The global energy sector is divided into two broad segments: renewable and nonrenewable energy. The energy sector is regaining momentum after a pause during the COVID-19 lockout. In 2022, energy companies had some of the highest gains as oil prices rose due to Russia’s invasion of Ukraine, upending global energy supply systems. This started when Europe began limiting its imports of Russian petroleum, putting pressure on Russia to end the war. Companies such as Cheniere Energy, Inc. were given the opportunity to enter the European market as an alternative to Russian energy suppliers such as Gazprom and Rosneft Oil Company, among others.
The importance of the Russian energy market is growing. The International Energy Agency ranks Russia as the world’s largest oil exporter and the second-largest crude oil exporter, trailing only Saudi Arabia. In addition, Russia is the world’s third-largest oil producer, after the United States and Saudi Arabia. In February 2024, Russia’s total crude oil supply was at 9.42 million barrels per day (mb/d), with a sustainable capacity of approximately 9.78 mb/d. Russia is one of the world’s major energy marketplaces, and it is home to some of the industry’s wealthiest individuals.
The United States is a leading market for renewable energy. Mordor Intelligence projects that the US renewable energy industry will reach 434.5 gigawatts by 2024. The market is predicted to expand at a compound annual growth rate of 10.01%, reaching 700.15 gigawatts by 2029. The rise in renewable energy is driven by a number of reasons, including lower solar panel costs, increased solar and wind energy installation, renewables subsidies, and favorable government regulations. Texas, Washington, California, and Iowa are among the top states producing renewable energy in the United States. McKinsey predicts a more than doubling of the worldwide renewable energy industry over the next 20 years. By 2030, renewables are predicted to account for 45% to 50% of total energy generation. Furthermore, the growth rate is expected to be 65% to 85% by 2050. Carbon emissions might be reduced by more than 72% compared to current levels as low-carbon emitting technologies in the global power system advance.
Global electricity demand is predicted to range from 52,000 to 71,000 terawatt-hours by 2050. The expected increase in worldwide electricity demand will play a significant role in the overall rise of the energy business. The rise in global electricity demand will be mostly driven by emerging markets’ energy requirements and electrification throughout the global economy. At the same time, power demand is predicted to treble by 2050 from its current level. Solar and wind might account for more than 70% of total global installed capacity by 2050. For resource adequacy, gas and other firm capacities are projected to be approximately 30%.
We obtained information on the ten richest billionaires in the energy industry from the Forbes Real Time Billionaires Index. The list of billionaires in the energy industry is sorted in ascending order of net worth, as of April 5.
1. Vagit Alekperov – $28.6 billion.
Vagit Alekperov is the richest billionaire in the energy sector. Alekperov has about a 30% stake in PJSC LUKOIL.
2. Leonid Mikhelson – $27.4 billion.
Leonid Mikhelson is the founder and chairman of natural gas producer PAO NOVATEK. Mikhelson also owns a 30% share in the petrochemical giant Sibur, which will merge with TAIF Group in 2021. Leonid Mikhelson is one of the top 25 richest billionaires in the energy industry.
3. Low Tuck Kwong – $26.4 billion.
Low Tuck Kwong owns the coal mining company Bayan Resources Tbk PT. Kwong also owns Metis Energy Limited, a Singapore-based renewable energy company that was previously known as Manhattan Resources. Low Tuck Kwong’s net worth is $26.4 billion, making him the third richest billionaire in the oil industry.
4. Autry Stephens – $24.3 billion
Autry Stephens established his own business in Texas and drilled the first well in 1979. Stephens’ Endeavor Energy Resources is now among the largest private oil producers in the United States. Autry Stephens has a net worth of approximately $24.3 billion.
5. Gennady Timchenko – $23.4 billion
Gennady Timchenko owns shares in several Russian companies, notably gas and petrochemical giants PAO NOVATEK (MCX:NVTK) and Sibur Holding. Gennady Timchenko is ranked sixth among the 25 richest billionaires in the energy industry.
6. Harold Hamm – $18.5 billion
Harold Hamm is the founder and chairman of Continental Resources, America’s leading independent oil company. Harold Hamm has a net worth of $18.5 billion, making him the sixth richest billionaire in the energy industry.
7. George Kaiser – $14.6 billion
George Kaiser is one of America’s richest billionaires in the energy sector. In the 1960s, George took over Kaiser-Francis, the family oil company. George Kaiser also has a 76% share in the LNG company Excelerate Energy, Inc.
8. Jeffrey Hildebrand – $14.5 billion
Jeffery Hildebrand owns Hilcorp, a private oil company in the United States. Jeffery Hildebrand has a net worth of approximately $14.5 billion and is ranked seventh among the richest billionaires in the oil sector.
9. Mikhail Fridman – $13.1 billion
Mikhail Fridman was a co-founder of Alpha Group. Fridman received $5.1 billion in cash in 2013 from the sale of his TNK-BP stake. Mikhail Fridman is one of Russia’s biggest billionaires in the oil sector.
10. Carrie Perrodo – $10.8 billion
Carrie Perrodo is ranked as the tenth richest billionaire in the energy industry. Carrie Perrodo inherited Perenco, a multinational oil corporation, after her husband died in 2006.