The Hustler's Digest StaffRichard Branson is a name that’s synonymous with adventure, entrepreneurship, and of course, wealth. This British adventurer has made a name for himself in various industries and is well-known for his larger-than-life personality. But have you wondered just how much this tycoon is worth? According to Forbes, Branson’s net worth is estimated at around $3 billion as of 2023.
Branson’s entrepreneurial journey started in the 1970s when he founded Virgin Records, which would later become the Virgin Group – a multinational conglomerate with over 400 companies operating in diverse industries such as airlines, media, and finance. Branson’s love for adventure is also well-documented. He has set several world records and has even attempted to circumnavigate the world in a hot air balloon.
Despite his wealth, Branson is known for his philanthropy, with the Virgin Unite charity working on various social and environmental issues. With over 4 million followers on Twitter, Branson’s charm and charisma have earned him a massive following. So let’s explore the intriguing world of Richard Branson’s net worth.
Early life
Image Source: Biographics
Sir Richard Branson is a fascinating figure with a captivating backstory. Born on July 18, 1950, in Surrey, England, Branson grew up in an environment of privilege and opportunity. The son of a Barrister and flight attendant, Branson started with a mail order some 50 years ago.
Branson’s early years were marked by struggles with dyslexia, which made it difficult for him to excel in traditional academic settings. Despite this challenge, Branson discovered his entrepreneurial spirit at a young age and began experimenting with various business ventures.
As a teenager, Branson founded his first business, a magazine called “Student,” which he grew into a successful enterprise. He followed this up with a mail-order record business and a recording studio, eventually leading to the creation of Virgin Records. This company would launch Branson to global fame and fortune.
Image Source: Virgin
But Branson’s success didn’t come easily. He faced numerous setbacks and obstacles along the way, including legal battles, financial crises, and even a brush with death when his hot air balloon crashed in the Sahara Desert.
Despite these challenges, Branson persisted, and his tenacity and creativity ultimately paid off. Today he is one of the world’s most celebrated and influential business leaders, known not only for his innovative companies but also for his philanthropic efforts and adventurous spirit. Richard Branson can credit his fortune to a conglomerate of businesses having the “Virgin” brand name, including Virgin Atlantic and Virgin Galactic.
Richard Branson’s Rise in Fortune
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The 1960s
Richard Branson began at age 16 with his magazine, Student, which talked with famous people and sold nearly $8,000 worth of publicity for the principal issue. The teen exited school to advance his magazine. In 1969, he began a mail-request record business that utilized the magazine office as an operational base. Branson and his group of 20 representatives called the new business Virgin.
The 1970s
In 1970, Branson dispatched Virgin Mail Order Records. After a rough beginning, he developed to possess 14 record stores by 1972. He utilized the benefits from his record store chain to establish the music name Virgin Records in 1972. He procured his initial million dollars in 1973 when Virgin chronicle craftsman Mike Oldfield sold more than 5 million duplicates of his record, “Tubular Bells.”
Branson’s initial accomplishment at Virgin Records came from his ability to sign the Sex Pistols and other disputable artists. Other mainstream Virgin acts incorporated The Rolling Stones and Ozzy Osbourne. Before the decade was over, Virgin Music had become one of the six major record organizations on the planet, with branches in Germany, France, and Japan. In 1979, Branson bought Necker Island in the British Virgin Islands for $180,000.
The 1980s
Virgin Books and Virgin Video were brought into the world in 1981. Within two years, Branson’s business domain included more than 50 distinct organizations with more than $17 million in consolidated deals. In 1984, Branson matched with attorney Randolph Fields to begin one of his most prominent organizations, Virgin Atlantic. The carrier took off (pardon the quip) because of its adequate client support and imaginative in-flight comforts, for example, free frozen yogurt, seat-back video screens, and in-flight rubs.
Image Source: Corporate | Virgin Atlantic
The 1990s
In 1992, Branson hesitantly sold Virgin Records for $1 billion to keep Virgin Atlantic above water. These were tumultuous years for Virgin Atlantic. Psychological militant assaults shielded individuals from flying, and bigger adversary British Airways occupied with what Branson called “a threatening effort intended to make lasting harm Virgin.” Branson effectively sued British Airways for defamation, with an adjudicator deciding in 1993 that British Airways pay Branson and Virgin $945,000 in harm, in addition to lawful expenses assessed at around $3 million, and convey a statement of regret. In 1997, Branson began Virgin Trains.
The 2000s
In 2001, Virgin Group dispatched Virgin Mobile as a joint endeavor with Sprint, and Virgin-marked remote interchange administrations are presently accessible in various countries. In September 2004, Branson turned his eyes to the sky again and united with Burt Rutan, an American aeronautical specialist, to dispatch Virgin Galactic with an authorized space apparatus to take travelers to space. Branson had a dream of giving modest space tourism. A tragic arrangement of occasions, remembering an accident in 2014, rerouted the date of the main business space trips to some vague time in the future. As of 2019, Branson had joined 600 customers.
Branson has four space-centered organizations now. Notwithstanding Virgin Galactic, Virgin likewise works with Virgin Orbit for freight, VOX for government missions, and the Spaceship Company, which, as the name infers, assembles spaceships. Branson dispatched extremist social undertakings that included Virgin Unite to battle HIV and AIDS, the Branson Center of Entrepreneurship to show enterprising abilities in creating countries, Virgin Fuels to make cleaner green energizes, and the Virgin Green Fund to help the climate.
In 2020 Branson’s net worth dropped to $3.5 billion due to the impact of the Covid-19 pandemic on the travel and tourism industry, a significant part of his business portfolio. Nevertheless, Branson continued to invest in new ventures, such as Virgin Orbit, a satellite launch company that uses a modified Boeing 747 to air-launch rockets in space.
In July 2021, Branson made headlines for his successful flight to the edge of space aboard Virgin Galactic’s SpaceShipTwo Unity. Becoming the first billionaire to travel to space on a privately-funded spacecraft. The event also boosted Virgin Galactic’s stock price, which had struggled since its IPO in 2019. In September 2021, Forbes estimated Branson’s net worth at $5.7 billion, making him the 589th richest person globally.
Virgin Orbit, the rocket company owned by Branson, faced challenges following its public debut in December 2021 through a special purpose acquisition company (SPAC) at a nearly $4 billion valuation. Unfortunately, in March 2023, the company had to pause its operations and terminate all its employees.
Did Richard Branson come from a rich family?
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Branson was brought into the world dressed in Blackheath, London, to Eve Branson (née Evette Huntley Flindt; 1924–2021), a previous ballet artist and air master, and Edward James Branson (1918–2011), an advocate. He has two more youthful sisters. His granddad, Sir George Arthur Harwin Branson, was an appointed authority of the High Court of Justice and a Privy Councilor.
His third great-grandfather, John Edward Branson, left England for India in 1793; John Edward’s dad, Harry Wilkins Branson, later went with him to Madras. From 1793, four ages of his family were at Cuddalore. On the show Finding Your Roots, Branson appeared to have 3.9% South Asian (Indian) DNA, likely through intermarriage. Afterward, he guaranteed that one of his great-grandmothers was an Indian named Ariya.
Branson was taught at Scaitcliffe School, a private academy in Surrey, before momentarily going to Cliff View House School in Sussex. He went to Stowe School, an autonomous school in Buckinghamshire, until age sixteen.
Branson has dyslexia and poor academic performance; on his last day at school, his dean, Robert Drayson, revealed that he would end up in jail or become a mogul. Branson’s folks were strong with his undertakings from the beginning. His mom was a businesswoman; one of her best endeavors was building and selling wooden tissue boxes and waste paper bins. In London, he was crouching from 1967 to 1968.
Most concur that Branson acquired his Nordic looks and adventurous spirit from his mom. So enthusiastic and energetic was Eve Branson that she figured out how to fly gliders when not many women drove. She flew so well, truth be told, that she prepared with the Royal Air Force (RAF) cadets for obligation during the Second World War. The Branson kids were raised to be generous, dynamic, and fearless.
Richard Branson was not adventurous by nature. Out of concern, his mom let him be in the wide open one day, with directions to locate his particular manner home through the fields of Devon. Branson was just four at that point, and an adjoining rancher found the kid and made the Bransons aware of recovering their child. Youthful Richard, who went through that day pursuing butterflies, was fascinated by the elation of opportunity at a particularly young age. A long time later, when his folks selected him at Stowe live-in school in Buckingham, he found the climate excessively prohibitive. He exited secondary school and moved to London, where he made his living as a distributor and later opened a retail record business.
Richard Branson’s net worth during the pandemic
Portions of Sir Richard Branson’s space travel industry startup Virgin Galactic fell over 10% Monday morning as business sectors responded to the deferment of its exceptionally foreseen spaceflight test in the not-so-distant future. Virgin Galactic CEO Michael Colglazier said in an articulation that, following “late bearing” from the New Mexico Department of Health concerning Covid-19, Virgin Galactic will be “limiting our New Mexico activities to furthest extent conceivable”— which means the organization’s arranged spaceflight test, which had been set for between November 19 and November 23, will presently be rescheduled.
The choice will deny Virgin and Branson the chance to end 2020 on a strict high. A fruitful space dispatch would almost certainly have given uncommon help following a year in which the pandemic pushed Branson’s business domain to the edge of total collapse. It has likewise whittled down Branson’s fortune. The galactic stock dropped to $19.90 per share as of 12:30 pm ET Monday, down 10.9% from Friday’s nearby cost of $22.20, adding to a complete loss of just shy of $200 million from the British tycoon’s assessed total assets. Forbes gauges that Branson is currently worth $4.8 billion.
Virgin Galactic has just been traded on an open market since October 2019, when Branson originally recorded its offers on the New York Stock Exchange, at a cost of around $12 each. The stock took off to $37 in January 2020 as famous people joined and assumptions rose, yet it has since returned to earth because of the Covid-19 pandemic. In May through June, with Covid establishing his Virgin Atlantic planes and scuppering the first venture of his voyage transport business, Branson sold $500 million worth of Virgin Galactic stock to help preserve a rebuilding of the Virgin Group.
Notwithstanding the deferral, Virgin Galactic remains the most energizing arm of Branson’s business domain. In August, a value research note from venture bank Cowen supported a “momentous accumulation of interest for business spaceflight.” It referred to the future potential income producing an incentive for Galactic’s arrangement for rapid, highlight point travel through space, which Cowen hopefully claims could be a $200 billion market by 2050. Morgan Stanley, regularly bullish, claims that Virgin’s hypersonic P2P travel offering could be valued at $800 billion in yearly deals by 2040.
Compared to the average precious stone ball valuations of room development and Morgan Stanley’s new $100 billion valuation of Elon Musk’s SpaceX, Cowen tried the strength of interest among “high-total assets people” to travel to space at a ticket cost of $250,000 or more. The bank found that 39% of individuals with total assets of more than $5 million would pay at any rate a quarter million dollars for a Virgin Galactic flight, adding that Virgin Galactic is “extraordinarily situated to profit by the developing customer premium toward extravagance encounters, particularly among high-total assets people.” The organization currently has 600 bookings for spaceflights, Cowen says, and an enlistment drive that has acquired staff from both NASA and Disney.
There is likewise uplifting news for Branson coming from Galactic’s one-time partner organization, Virgin Orbit. A representative affirmed that the little satellite dispatch business (which is situated in California and was spun out of Virgin Galactic in 2017) had not been disturbed by the estimates taken in New Mexico and that Orbit is as yet “working away” on the last phases of its subsequent dispatch endeavor penciled in for December this year.
How much is Richard Branson worth?
Image Source: Daily Express
Most of Branson’s fortune is gotten from his control of firmly held Virgin Group, a venture organization in the British Virgin Islands. Richar Branson gathers pay from the Virgin brand through organizations, affiliations, and some straightforwardly controlled organizations. More than 40 Virgin organizations gather a yearly income of about $22 billion, a Virgin representative said in December 2020. Branson is the sole investor of Virgin Group’s definitive holding organization. Branson licenses his image through Virgin Enterprises.
He’s gotten over $3 billion from profits and resource deals in light of organization filings, news reports, and an examination of Bloomberg information. Branson said in an open letter to Virgin Group representatives in April 2020 that he had reinvested most of his returns into the organization, which doesn’t distribute merged outcomes.
His public resources include a 32% stake in space travel organization Virgin Galactic, a 13% stake in British bank Virgin Money and about 20% in unique reason procurement organization VG Acquisition. Branson additionally possessed 10% of Virgin Australia’s aircraft before it entered the organization in April 2020. Firmly held speculations remember a 51% stake for West Sussex, England-based aircraft Virgin Atlantic. Different resources remember his home and lodging for Necker Island in the British Virgin Islands, a chalet in the Swiss ski town Verbier, and an African game safeguard.
Richard Branson is particularly optimistic about Virgin Orbits, seeing it as a way to expand his company’s offerings into the space industry. He has put another $5 million raising his total investment into the struggling launch provider in a matter of months to $60 million. Virgin Investments Ltd. (VIL), a company owned by Branson, has invested in a “senior secured convertible.” This note can be exchanged for shares of the company’s common stock or other “Qualified Securities.” The note comes with an interest rate of 12%, and in the event of a default, the interest rate increases to 16%. The maturity date for the note is November 4, 2024.
According to Forbes, as of May 2023, his net worth is $3 billion.
Is Richard Branson the richest man in the world?
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Elon Musk has become the world’s wealthiest man, whose total assets crossed $185 billion. The Tesla and SpaceX business visionary was driven into the top rank after Tesla’s share price expanded on Thursday. He took the position from Amazon’s founder Jeff Bezos, who had held it since 2017. Mr. Musk’s electric car organization Tesla has surged in value this year and unexpectedly hit a market estimation of $700 billion (or £516 billion) on Wednesday. That makes the car organization worth more than Toyota, Volkswagen, Hyundai, GM, and Ford consolidated. The tycoon’s fortunes have been floated by governmental issues in the US, where the Democrats will have control of the US Senate in the upcoming meeting. Daniel Ives, an investigator with Wedbush Securities, expressed: “A Blue Senate is extremely bullish and a potential ‘game changer’ for Tesla and the general electric vehicle area, with a more green-driven plan now absolutely likely to work out for the following not many years.” Expected electric vehicle tax reductions would profit Tesla, “which keeps on having an iron hold available today,” he added.
What does Richard Branson own?
Richard Branson’s vast business empire under the Virgin Group umbrella encompasses approximately 400 ventures, a complex web of investments held through offshore trusts and international holding companies.
Branson’s financial portfolio remains intricate and opaque, with few of his major enterprises solely owned by him. While his prominent companies like Virgin Atlantic, Virgin Money, Virgin Media, and Virgin Trains count other significant stakeholders, Branson often licenses the Virgin brand to companies that acquire subsidiaries from him. This arrangement extends to entities such as Virgin Mobile USA, Virgin Mobile Australia, Virgin Radio, and Virgin Music (formerly part of EMI), among others, generating substantial annual royalties for Branson.
By partnering with financially robust entities, Branson has launched new ventures without depleting the group’s reserves, focusing on identifying market gaps rather than micromanaging day-to-day operations. His ventures stem directly from Branson’s entrepreneurial vision and knack for spotting opportunities.
Image Source: Observer
According to a spokesperson, “branded revenue from Virgin-named businesses” amounts to $21 billion annually, contributing to Branson’s estimated net worth of over $3 billion.
Branson’s entrepreneurial journey began in 1966 when, at 16, he founded a business publishing The Student magazine from a rented flat’s basement. Subsequently, he ventured into the music industry, establishing a mail-order record business catering to youth audiences. Virgin Records emerged in 1973, with Branson securing rights to Mike Oldfield’s Tubular Bells, followed by a roster of artists including the Sex Pistols and the Rolling Stones.
In 1984, Branson expanded into aviation, leasing his first 747 to launch Virgin Atlantic, which quickly rivaled British Airways at Heathrow.
Despite setbacks such as the mid-90s legal battle with British Airways, Branson persevered, diversifying into sectors like telecommunications with Virgin Media, where he retains a minimal stake while deriving substantial licensing revenue.
While some ventures like Virgin Cola faced challenges, Branson’s resilience and knack for innovation continue to drive the Virgin Group forward, exemplifying his entrepreneurial spirit.
Richard Branson’s Impact: Hotels, Health Care, and Charitable Contributions
The British entrepreneur and philanthropist; Richard Branson has been involved in various businesses and charitable ventures. He has significantly contributed to various industries, including hotels, healthcare, and charitable causes.
Hotels
Branson’s Virgin Group launched Virgin Hotels in the hotel industry in 2010, intending to create a unique and innovative hotel experience. The first Virgin Hotel opened in Chicago in 2015, followed by San Francis, Dallas, and Nashville locations.
Image Source: Balearic Properties
Branson then announced plans to expand the chain to Europe, with the first Virgin Hotel in Edinburgh opened in June 2022. Branson, with James Radcliffe, launched a 222-room mega hotel in Edinburgh in March 2023 after the hotel’s initial success. Virgin Hotels are known for their focus on customer experience, innovative design, and technology.
Healthcare
Branson’s Virgin Care has provided healthcare services to the UK’s National Health Service (NHS) since 2010. Virgin Care provides various services, including primary and urgent care, community and social care, and mental health and well-being services.
Image Source: FE Week
Virgin Care has also launched a program called “Making a Difference Awards,” which recognizes staff and volunteers who have gone above and beyond in their work to improve the health and well-being of their communities.
Charitable influence
Branson’s charitable influence has been significant, with various organizations and initiatives established under the Virgin Group. The Virgin Unite Foundation, established in 2004, supports a range of initiatives, including environmental conservation, youth development, and healthcare.
Image Source: NBC News
Branson has also been involved in a variety of other charitable initiatives, such as supporting the fight against climate change through his participation in the “Climate Strike” movement, promoting access to education through the “Global Citizen” initiative, and raising awareness of mental health issues through his work with the charity “Heads Together.”
Richard Branson’s influence has been significant in the hotel industry, healthcare, and charitable causes. His focus on customer experience, innovative design, and technology in the hotel industry has been widely recognized. At the same time, his contributions to healthcare and charitable causes have positively impacted many people’s lives.
Richard Branson Island
Richard Branson mostly lives on a lavish British Virgin Islands retreat, Necker Island, that he bought for $180,000 in 1978. Necker Island is a 30-hectare (74 acres of land) island in the British Virgin Islands only north of Virgin Gorda. The island is completely possessed by Sir Richard Branson, director of the Virgin Group, and is essential for the Virgin Limited Edition arrangement of extravagant properties. The entire island is a retreat and can oblige up to 30 visitors, with extra space for six youngsters. Necker Island is situated at 18.55 north and longitude 64.35 west in the eastern part of the British Virgin Islands. It is about 5.9 kilometers (3.7 mi) north of Virgin Gorda and northeast of Prickly Pear Island and Mosquito Island (now and again spelled Moskito Island), which Branson additionally possesses. The British Virgin Islands (BVI) is a gathering of islands around 1,815 kilometers (1,128 mi) south-east of Miami, Florida, 184 km (114 mi) due east of San Juan, Puerto Rico, and around 175 km (109 mi) north-west of St. Barts.
The island was named after the seventeenth-century Dutch group officer Jonathan de Neckere. It stayed uninhabited until the late twentieth century. In 1965, the picture taker Don McCullin and writer Andrew Alexander went through 15 days on the island at the command of The Daily Telegraph paper for which they worked. The magazine proofreader had trusted that they would endure their castaway experience for, in any event, three weeks, yet as McCullin later related, “due to our social occasion shortcoming … out of temper, and out of the water, we lifted the warning and were required off in the early hours of the fifteenth day”. As per McCullin, there was nothing pure about the remote location: “The mosquitos and different insects were more venomous and constant than any I had come across in Vietnam or the Congo.”
Image Source: Forbes
Richard Branson was made mindful that a portion of the islands in the British Virgin Islands was available to be purchased in 1978. Branson, not long after, visited the British Virgin Islands for a vacation to research the imminent land. On first noticing the islands, he imagined utilizing them to set up demigods for his record mark. Upon appearance, they were given an extravagant manor and went around islands available to be purchased by helicopter. The last island he saw was Necker Island, and subsequent to climbing the slope and being staggered by the view and untamed life, he chose to buy the island. Subsequent to causing a lowball offer of $100,000 for the island (because of his moderately hidden assets around then in his vocation), he was turned down and accompanied back to the terrain. After a year, the proprietor, John Lyttelton, eleventh Viscount Cobham, needing momentary capital, in the end, made do with $120,000. Notwithstanding, the public authority forced a limitation on outsider landholders: the new proprietor needed to build up a hotel within four years, or the island would return to the state. Branson focused on building a resort on the island.
At the point when Branson purchased the island, it was uninhabited. He bought the island at 28 years old, only six years subsequent to beginning Virgin Group. It required three years and some $10 million to transform it into a private island retreat. Utilizing neighborhood stone, Brazilian hardwoods, Asian collectibles, Indian carpets, workmanship pieces and textures, and bamboo furniture from Bali, draftsmen and architects made a ten-room Balinese-style estate at the highest point of a slope over the seashore. Every one of the ten rooms has open dividers, giving a 360-degree view. The island is convenient for 40 individuals and rents at US $102,500 daily. The remaining expense incorporates admittance to two seashores, private pools, tennis courts, picturesque perspectives, an individual culinary specialist, a group of around 100 staff, and a wide exhibit of water sports equipment.
Quotes by Richard Branson
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Over the years, Richard Branson has shared his thoughts and ideas on business, leadership, and life through his speeches, interviews, and books. Many of his quotes have become well-known and are often cited for their motivational and inspirational value. Let’s take a look at some of the most memorable quotes by Richard Branson and the lessons we can learn from them.
- “You don’t learn to walk by following rules. You learn by doing and falling over.”
- “Business opportunities are like buses; there’s always another one coming.”
- “Do not be embarrassed by your failures. Learn from them and start again.”
- “A business has to be involving, it has to be fun, and it has to exercise your creative instincts.”
- “One thing is certain in business. You and everyone around you will make mistakes.”
Fun facts about Richard Branson
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Richard Branson is a versatile man with many achievements under his belt. Let’s explore some fun and interesting facts about Richard Branson, including his unique accomplishments, personal life, and more.
- Branson’s social media presence is impressive, with a total of 22 million followers across his Instagram (4.8M), Facebook (4.5M), YouTube (126K), and Twitter (12.6M) accounts.
- Richard Branson is married to Joan Tempelman.
- Richard Branson’s initial venture was a Christmas tree sales business, which did not succeed.
- Richard Branson has authored over 12 books on different topics.
- Among the books Richard Branson enjoys, one of his favorites is “1984”.
- Richard Branson became a millionaire at the young age of 23.
- Richard Branson has accomplished a major milestone in his life by traveling to the edge of space.
- Richard Branson is dedicated to philanthropic efforts and has donated millions of dollars to causes such as health, education, and the environment.
FAQs
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Has Richard Branson ever attempted any extreme stunts?
Yes, Richard Branson is known for his love of adventure and has attempted several extreme stunts throughout his life. Some of his most famous stunts include crossing the English Channel in a hot-air balloon and kite surfing across the English Channel. He also reached the edge of space in his Virgin Galactic rocket plane in July 2021. The plane reached a height of 53.5 miles or 282,480 feet. The plane is called Unity.
Does Richard Branson have any books?
Yes, Richard Branson has authored several books, including “Losing My Virginity: How I’ve Survived, Had Fun, and Made a Fortune Doing Business My Way,” “Screw It, Let’s Do It: Lessons In Life” and “The Virgin Way: Everything I Know About Leadership.”
What is Richard Branson’s net worth?
As of 2023, Richard Branson’s net worth is estimated to be around $3 billion.
How did Richard Branson become successful?
Richard Branson became successful through entrepreneurship, risk-taking, and innovation. While still in school, he started his first business, Student Magazine, and launched several other successful ventures, including Virgin Records, Virgin Atlantic Airways, and Virgin Mobile.
Is Richard Branson still involved with the Virgin Group?
Richard Branson remains involved with the Virgin Group as its founder and figurehead. However, he has also stepped back from some of the company’s day-to-day operations and is focusing more on his philanthropic work and personal ventures.
Conclusion
Branson attributes his success to karma, speed, and hard work, which involved evenings and weekends. His books and accounts highlight his adrenaline-fueled ideas, creativity, willingness to challenge norms, and perseverance. Branson never let naivety hinder him from being a proactive and daring entrepreneur. In fact, he named his company Virgin because he and his employees were all novices in the industry. His exceptional support of his employees and customers earned him the title of the United Kingdom’s celebrity dream boss in a public sentiment assessment by Cancer Research U.K. His philanthropy garnered him accolades as the most admired entrepreneur for consecutive years in The Sunday Times in 2014.
