In 2009, Branson was named the 261st richest person according to Forbes' 2009 list of billionaires, with an estimated net worth of GBP£1.5 billion. At the age of 16, Branson had his first successful business venture, when he published a magazine called 'Student'. 1970 saw him setting up an audio record mail-order business, then in 1972, he opened a chain of record stores which was originally known as 'Virgin Records'