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The latest Forbes' World's Billionaires list revealed that a 19-year-old Brazilian student has achieved the incredible achievement of becoming the world's youngest billionaire.

She claimed the title from an Italian teenager, Clemente Del Vecchio, who is only two months older than her.

Brazillian Student Becomes World's Youngest Billionaire

Livia Voigt is the heiress of a prominent electrical motors manufacturer in Latin America. She holds the largest stake in WEG, a company that was co-founded by her grandfather, Werner Ricardo Voigt.

According to a report from Forbes, she is currently a university student and is not a member of the company's board. Livia has had an astonishing average daily income of $156,000 since her birth.

Livia just started studying psychology at university and has already accumulated a staggering fortune of $1.1 billion. She was recognized as the world's youngest billionaire by Forbes, joining the ranks of Taylor Swift and Magic Johnson.

Also mentioned on the list is her older sister Dora, who is 26 years old. The sisters reside with their family in Florianópolis, Brazil, and typically maintain a low-key lifestyle.

Livia and Dora are the granddaughters of WEG co-founder Werner Ricardo Voigt, who passed away in 2016. According to a report on AbsolutelyBusiness, they currently hold approximately three percent of the company's shares.

They are one of 18 heirs, but they do not hold any position on the board or in management. Eduardo Voigt Schwartz and Mariana Voigt Schwartz Gomes, who are also shareholders in WEG, have also been included in Forbes' list.

Forbe's World's Richest Person

Meanwhile, the world's wealthiest individuals are engaged in a fierce race to achieve the unprecedented milestone of becoming trillionaires.

Elon Musk, the CEO of Tesla, currently holds the top spot as the wealthiest individual in the world, with a staggering net worth of $222 billion, as reported by Oxfam.

The CEO of LVMH Moët Hennessy Louis Vuitton, Bernard Arnault, is the closest competitor to reaching the impressive $1 trillion benchmark. The current net worth of the French businessman stands at an impressive $179.3 billion.

Close behind is Jeff Bezos, the executive chairman of Amazon, with a staggering net worth of $177 billion.