10 Richest Billionaires in the Service Industry

On June 5, Reuters reported that the US economy is showing a mixed picture, with the services sector, which accounts for the majority of the GDP, rebounding from a small dip in April. The indicator of corporate activity has also improved the greatest in three years, potentially supporting the Fed’s pause in interest rate decreases. The index increased by 10.3 points to a post-November 2022 high of 61.2, the highest since the first quarter of 2021. The ISM services PMI, which measures economic activity in industries such as hospitality and food services, entertainment, finance, and healthcare, among others, increased to 53.8 in May from 49.4 in April. The reading for May was the highest since August 2023.

According to Grand View Research, tourism is one of the fastest growing service businesses, with a compound annual growth rate of 12.4% and a market value of $2 trillion by 2030. This expansion is predicted to boost enterprises such as Carnival Corporation & plc, a leading leisure travel services provider with operations in North America, Europe, Australia, and Asia. The business maintains a fleet of over 90 ships under nine cruise line brands and provides vacation packages to major cruise destinations around the world. It is led by Micky Arison, one of the service industry’s wealthiest billionaires.

Founded in 1972 in Miami, the corporation is a key player in the cruise industry in the United States and around the world. However, the epidemic had an impact on the cruise sector, forcing the company to halt operations. To keep the company viable, management reduced operational and capital spending while raising billions of dollars in additional debt and equity financing. The company has effectively managed its debt and is aiming to reduce interest expenses in order to attain a more streamlined capital structure and return to investment-grade credit. It had a successful 2023, with full-year revenues reaching an all-time high of $21.6 billion and beginning the new year with the best booked position in terms of pricing and occupancy. Its occupancy rate returned to 102% in the first quarter of 2024.

Carnival Corporation & plc not only reached pre-pandemic booking levels, but also attracted 12.5 million guests in 2023, including 3.5 million new passengers who had never cruised before. The cruise business, which was traditionally thought to be a market for baby boomers, is now attracting greater interest from younger people. According to JP Morgan study, the cruise industry would account for 3.8% of the $1.9 trillion worldwide holiday market by 2028, benefiting enterprises that provide cruise travel services.

CCL suffered a setback during the epidemic due to global lockdowns and reduced tourism activities. However, it is gradually deleveraging, reducing its debt by $1.8 billion in Q1 2024. Its revenue for the quarter totaled $5.41 billion, a 22% increase year over year. Now that travel has started, CCL can return to profitability.

The cruise company continues to invest in new ships. It has ordered its first new buildings in five years. The corporation will add two ships, which will be available in 2027 and 2028. It is focusing on its cruise line portfolio, with new ships like Carnival Jubilee and a private destination called Celebration Key anticipated to boost bookings. It is also on investors’ radar, with 56 portfolios holding positions in the equities worth $1.49 billion at the end of Q1 2024. Among those, Steve Cohen’s Point72 Asset Management increased its stake in the company by 228% to $208 million.

Carnival Corporation & plc is now selling at 16 times its forward earnings, which is consistent with the sector median. The business had a $0.06 loss per share in 2023, but analysts anticipate things to improve for CCL to deliver an EPS of $1 this year. If CCL exceeds analyst estimates, as it did six times in the last eight quarters, its EPS will increase by more than 1750%. CCL is up 15% in the last year as of this writing, and the Street-median goal suggests another 26% increase.

1) Wang Wei

Net worth as of June 11th: $13.6 billion.

Wang Wei is the richest billionaire in the service sector. He is the chairman of S.F. Holding, a renowned package delivery services corporation best known for its SF Express brand. He created the company in 1993 in Shunde, Guangdong, and remains the majority owner. He brought the company public on the Shenzhen Stock Exchange in 2017 and has applied for a Hong Kong listing in 2023. Wang is also one of the 150 richest billionaires in the world, with a net worth of $13.6 billion.

2) Liu Yongxing

Net worth as of June 11th: $9.9 billion.

Liu Yongxing is the chairman of East Hope Group, which invests in heavy industries, agricultural, and real estate. He founded the corporation after parting ties with his three brothers in the 1990s. His son is a board member of the East Hope Group.

3. Robert Rowling.

Net worth as of June 11: $8.9 billion.

Robert Rowling spent $500 million in Omni Hotels after selling his family’s oilfields. The hotel group operates 60 locations and 21,000 rooms throughout the country. As of June 11, his net worth was $8.9 billion.

4) Micky Arison

Net worth as of June 11: $8.0 billion.

Carnival Corp., the major cruise travel services corporation, is chaired by Micky Arison. Arison was the CEO of the corporation for 34 years. In 1995, he also took over the NBA franchise, the Miami Heat. He was worth $8 billion as of June 11.

5) Rahul Bhatia

Net worth as of June 11th: $7.4 billion.

Rahul Bhatia co-founded InterGlobe Aviation, the major firm that runs India’s IndiGo airline. IndiGo had a 62% market share in India as of 2024. It operates a fleet of nearly 350 aircraft and serves 118 destinations. He is placed fifth on our list of the most wealthy billionaires in the service business.

6. Torstein Hagen.

Net worth as of June 11th: $7.2 billion.

Torstein Hagen launched Viking Cruises in 1977, with four riverboats. He was the CEO of the cruise line Royal Viking until 1984, when he was forced to step down due to an unsuccessful offer to acquire the company. The company has around 70 river cruise ships that sail on Europe’s waterways. He was valued $7.2 billion as of June 11.

7. Gary Rollins

Net worth as of June 11: $6.5 billion.

Gary Rollins runs Orkin, one of North America’s largest pest control companies. In 2022, the corporation generated $2.7 billion in revenue. As of June 11, Rollins’ net worth was $6.5 billion.

8) Rakesh Gangwal

Net worth as of June 11th: $6.3 billion.

Rakesh Gangwal’s money originates from InterGlobe Aviation, which owns IndiGo, India’s largest airline by market share. He cofounded the airline with fellow Indian billionaire Rahul Bhatia. He was valued $6.3 billion as of June 11.

9. Frits Goldschmeding.

Net worth as of June 11th: $5.9 billion.

Frits Goldschmeding has amassed a fortune from his 32% interest in Randstad Holding, a recruiting company. The company works in 38 countries. In 2016, it paid $400 million for the job portal Monster.com. He is one of the most wealthy billionaires in the service sector.

10. Tom Golisano.

Net worth as of June 11th: $5.6 billion.

Tom Golisano founded the payroll startup Paychex in 1991. Golisano served as the company’s CEO until 2004 and is now a director. Gosilano ran for governor three times with the Independence Party of New York. He’s worth $5.6 billion.

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