Sir Richard Branson is the flamboyant entrepreneur behind Virgin Group. Virgin Group began in 1970 with a mail order business that became Virgin Records; it has expanded to include over 40 companies and employs over 60,000 people in 35 countries as of 2024. Branson is the founder of the Virgin Group.
Branson’s companies include (or have included) airlines, wireless communications, radio stations, hotels, health clubs, financial services businesses, the nightclub Heaven, renewable technologies, a Formula One team, and even a space tourism company.
As of August 2024, the 74-year-old Branson’s net worth stood at an estimated $2.7 billion, according to Forbes. Here is a brief look at how the fun-loving Branson grew his Virgin mega-brand.
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- Sir Richard Branson is an entrepreneur whose net worth stands at an estimated $2.7 billion in 2024.
- Branson’s first entrepreneurial venture was founding a magazine, called Student, at 16; he owns (or has owned) airlines, record labels, radio stations, hotels, and many other companies.
- Branson owned Virgin America Airlines until 2016 when Alaska Air acquired the company; although Branson opposed the acquisition, he lacked the votes to stop it.
- Branson’s label Virgin Records was home to the Rolling Stones, the Sex Pistols, and others.
- In 2001, his company teamed with Sprint to launch Virgin Mobile.
The 1960s
Richard Branson started his entrepreneurial career at age 16 with a magazine, called Student, which interviewed celebrities; the first issue sold almost $8,000 worth of advertising. He dropped out of school to promote his magazine. In 1969, he started a mail-order record business that used the magazine office as an operating base. Branson called the new business Virgin.
The 1970s
In 1970, Branson launched Virgin Mail Order Records. After a rocky start, he owned 14 record stores by 1972. He used the profits from his record store chain to found the music label Virgin Records in 1972. He earned his first million dollars in 1973 when Virgin recording artist Mike Oldfield sold over five million copies of his record, “Tubular Bells.”
Part of Branson’s early success at Virgin Records came as a result of his willingness to sign the Sex Pistols and other controversial artists. Other popular Virgin acts included The Rolling Stones and Ozzy Osbourne. By the end of the decade, Virgin Music had become one of the top six record companies in the world, with branches in Germany, France, and Japan.
In 1979, Branson purchased Necker Island in the British Virgin Islands for $180,000. Necker Island was the origin of the Virgin Limited Edition luxury property portfolio.
The 1980s
Virgin Books and Virgin Video were founded in 1981. Within two years, Branson’s business empire included more than 50 different companies with combined sales of more than $17 million.
In 1984, Branson paired with lawyer Randolph Fields to start one of his most famous companies yet, Virgin Atlantic. The airline took off (pardon the pun) due to its fine customer service and innovative in-flight comforts, such as free ice cream, seat-back video screens, and in-flight massages.
The 1990s
In 1992, Branson reluctantly sold Virgin Records for $1 billion in order to keep Virgin Atlantic afloat. These were tumultuous years for Virgin Atlantic. Terrorist attacks kept people from flying, and larger rival British Airways engaged in what Branson called “a hostile campaign designed to cause permanent damage to Virgin.”
Branson successfully sued British Airways for libel, with a judge ruling in 1993 that British Airways pay Branson and Virgin $945,000 in damages—plus legal fees estimated at around $3 million—and deliver an apology. In 1996, Branson started Virgin Trains.
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He became Sir Richard Branson in 2000, and Time magazine named him as one of the top 100 most influential people in the world in 2007.
The 2000s
In 2001, Virgin Group launched Virgin Mobile as a joint venture with Sprint Nextel. In 2020, Sprint shut down Virgin Mobile and transferred users to Boost Mobile.
In September 2004, Branson turned his eyes to the sky again and joined forces with Burt Rutan, an American aeronautical engineer, to launch Virgin Galactic. The company would offer licensed spacecraft that could take tourists to space. Branson had a vision of providing cheap space tourism. An unfortunate series of events, including a crash in 2014, rerouted the date of the first commercial space flights. In 2021, they had their first successful, fully-crewed spaceflight. In February 2022, Virgin Galactic opened up ticket sales to the public. (The price of a reservation is $450,000.) The company’s first spaceflight with tourists was launched in August 2023.
In January 2024, Virgin Galactic successfully completed the mission of ‘Galactic 06,’ the company’s 11th spaceflight.
At one point, Branson owned three space-focused companies: Virgin Galactic, Virgin Orbit for cargo, and VOX Space for government missions. VOX Space was a subsidiary of Virgin Orbit. Virgin Orbit and all its subsidiaries halted operations and laid off all of its staff in 2023.
Branson launched social activist projects that included Virgin Unite to combat HIV and AIDS, and the Branson Center of Entrepreneurship to teach entrepreneurial skills in developing countries.
How High Did Richard Branson Go?
Richard Branson reached the edge of space in his Virgin Galactic rocket plane in July 2021. The plane, known as VSS Unity, reached a height of 53.5 miles, or 282,480 feet.
How Much Is Richard Branson Worth?
Richard Branson has a net worth of $2.7 billion as of August 2024, according to Forbes.
How Is Richard Branson a Billionaire?
Most of Richard Branson’s wealth comes from his Virgin Group, an investment company that includes more than 40 businesses. Specifically, much of his wealth is tied to Virgin Enterprises—his brand licensing company.
The Bottom Line
Branson attributes his success to luck, speed, and hard work. His books and biographies cite his daredevil ideas, originality, willingness to buck norms, and his persistence. Branson never allowed inexperience to discourage him from being a dynamic and daring entrepreneur; he named his company Virgin because he and his employees were all new to the business.
His extraordinary service to his employees and clients rated him as the United Kingdom’s celebrity dream boss in an opinion poll by Cancer Research U.K. in 2009. His philanthropy earned him accolades as the most admired business owner over the past five decades in The Sunday Times in 2014.
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