Gymshark founder Ben Francis leads Britain’s next generation of young millionaires
Other young millionaires on this year’s rich list include Harry Styles, a football net entrepreneur and a former apprentice contestant
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Your support makes all the difference.At just 31 years old, Gymshark founder Ben Francis is leading the way for Britain’s youngest entrepreneurial millionaires.
Valued at £725 million with growing storefronts, the athleisurewear tycoon has come a long way from sewing gym wear himself and dropping out of university to pursue his dream.
Despite falling 46 places on this year’s Sunday Times Rich List, Francis still secured a spot at number 230 and number five on the 40 richest under 40 list.
Francis set up Gymshark in 2012 with his school friend Lewis Morgan at the age of 19 while working as a Pizza Hut delivery driver in Bromsgrove.
Tired of scratchy synthetic materials, he began making his own garments with ultra-soft fabrics after his mother taught him to sew. He then recruited influencers to wear his products to drive up sales - a marketing technique used widely today.
While studying at Aston University, Francis took the bold decision to drop out to run Gymshark full time as the business began to take off.
The latest figures suggest the company’s profits are not rising as fast in recent years but sales are still roaring – up by some 20 per cent in the year to July 2023.
It makes 90 per cent of its revenues online but attention is beginning to turn to more bricks and mortar business with their second store opening in Westfield Stratford City, in east London.
Francis leads the way for other self-made young millionaires on the 40 under 40 list - which included The Apprentice contestants and celebrities such as Harry Styles.
The Duke of Westminster topped the under 40s list with a fortune of £10.127 billion.
While Hugh Grosvenor, 33, is one of the richest men in the UK, he generally prefers to keep a low profile. He is reported to be extremely close to the royal family with the King, Queen and the Prince of Wales all likely to attend his wedding to Olivia Grace Henson next month.
King Charles is Hugh’s godfather and was present at his Christening in 1991. Grosvenor is also close friends with Prince Harry, who made the duke Archie’s godfather.
In a story more similar to Francis’, self-made millionaire Alex Lovén secured 14th place on the 40 under 40 list with a fortune of £200 million.
The 36-year-old saved up £13,000 from shifts at a builder’s merchant as a teenager to buy some football goal nets. He now sells more than 100,000 a year under his company Net World Sports.
Not far behind sits James Asquith who was just 24 when he held the Guinness world record for the youngest male to visit all 196 sovereign countries on the planet.
Now worth £182 million, the 35-year-old now runs Holiday Swap, which serves as a rival to Airbnb.
Despite coming third on the popular BBC show The Apprentice, Susie Ma has soared to great heights with her Tropic Skincare business.
The 35-year-old is now worth £73 million after she persuaded Lord Sugar to buy half of her company in 2011 despite being fired on the show. She bought him out last year and now sits at number 36 on the list.
Also making it on both the 40 under 40 and the overall rich list are twins Oliver and Alexander Kent-Braham.
The 32-year-olds began running their insurance business Marshmallow, which uses AI to assess safe drivers and lower premiums, from a gym.
They are now worth £455 million and secured seventh place on the under-40s list and 299th on the overall list.
Here is a full list of the top 20 richest people under 40:
1. Duke of Westminster - £10.127billion
2. Lady Charlotte Wellesley - £2.2 billion
3. Herman Narula - £780million
4. Fawn and India Rose James - £750million
5. Ben Francis - £725million
6. Thomas Hartland-Mackie - £684million
7. Oliver and Alexander Kent-Braham - £455million
8. Ayman Rahman and Fateha Begum - £404million
9. Sir Lewis Hamilton - £350million
10. Ed Sheeran - £340 million
11. Tom and Phil Beahon -£334million
12. Timothy Goodwin and family - £245million
13. Rory McIlroy - £225million
14. Martin Kissinger - £200million
15. Alex Lovén - £200million
16. James Asquith - £182million
17. Anthony Joshua - £175million
18. Harry Styles - £175million
19. Adele - £170million
20. Dan and Melanie Marsden - £151million
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