How did Richard Branson earn his money?

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Virgin Galactic’s Richard Branson – which is slated to fly into space nine days before Amazon’s Jeff Bezos – saw his wealth increase after he created Virgin Group, a now multinational venture capital conglomerate.

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To date, his net worth hovers around $ 6 billion, according to Forbes estimates. However, the British entrepreneur admits his fortune would never have existed without the help of his late mother Eve Branson.

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“It is no exaggeration to say that I owe my career to mom,” Richard Branson wrote in a public letter announcing his mother’s death in early January.

In the 1960s, Eve Branson came across a lost necklace on the street that she ended up selling and donating all the profits to the business mogul, said Richard Branson.

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“Without the £ 100 I would never have been able to start Virgin,” he added.

In the 1970s, Richard Branson and Nik Powell started a mail order record retailer. From there, the business then morphed into a record store on Oxford Street in London called Virgin Records, according to the Virgin website.

Virgin Galactic founder Richard Branson poses with the crew of the Unity 22 spacecraft (Photo courtesy of Virgin Galactic)

Eventually, they acquired a “big dilapidated mansion” in the area which they converted into a recording studio called The Manor. Their record company eventually signed big names in the industry, from the Sex Pistols to the Rolling Stones, and “became the biggest independent label in the world,” according to Virgin.

Eventually, Virgin plunged into the aviation industry and launched Virgin Atlantic in 1984. From there, “Virgin expanded into industries such as travel and entertainment, telecommunications and media. , music and entertainment, financial services, health and wellness, ”to Virgo.

To date, the Virgin Group oversees 40 Virgin companies around the world.

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In 1992, however, Branson sold Virgin Records for $ 1 billion, in part to fund his other businesses, according to Reuters.

In 2004, Virgin Galactic was founded, marking “the world’s first commercial space line and vertically integrated aerospace company,” according to the company’s website.

On Sunday, the company will be in space for the fourth time. Branson will be on board, making history as the first billionaire to do so in his own rocket.


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