When Richard Branson left school, his headteacher said to him: "Congratulations Branson, I predict you will either go to jail or become a millionaire". He achieved the latter – and then some. Forbes currently estimates Branson to be worth around £3.9 billion. Click on to read how he built his business empire and how he spends his wealth.

At the age of 16, Branson set up a magazine called Student and after the success of the publication he saw an opportunity to set up a mail-order record business to sell the latest music hits for lower prices. The business was immediately successful and earned enough for Branson to set up his first Virgin Records store on London's Oxford Street. He and his friends decided on the name because they were new to the business.

The money from the record shop allowed Branson to scrape together just enough to open a recording studio in a rundown country house. They signed a 19-year-old named Mike Oldfield (pictured left) and released the album Tubular Bells in 1973, catapulting Oldfield, Branson and the Virgin label to fame. Virgin would later sign the controversial Sex Pistols when nobody else would.

Following the success of the Sex Pistols, more bands were attracted to the label such as the Human League and Culture Club. Their subsequent chart success saw the record business soaring to the top of the industry during the 1980s.

In 1984, Branson founded Virgin Atlantic and pledged to get the transatlantic airline off the ground within three months. He did just that, and a whole lot more.

The airline was born out of Branson’s frustration about airlines who he felt didn’t seem to care about their passengers on or off board – a feeling heightened when he was left stranded in Puerto Rico after a connecting flight to the British Virgin Islands was cancelled due to ‘lack of passengers’. After chartering a plane and filling it with disgruntled and ejected passengers, Branson decided it was time to take on the industry.

In a blog post on the Virgin website, Branson explains how he phoned Boeing and bought his first jet to launch his airline. The carrier’s inaugural flight from Gatwick to Newark departed full of friends, family and media on 22nd June 1984.

Virgin Atlantic soon emerged as the fierce competitor to British Airways and the rivalry came to a head in 1993 when BA shelled out £2.8 million to settle out of court after a so-called ‘dirty tricks’ campaign. Branson himself received £476,000 from BA and a further £104,000 for the company. Branson reportedly gifted his employees the money in bonuses.

A struggling Virgin Atlantic led Branson to sell Virgin Records to Thorn EMI for around £780 million in 1992. The sale allegedly reduced Branson to tears. He later described selling the label – which had just signed Janet Jackson and the Rolling Stones – as like selling his children.

Singapore Airlines acquired a 49% stake in Virgin Atlantic back in 1999 which earned the company £572 million. They later sold its share to American air carrier Delta, which is why Virgin and Delta codeshare flights. Virgin Atlantic made a £17.8 million profit before tax in 2015, a £9.6 million increase in profit year on year.

Branson launched Virgin Radio on the UK airwaves in 1993 but the station was sold to a consortium (led by Chris Evans) just four years later for £80 million.

The Virgin Active fitness gym brand was launched by Branson in 1999 and, at the time of its sale in 2015, owned 267 clubs across nine countries with around 1.3 million members. There were 114 of these clubs in South Africa, which is where the brand was sold for £653 million. Branson made £220 million from the sale and took ownership of a 20% stake.

Fresh from taking on the airline giants, Branson turned his attention to taking on the telecommunications industry. In 1999, Virgin Mobile was launched, offering cheaper mobile tariffs and was eventually purchased by NTL:Telewest in 2006. The acquisition made them the first ‘quad’ provider – internet, television, mobile and telephone.

In 2007, Virgin bought NTL:Telewest and Virgin Media was born and is now a challenger to established brands BT and Sky.

Branson netted £248 million in 2013 when he agreed the takeover of Virgin Media by Liberty Global for £12.5 million and had his 6.6 million shares in the company valued. Branson also reportedly took home £63.5 million in cash for one third of the deal and will continue to earn £9.4 million a year for the brand name.

After the success of cheap tariffs for Virgin Mobile UK, Branson launched Virgin Mobile Australia (2000), Virgin Mobile USA (2001) and Virgin Mobile Canada (2005). In Australia, the company also offered broadband services.

In 2006, Virgin and Branson sold its 74% stake in the mobile company to venture partner Optus reportedly for around £58 million. In 2009, Branson sold Virgin Mobile USA to Sprint and reportedly collected around £196 million from the deal. Also in 2009, Bell Canada acquired Virgin Group’s 50% stake in Virgin Mobile Canada for £111 million. Lifelong agreements for licensing the brand name exists for all companies which bring in millions a year.

Branson founded finance company Virgin Direct in March 1995, offering investment products, and it received around 4,000 calls on its first day in business. The next month, £40 million was pumped into the business. It's now called Virgin Money and offers credit cards, loans, mortgages and more.

The financial company floated on the stock market a couple years ago and in March 2016 it was reported that Branson got £11.45 million after its first full-year dividend.

Virgin Rail own 51% of the West Coast Trains franchise which travels the length of Britain. The travel times of some of the most popular journeys like London-Birmingham (1 hour 24 minutes) and London-Manchester (2 hour 9 minutes) were slashed to increase Virgin’s appeal. The company dividends are projected to total over £288 million by 2017. Now let's look at how he spends (some of) his money.

In 1979, Branson purchased Necker Island in the appropriately named British Virgin Islands for $180,000 (about £141,000 then). He had fallen in love with the island a year before on an all-expenses paid realtor trip, that he swung in an effort to woo his now-wife, to the island. He was left stranded on the mainland island after his offer of $100,000 (£78,000) for the $6 million (£4.7m) island was rejected.

Branson’s bargain price for the island was accepted because the landowner was struggling and needed a sale. The only stipulation imposed on him was that he had to build a resort on the island within four years. Reportedly, it took around £7.8 million to build the grand retreat on the 74-acre land. In 2013, the retreat was burned down by Hurricane Irene and has since been rebuilt.

Branson purchased the yacht Lady Barbaretta for £5.25 million and renamed her Necker Belle. It is moored on his island and can be rented.

In 2013, Branson and his wife Joan pledged half of their fortune - around £2.35 billion - to The Giving Pledge, which was set up by Microsoft co-founder Bill Gates.

Branson also founded and dedicates most his time to his non-profit organisation Virgin Unite. The overheads and costs of the charity are funded by Branson and The Virgin Group allowing all donations to go directly to the charity efforts.

The charity founded and supports many different projects including The B Team, The Carbon Room, The Elders and Oceans Unite. Branson is also listed as a supporter of over 30 different charities including Children With AIDS, Cancer Research and Greenpeace.

Branson holds several Guinness World Record titles. In 1986, he set the record for the fastest crossing of the Atlantic Ocean by boat in a £1.4 million vessel. In 1991, Branson set his money and sights on crossing the Atlantic again, this time by hot-air balloon. In 2004, he set the record time for crossing the English Channel in an amphibious vehicle.

Of course, Branson hasn’t just settled for planes and balloons. He has repeatedly reiterated his dream of sending people into space on the World’s first commercial spacecraft carrier. VSS Enterprise (SpaceShipTwo) suffered a tragic set back in 2014 when its maiden test voyage exploded, killing the co-pilot and injuring the pilot. However, a recent test flight was successful, bringing the dream that bit closer to realisation.

The project is also funded by Aabar Investments who injected £219.5 million in 2010 for a 31.8% stake and rights to research and launch flights from the UAE. In 2011, they invested a further £78 million raising their stake to 37.8%. Branson announced they were in talks with Google in 2014 for funds.

In 2007, Branson set up the Earth Challenge and offered a £19.6 million reward for scientists who could discover ways to save the planet from climate change. With help from Al Gore and other environmentalists, the challenge aimed to find out how best to extract greenhouses gases from the Earth.

Branson pledged £2.35 billion to spend over a decade to develop low carbon fuel. Activist Naomi Klein estimated that the figure invested within the first seven years has been closer to £235 million. £102 million was invested in a corn ethanol company and Branson also put £180 million into an algae fuel company.