Billionaires are now worth $12.2 trillion worldwide, down from $12.7 trillion in the first quarter of 2022. While the net worth of the planet’s billionaires continues to fall, so does the average age, dropping from 58 to 47.

A man from Preston, North West England, was recently crowned as the youngest billionaire in the UK with the highest net worth. 55-year-old Michael Platt has an estimated fortune of $16.1 billion. Platt is a British hedge fund manager and co-founder of BlueCrest Capital Management. Over 23 years, the company has garnered over $60billion in assets.

London based Black Banx founder Michael Gastauer has the second highest net worth amongst UK young billionaires. With a net worth of $11.4 billion at only 49 years old, Gastauer is one of Britain’s wealthiest. Gastauer founded his first company by the age of 24 and sold it for $480m in 2008. In 2016 he launched Black Banx, a digital banking platform that reached a $10.1 billion valuation in 2018.

The UK’s youngest billionaire is Ben Francis, the CEO of clothing brand Gymshark. Ben Francis is the UK’s youngest billionaire, aged 31 years old. CEO of fitness clothing brand, Gymshark, Francis is worth $1.3 billion. Francis co-founded Gymshark in 2012 with Lewis Morgan (aged 20) whilst studying at Aston University together. The company’s breakthrough came when Francis started sharing his fitness journey on social media platforms particularly on YouTube and Instagram.

Revolut founder, 39-year-old Nikolay Storonsky, is the second youngest male UK billionaire. Storonsky launched Revolut when he was 31 years old in 2015 with co-founder Vlad Yatsenko, aged 33. The neobank and finance tech startup has garnered huge success by offering a wide range of financial services. Revolut is estimated to be worth $33 billion. Storonsky himself has an estimated net worth of $3.3 billion.

Ben Francis founded Gymshark when he was just 19. Nikolay Storonsky founded Revolut at the age of 30. Michael Gastauer had his first business when he was 24 prior to founding Black Banx. Michael Platt started BlueCrest Capital Management by the age of 32.

The research from City Index also reveals female billionaires are also on the rise, with an average net worth of $5.39billion, $1.3billion more than the average net worth of males.