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25 Richest Billionaires in Energy Industry

Ali Hassan
10 min read

In This Article:

In this article, we discuss the 25 richest billionaires in energy industry. To skip the detailed analysis of the energy industry, go directly to the 5 Richest Billionaires in Energy Industry.

Global Energy Industry Outlook

The global energy industry is widespread across two major segments including renewable and non-renewable energy. The energy sector is gaining momentum following a slowdown during the COVID-19 lockdown. In 2022, the energy stocks saw some of the biggest gains following an increase in oil prices which was driven by the Russian invasion of Ukraine, leaving global energy supply chains upended. This began when Europe started to limit its imports of Russian fuel, creating pressure on Russia to stop the war. Companies such as Cheniere Energy, Inc. (NYSE:LNG) got the opportunity to penetrate the European market as an alternative to Russian energy suppliers including Public Joint Stock Company Gazprom (MCX:GAZP) and Public Joint Stock Company Rosneft Oil Company (MCX:ROSN), among others. 

The significance of the Russian energy market is protruding. According to the International Energy Agency, Russia is the largest oil exporter to global markets and the second-largest crude oil exporter behind Saudi Arabia. In addition, Russia is the third-largest oil producer behind the US and Saudi Arabia. In February 2024, Russia’s total crude oil supply was around 9.42 million barrels per day (mb/d) and the sustainable capacity for the crude oil was around 9.78 mb/d. With Russia being one of the largest energy markets, it also has some of the richest billionaires in the energy industry. 

Renewable energy has been a trending segment in the global energy industry for a few years now. As we mentioned in our article about the 12 most undervalued renewable energy stocks to buy according to analysts, during the COP 28 conference in December 2023 global greenhouse gas emissions must be cut by 43% by 2030, against the 2019 levels. This target must be achieved to keep global warming below 1.5°C. Companies need to meet low-carbon benchmarks as governments worldwide are implementing new policies on zero-carbon emissions. In 2023, the energy sector added new investments worth $2.8 trillion, and 60% of the total investments were given to renewable energy.

The United States is one of the leading markets for renewable energy. According to a report by Mordor Intelligence, the renewable energy market in the US is projected to reach 434.5 gigawatts in 2024. The market is expected to grow further at a compound annual growth rate of 10.01% and reach 700.15 gigawatts by 2029. The increase in renewable energy is based on several factors such as the declining costs of solar panels, the increase in solar and wind energy installation, renewables subsidies, and favorable government policies. Texas, Washington, California, and Iowa are some of the leading states that produce the most renewable energy in the US. The global renewable energy market is expected to more than double in the next 20 years, as per a report by McKinsey. The renewables are expected to continue growth at around 45% to 50% of energy generation by 2030. Moreover, the growth rate is projected to reach 65% to 85% by 2050. Carbon emissions could potentially drop by over 72% compared to present levels, with the rising development of low-carbon emitting technologies in the global power system. 

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