(Reuters) -Dietrich Mateschitz, the Austrian billionaire founder and owner of energy drink company Red Bull, died on Saturday at the age 78 after a serious illness with cancer.His death was confirmed by the championship-leading Red Bull Formula One team.The Styrian-born entrepreneur built a global empire around the energy drink Red Bull and was considered the richest man in Austria.
Mateschitz's fortune is estimated at around 25 billion euros ($24.65 billion). This puts him in 51st place on Forbes' list on the world's richest people.The self-made billionaire was considered a marketing genius.
After graduating from the University of World Trade in Vienna, he worked as a marketing specialist for various companies in the 1970s.On his business trips to Asia, he got to know the market of energy and stimulant drinks.
At that time, these drinks were still completely unknown in Europe and the United States. In 1983, he acquired the licence for such a drink in Asia.