The average age of billionaires has dropped by 11 years since 2014 to 47 years old, according to a new report.

The UK’s youngest billionaire is Gymshark CEO Ben Francis, age 31 and worth £1.03bn, according to City Index.

The net worth of the world’s billionaires has also fallen by $500bn from March 2022 to $12.2trn.

In the UK the average net worth of female billionaires was £4.23bn, 27.5% more than their male counterparts (£3.21bn).

However, 9 out of the 10 of the UK’s youngest billionaires are male.

Women were more likely to become billionaires at a younger age. The average age of female billionaires in the UK was 66.5, in comparison to 68 for men.

Hedge fund manager and co-founder of BlueCrest Capital Management, Michael Platt, had the highest net worth out of the top 10 youngest UK billionaires at £12.66bn (aged 55).

Denise Coates, age 55, had the second highest net worth at £6.2bn. She largely made her wealth as the founder of online gambling site Bet365, currently valued at $3.3bn and one of the world's largest online gambling companies. Ms Coates owns around half of the privately held company.

Revolut founder Nikolay Storonsky, age 39, was the UK’s second-youngest billionaire. He launched Revolut when he was 31 in 2015 with co-founder Vlad Yatsenko. Revolut is estimated to be worth £26bn, with Mr Storonsky holding an estimated net worth of £2.6bn.

City Index used data from Forbes and Wikipedia to rank the ages of the youngest billionaires across the globe on 28 November 2023.