Whether it's due to extravagant inheritances, family business empires, or their own entrepreneurial successes, there are more young billionaires today than ever before. The youngest billionaire currently in existence is just 23 years old, while the tenth-youngest is only 34 years old.

All told, there are currently 47 billionaires under the age of 40, with a cumulative net worth of $199.8 billion. This group represents approximately 2.5% of the total world billionaires.

The following list profiles the ten world's youngest billionaires and describes how each one acquired their extraordinary fortunes. Numbers as of March 24, 2020.

1. Kylie Jenner

Age: 23

Net worth: $1B

Although she first became known as a member of the E! reality television series Keeping Up with the Kardashians, Kylie Jenner has since made a name for herself as an entrepreneur. At the age of 14, she and her sister Kendall launched their clothing line, Kendall & Kylie. In 2015, Kyle created a cosmetics company called Kylie Lip Kits, which was later rebranded as Kylie Cosmetics. Her success may be attributed to her considerable social media presence. Case in point: she boasts an astonishing 167 million Instagram followers.

2. and 3.: Sisters Alexandra Andresen and Katharina Andresen

Respective ages: 24 and 25

Net worth: $1.1B each

Norwegian sister heiresses Alexandra Andresen and Katharina Andresen are the daughters of Johan H. Andresen Jr., owner of Ferd, a Norwegian investment company that manages hedge funds, actively invests in the Nordic Stock Exchange, and boasts a substantial private equity portfolio. In 2007, the Andresen sisters each received a 42.2% ownership stake in the company.

Alexandra and Katharina Andresen
Alexandra and Katharina Andresen.

4. Gustav Magnar Witzoe

Age: 27 

Net worth: $2.3B

Gustav Magnar Witzoe owns nearly half of SalMar ASA, one of the world's largest salmon producers, which spearheaded the industrialization of salmon farming in Norway. The stake in the company was handed to him in 2013 by his father, Gustav Witzoe Sr., who still runs the company's day-to-day operations, freeing Gustav to invest in real estate and tech startups.

5. Jonathan Kwok

Age: 28

Net worth: $2.0B

Jonathan Kwok is the youngest son of the late Walter Kwok, former chairman of Sun Hung Kai Properties, Hong Kong's largest real estate developer. Along with his brother, Jonathan inherited Walter's direct stake in SHKP.

6. John Collison

Age: 30

Net worth: $3.2B

John Collison is the president and co-founder of Stripe, a company that builds software helping businesses facilitate online credit card payments. The Irish entrepreneur launched the company with his brother Patrick when they were both college students . After a round of funding in September 2019, the company is valued at a whopping $35 billion.

Patrick and John Collison
Patrick and John Collison.

7. Evan Spiegel

Age: 30 years

Net worth: $2.4B

Evan Spiegel is the co-founder and CEO of Snap Inc., the social media company that operates vanishing photo app Snapchat. Spiegel studied product design at Stanford University, where he met his co-founder and fellow billionaire, Bobby Murphy.

8. Patrick Collison

Age: 32 years

Net worth: $3.2B

With his brother John Collison, Patrick co-founded Stripe, a tech company that lets businesses easily transact online payments. Stripe's big-name investors include Tesla Inc. CEO, Elon Musk, and PayPal co-founder, Peter Thiel.

9. Bobby Murphy

Age 32

Net Worth: $2.4B

Bobby Murphy co-founded social media company, Snap Inc. with Evan Spiegel. Murphy is Snap's Chief technology Officer and, both he and Spiegel own roughly 18% of Snap's stock each.

10. Lukas Walton

Age: 34

Net Worth: $17.3B

Lukas Walton is the grandson of Sam Walton, the founder of Walmart. He inherited his money when his father, John Walton, died in a plane crash in 2005.