Richard Branson is worth billions and his children are his successors - but there's a catch

Sir Richard Branson has three blllion reasons to carefully consider his success plan.

This phenomenal sum is what the British magnate is worth, his personal net worth.

He amassed his fortune through business deals, his first as a teenager. Now aged 75, Branson is considering his future and his two children will play a key part.

Richard and his wife Joan Branson welcomed their daughter Holly in 1981, then son Sam in 1985. The couple tragically lost their first child, a daughter named Clare, who was born three months prematurely and died at four days old in 1979.

The family are now facing another tragedy.

On November 24, Richard shared the devastating news Joan had died at age 80.

"Heartbroken to share that Joan, my wife and partner for 50 years, has passed away," the billionaire wrote on Instagram.

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"She was the most wonderful mum and grandmum our kids and grandkids could have ever wished for.

"She was my best friend, my rock, my guiding light, my world.

"Love you forever, Joan x."

The couple were together for close to 50 years, and she was the one beside him as he continued to grow his empire, a driving force on the sidelines that he referred to as his "rock" and a "source of wisdom."

How Branson built his empire

Richard was 15 when he started the youth culture magazine Student. It was his first entrepreneurial venture.

His next big venture was in 1970 when he started a mail order record company called Virgin.

The little-known company ballooned to become Virgin Records, signing major British artists punk icons the Sex Pistols and rocker gods The Rolling Stones.

In 1992, he sold his music empire to Virgin Records sells to Thorn EMI for $1 billion. As a comparison, in today's money that's $4.9 billion.

"It was definitely a sad day," he told CNBC Make It in April 2024.

"I remember running down the street with tears streaming down my face, past a sign that said, 'Richard sells for a billion.'"

Yet, it was all part of his bigger plan.

Over the decades, the thrill-seeking CEO has forged a path into the aviation, fitness, cruise line, telecommunication and space industries through the Virgin Group, Virgin Mobile, Virgin Atlantic, Virgin Galactic and Virgin Voyages, to name but a few.

Today, the Virgin Group is valued at US$2.8 billion (A$4.3 billion), according to Forbes.

At 75, Richard is considering his future. This includes his success plan.

"Every decade we've had people talking about the Virgin Atlantic brand disappearing," he told The Times in June 2024.

"It will outlive myself and, hopefully, outlive my children and grandchildren as well.

"I plan to keep it in the family and they plan to keep it in the family."

Holly and Sam's 'family first' path

The family he speaks of are his two children – daughter, Holly, 44, and son, Sam, 40.

Both younger Bransons are already part of the family business.

Holly, a doctor and mother, has been working for the Virgin Group since 2008. She joined as an intern after taking a break from practicing medicine.

She is a member of the Virgin Management Leadership team and works as the company's Chief Vision Officer.

Sam, a filmmaker and musician, works as an informal adviser to Virgin Group.

Over the years, Richard has hinted at his stance on where his funds will go in the event of his death. In 2010 he and his wife even pledged to give their wealth away.

The decision was made as part of the Giving Pledge.

It started out with the idea 40 of America's wealthiest people pledge to give the majority of their wealth to address some of society's most pressing problems.

The Giving Pledge was created by US investor Warren Buffett, Melinda French Gates, and her now ex-husband, Microsoft co-founder, Bill Gates.

Richard and his wife Joan are among those to sign the pledge.

"We started by trying to give a voice to the young people of the 1960s and hope our 'Giving Pledge' will help many generations to come," Richard wrote in an open letter.

"Happily our children, who will be our principal heirs, agree with me on this.

"As and when we take monies out of the Virgin Group of companies the majority of it will be invested in entrepreneurial approaches to help make a difference in the world."

Given the pledge, it is not known exactly how much each Branson child will inherit.

In May last year, Holly took to social media to post an appreciation message to her father. In the message, it's clear to see her father's 'family first' attitude has rubbed off.

"When Sam and I were little, Dad worked from our houseboat most days, so we would often be drawing on the floor while he met with anyone from Mick Jagger to accountants and lawyers," she wrote in a LinkedIn post.

"We were invited to every launch event, inaugural flight, and every party. Nowadays, it's such a joy to do it all over again with our own children.

"No matter where he is on the world, or how much he has on his plate, I know that Dad would drop anything to be with us when we need him. Love you, Dad."

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