inc. (NASDAQ:AAPL) is one of the biggest tech companies in the world. The company makes various tech products including iPhones, iPads, Macbooks, Mac Minis, Watches, and now the Vision Pro headsets as well. On April 11, Apple Inc. (NASDAQ:AAPL) announced that it would expand its repair processes with support from used Apple parts. Apple Inc. (NASDAQ:AAPL) plans to begin the used Apple parts for repair in fall 2024. The used Apple parts have complete functionality and security similar to the new genuine parts. In addition, the company will extend its popular Activation Lock feature to iPhone parts.
Hon Hai Precision Industry Co., Ltd. (OTC:HNHPF) is one of the largest tech and manufacturing companies in the world. On March 25, Hon Hai Precision Industry Co., Ltd. (OTC:HNHPF) announced that its subsidiary, Foxconn Interconnect Technology Ltd, is partnering with MediaTek to co-develop a 51.2T solution, inclusive of Co-Packaged Optics (CPO). The groundbreaking CPO will be designed to evolve the integration of optical transceivers directly onto the same package as the ASIC. Foxconn Interconnect Technology Ltd will utilize MediaTek’s cutting-edge ASIC platform to advance its CPO capabilities. Here is what the CTO of Foxconn Interconnect Technology Ltd, Joseph Wang, said:
“We are deeply honored to partner with MediaTek on this venture. This trailblazing technology is expected to introduce revolutionary products to the market, ensuring stable and reliable high-speed connectivity solutions. Anticipating the product’s launch, we are committed to collectively furnishing our customers with a broader spectrum of efficient connectivity solutions, thereby propelling the high-performance computing era forward.”
Samsung Electronics Co., Ltd. (KRX:005930) is one of the top multinational appliance and consumer electronics corporations. The company manufactures electronic equipment ranging from LEDs to smartphones, and many other products. On April 23, Samsung Electronics Co., Ltd. (KRX:005930) reported the beginning of mass production for its 1-Tb triple-level cell (TLC) 9th-generation vertical V-NAND. With the latest generation technology, the V-NAND will have a 50% higher bit density than the 8th-generation V-NAND. The 9th-generation technology will allow Samsung Electronics Co., Ltd. (KRX:005930) to develop high-performance and high-density solid-state drives and fulfill the needs of the coming AI generation.
With this context, Let’s take a look at the 25 richest billionaires in the manufacturing industry.
25 Richest Billionaires in Manufacturing Industry
Our Methodology
We gathered the data for the 25 richest billionaires in the manufacturing industry from the Forbes Real Time Billionaires Index. The list of billionaires from the manufacturing industry is ranked in ascending order of billionaires’ net worths, as of May 2.
25 Richest Billionaires in Manufacturing Industry
25. Ruan Xueping
Net Worth: $6.7 Billion
Ruan Xueping co-founded the power strip supplier and civil electric products manufacturer, Gongniu Group Co., Ltd. (SHA:603195). Xueping serves the company as vice chairman. Ruan Xueping has a net worth of around $6.7 billion and ranks 25th among the richest billionaires in the manufacturing industry.
24. Ruan Liping
Net Worth: $6.8 Billion
Ruan Liping is the chairman and president of Gongniu Group Co., Ltd. (SHA:603195). Liping co-founded the company with his brother Ruan Xueping. Ruan Liping has a net worth of around $6.8 billion.
23. You Xiaoping
Net Worth: $6.8 Billion
You Xiaoping is the chairman of polyurethane products manufacturer, Huafon Group. One of the units of the group, Huafon Chemical Co., Ltd (SHA:002064), is a leading spandex maker. With a net worth of $6.8 billion, You Xiaoping ranks 23rd among the richest billionaires in the manufacturing industry.
22. Wang Liping
Net Worth: $6.8 Billion
Wang Liping founded Jiangsu Hengli Hydraulic Co., Ltd (SHA:601100), a company that manufactures and sells hydraulic components and systems. Wang Liping is the chairman of the company and has a net worth of around $6.8 billion.
21. Benu Gopal Bangur
Net Worth: $6.9 Billion
Benu Gopal Bangur controls one of the leading cement producers in India, Shree Cement Limited (NSE:SHREECEM). Bangur gains his wealth from a majority stake in the company. Benu Gopal Bangur is one of the richest billionaires in the manufacturing industry.
20. Rahel Blocher
Net Worth: $7 Billion
Rahel Blocher makes her fortune from the Swiss polymer and chemical giant, Ems Chemie Holding AG (SWX:EMSN). Rahel obtained her stake in the firm from her father, Christoph Blocher. Rahel Blocher runs her father’s investment firm, Robinvest, while her sister Magdalena oversees Ems Chemie Holding AG (SWX:EMSN). Rahel Blocher ranks 20th among the richest billionaires in the manufacturing industry.
19. Magdalena Martullo-Blocher
Net Worth: $7 Billion
Magdalena Martullo-Blocher is the long-time CEO of Ems Chemie Holding AG (SWX:EMSN). Before joining the family business in 2001, Magdalena worked at Johnson & Johnson and Swiss beverage maker Rivella.
18. Juergen Blickle
Net Worth: $7.3 Billion
Juergen Blickle is one of the richest billionaires in the manufacturing industry. Juergen and his brother Rainer run the German manufacturer specializing in drive-automation and power-transmission solutions, SEW-Eurodrive. Juergen Blickle has a net worth of around $7.3 billion.
17. Chen Jianhua
Net Worth: $7.8 Billion
Chen Jianhua is the chairman of the Chinese leading petrochemical firm, Hengli Group. Jianhua’s wife chairs the firm’s listed subsidiary, Hengli Petrochemical Co., Ltd. (SHA:600346).
16. Steven Rales
Net Worth: $8.1 Billion
In 1983, Steven Rales and his brother Mitchell acquired a REIT and merged it into a firm, Danaher Corporation (NYSE:DHR). Today, Danaher Corporation (NYSE:DHR) is a globally diversified conglomerate. In 2016, Rales spun off some assets of its industrial conglomerate to launch a new firm, Fortive Corporation (NYSE:FTV). Steven Rales is one of the richest people in the manufacturing industry.
15. Sri Prakash Lohia
Net Worth: $8.3 Billion
Sri Prakash Lohia along with her father moved from India to Indonesia in the 1970s and co-founded Indorama Corporation. Sri Prakash Lohia made a fortune in building the fertilizers and polymers business. Sri Prakash Lohia ranks 15th among the richest billionaires in the manufacturing industry.
14. Andrei Guryev
Net Worth: $9.3 Billion
Andrei Guryev and his family own nearly 50% of PhosAgro, one of the world’s leading producers of phosphate-based fertilizers. In March 2022, Guryev stepped down as deputy chairman of the company.
13. Viatcheslav Kantor
Net Worth: $9.8 Billion
Viatcheslav Kantor has a large stake in one of the largest fertilizer-producing firms in Russia, the Public Joint Stock Company Acron (MCX:AKRN). Viatcheslav Kantor is one of the richest billionaires in the manufacturing industry.
12. Anthony Pratt
Net Worth: $10.4 Billion
Anthony Pratt is the executive chairman of a packaging and recycling firm, Visy. Pratt also owns one of the biggest manufacturers of corrugated cardboard in the US, Pratt Industries. Anthony Pratt has a net worth of around $10.4 billion and is one of the richest people in the manufacturing industry.
11. Friedhelm Loh
Net Worth: $10.4 Billion
Friedhelm Loh oversees the German manufacturing and services group, Friedhelm Loh Group, which owns almost 100 global subsidiaries. Friedhelm Loh has a net worth of $10.4 billion and ranks among the richest billionaires in the manufacturing industry.
10. Viktor Rashnikov
Net Worth: $10.6 Billion
Viktor Rashnikov ranks 10th among the richest billionaires in the manufacturing industry. Rashnikov owns a majority stake in the Public Joint Stock Company Magnitogorsk Iron & Steel Works (MCX:MAGN). In 2011, Rashnikov stepped down as CEO of the company. In February 2022, Rashnikov transferred his shares of the Public Joint Stock Company Magnitogorsk Iron & Steel Works (MCX:MAGN) from a Cyprus-registered company to Russian Altair LLC.
9. Li Shuirong
Net Worth: $10.9 Billion
Li Shuirong is the chairman of Zhejiang Rongsheng Holding Group, which operates in petrochemicals, logistics, and real estate. Li Shuirong has a net worth of around $10.9 billion.
8. Goh Cheng Liang
Net Worth: $11.3 Billion
Goh Cheng Liang obtains his wealth from a majority stake in Japan’s leading paint manufacturer, Nippon Paint Holdings Co., Ltd. (OTC:NPCPF). Goh Cheng Liang ranks eighth among the richest billionaires in the manufacturing industry.
7. James Dyson
Net Worth: $13.2 Billion
James Dyson made a fortune by building a business in the vacuum cleaning industry. Dyson invented the bagless vacuum cleaner and has a net worth of around $13.2 billion.
6. Aliko Dangote
Net Worth: $14.3 Billion
Aliko Dangote is Africa’s richest person. Dangote founded the leading cement producer in Africa, Dangote Cement. Aliko owns around 85% of the company. Aliko Dangote also operates in fertilizer and refining businesses. Aliko Dangote is ranked sixth among the richest billionaires in the manufacturing industry.
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Disclosure. None. 25 Richest Billionaires in Manufacturing Industry is originally published on Insider Monkey.