An Outlook of the Construction and Engineering Industry
According to a report by Research and Markets, the construction market is expected to reach $15.97 trillion in 2024. It is expected to grow at a compound annual growth rate (CAGR) of 5.6% and reach $19.87 trillion by 2028. The growth can be attributed to rapid urbanization and population expansion.
The total engineering and construction spending in the US is projected to end up at 5% in 2024, according to a report by FMI Corp. The pace is slightly slower, compared to the 7% in 2023. In March 2024, the US Census Bureau reported that construction spending in the United States was estimated at $2.08 trillion, representing a 9.6% year-over-year increase. The first quarter of 2023 recorded spending of $461 billion, 10.6% higher compared to March 2023.
In 2024, all nonresidential segments will witness strong growth, dominated by the non-building structures, as reported by FMI Corp. High-performing segments will lead to the continued trend of strong investment growth across highways and streets, lodging, manufacturing, public safety sewage and waste disposal, and transportation. These segments are expected to end 2024 with 10% or more growth, compared to 2023. Single-family residential is the largest segment in the US construction industry. It is forecasted to stabilize after a significant drop of 14% in 2023. In the first quarter of 2023, the Nonresidential Construction Index (NRCI) score was 51.9, higher than the previous quarter. The NRCI crossed the neutral base of 50 for the first time in two years. This score represents an improved sentiment toward industry opportunities in 2024. However, challenges such as labor and material costs persist in 2024. You can also look at the
Some of the key players in the construction and engineering industry include Vinci SA (OTC:VCISF), Ferrovial SE (OTC:FERVF), and Bechtel.
Vinci SA (OTC:VCISF) is a leading construction company, engaged in the design, development, and management of buildings, transport systems, and communication networks for industries. On April 19, the company reported through its subsidiary, VINCI Highways, that it has acquired the tolled highway section, Northwest Parkway in Denver. The transaction was processed for $1.2 billion. The Northwest Parkway is in a strategic location, benefitting from a positive traffic outlook, a long-term concession contract, and protective terms of the contract. The company will utilize its capabilities to enhance the traffic flow and user experience.
Vinci SA (OTC:VCISF) also plays a key role in the United Kingdom's efforts to renewable energy transition. On May 2, the company announced it would be contributing to the Great Grid Partnership through a joint venture named OTW. Great Grid Partnership is a project aimed to connect offshore wind farms to the British grid by 2030. Through the involvement of OTW in designing and building the infrastructure required for the successful connection, the company will create a significant number of jobs, reaching more than 300,000 by 2027.
Bechtel is a top engineering, construction, and project management company, operating in the market since 1898. It is owned by one of the richest billionaires in the construction and engineering industry, Riley Bechtel & family. On May 1, the company announced that it has partnered with a top structure steel fabricating company, Unger Steel. The companies have partnered to develop the joint venture, Unger Steel Fabrication FZE. Bechtel will partially own Unger's steel fabrication facility in the United Arab Emirates, through this joint venture.
Ferrovial SE (OTC:FERVF) is one of the largest construction companies in the world, engaged in the construction and development of public and private properties, infrastructure, airports, toll roads, and industrial facilities. On March 14, the company announced that it has acquired a 24% stake in a toll road investment company in India, IRB Infrastructure, through its subsidiary Cintra. The transaction was processed for 740 million euros. This acquisition will help Ferrovial SE (OTC:FERVF) expand its international presence in the Indian infrastructure market, which is witnessing major growth in the government's spending plans on roads and highways.
Now that we have discussed the engineering and construction industry and talked about the major players in the market, let's have a look at the 25 richest billionaires in the construction and engineering industry. You can also look at the
25 Richest Billionaires in Construction and Engineering Industry
Aerial view of a construction site for a single family detached home.
Methodology
To compile our list of the richest billionaires in construction and engineering industry, we consulted the real-time billionaires ranking by Forbes. We have ranked the richest billionaires in construction and engineering industry in ascending order of their net worth, as of May 2.
25 Richest Billionaires in Construction and Engineering Industry
25. P.P. Reddy
Net Worth (2024): $2.3 billion
P.P. Reddy is ranked among the richest billionaires in the construction and engineering industry. Reddy founded the leading engineering and infrastructure company in India, Megha Engineering Enterprises in 1989. Currently, the company is run by his nephew. As of May 2, he has a net worth of $2.3 billion.
24. Wolfgang Leitner
Net Worth (2024): $2.4 billion
Wolfgang Leitner is ranked 24th on our list. He heads Andritz AG (OTC:ADRZF), an Austrian equipment manufacturing company. As of May 2, his net worth is valued at $2.4 billion.
23. Olivier Bouygues
Net Worth (2024): $2.4 billion
Olivier Bouygues, along with his brother Martin Bouygues owns a 20% share in one of the largest construction companies, Bouygues SA (OTC:BOUYF). The company operates in more than 100 countries worldwide. Bouygues is a board member of the company. He is one of the richest billionaires in the construction and engineering industry, with a net worth of $2.4 billion.
22. Martin Bouygues
Net Worth (2024): $2.4 billion
Martin Bouygues has been working as the chief executive officer of Bouygues SA (OTC:BOUYF) for over two decades. As of May 2, his net worth is $2.4 billion. He is ranked 22nd on our list.
21. Riley Bechtel & family
Net Worth (2024): $2.6 billion
Riley Bechtel managed his family owned construction and engineering firm, Bechtel from 1990 to 2014. His son is the current chairman and CEO of the company. Riley Bechtel holds a share of 80% along with his brothers in the company. As of May 2, the net worth of the family is $2.6 billion.
20. Dwight Schar
Net Worth (2024): $2.6 billion
Dwight Schar is the chairman of the US homebuilder, NVR, Inc. (NYSE:NVR). In 1980, he founded the company with the name NV Homes and later acquired his competitor, Ryan Homes in 1987. As of May 2, his net worth is $2.6 billion.
19. Florentino Perez
Net Worth (2024): $2.7 billion
Florentino Perez runs one of the largest construction companies in Spain, ACS, Actividades de Construcción y Servicios, SA (OTC:ACSAY). Perez has a 13% stake in the company. He is also the president of the soccer team, Real Madrid. He has served as the As of May 2, his net worth is $2.7 billion.
18. Erman Ilicak
Net Worth (2024): $2.7 billion
Erman Ilicak founded a construction contractor and real estate developer, Ronesans in 1993. He sold 5% shares of the company in 2016, to a World Bank institution, IFC. The company has acquired multiple European companies and has developed healthcare complexes in contract with the Turkish government. As of May 2, he has a net worth of $2.7 billion.
17. Robert Clark
Net Worth (2024): $2.9 billion
Robert Clark is one of the richest billionaires in the construction and engineering industry. He is the executive chairman and the founder of Clayco, a construction company based in Chicago. He owns 50% shares in the company and has a net worth of $2.9 billion.
16. Stefan Wirtgen
Net Worth (2024): $2.9 billion
Stefan Wirtgen and his brother inherited the family fortune, Wirtgen Group. The leading construction equipment maker was founded in 1961 and was sold for $5.2 billion to Deere & Company in 2017. As of May 2, his net worth is $2.9 billion.
15. Jurgen Wirtgen
Net Worth (2024): $2.9 billion
Jurgen Wirtgen is the brother of Stefan Wirtgen. He along with his brother invested in a family business with interests in energy, real estate, healthcare, consumer goods, and finance. He is one of the richest billionaires in the construction and engineering industry, with a net worth of $2.9 billion.
14. Maria Del Pino
Net Worth (2024): $3.1 billion
Maria Del Pino has a 9% stake in the leading Spanish construction company, Ferrovial SE (OTC:FERVF). She is also a member of its board. Her net worth is $3.1 billion, as of May 2.
13. Otto Happel
Net Worth (2024): $3.1 billion
Otto Happel inherited his father's business and transformed it into a thermal engineering company, GEA. He sold 50.1% of shares in the company in 1999, to MG Technologies for nearly $775 million. In 2005, the company was renamed GEA Group Aktiengesellschaft (OTC:GEAGF). His net worth is $3.1 billion, as of May 2.
12. Samvel Karapetyan
Net Worth (2024): $3.2 billion
Samvel Karapetyan owns the commercial real estate developer, Tashir Holding. His daughter and son are the top managers of the company. His son is responsible for the development of the company's movie theatre chain. His net worth is valued at $3.2 billion.
11. Ravi Pillai
Net Worth (2024): $3.3 billion
Ravi Pillai moved to Saudi Arabia after his construction business shut down. He started over with RP Group, a leading contractor and industrial developer in 1978. He is ranked among the richest billionaires in construction and engineering industry.
10. Mohed Altrad
Net Worth (2024): $3.3 billion
Another richest billionaire in construction and engineering industry is Mohed Altrad. He is the president of Altrad Group, a major construction equipment manufacturer. As of May 2, Altrad has a net worth of $3.3 billion.
9. Arkady Rotenberg
Net Worth (2024): $4.0 billion
Arkady Rotenberg owned the leading Russian construction contractors, SGM Group and Mostotrest. In 2019, he sold SGM Group to a Gazprom subsidiary and transferred his shares of Mostotrest to a joint venture with Vnesheconombank. Rotenberg has a net worth of $4 billion.
8. Anu Aga
Net Worth (2024): $4.2 billion
Anu Aga is a major shareholder of Thermax Limited (NSE:THERMAX). She took over the company after her husband passed away in 1996. In 2004, she stepped down and her daughter took charge of the company. As of May 2, her net worth is $4.2 billion.
7. Francesco Gaetano Caltagirone
Net Worth (2024): $4.8 billion
Francesco Gaetano Caltagirone is ranked 7th on our list. He is the president of the leading group, Caltagirone. The group operates across segments including production, manufacturing, infrastructures, publishing, real estate, and finance. As of May 2, his net worth is valued at $4.8 billion.
6. Peter Gilgan
Net Worth (2024): $5.2 billion
Peter Gilgan is ranked 6th on our list of the richest billionaires in construction and engineering industry. He has built more than 100,000 houses since he founded Mattamy Homes in 1978. As of May 2, his net worth is $5.2 billion.
