Do you have what it takes to become a billionaire?
If you want to become a billionaire, it pays to have rich parents.
Almost half (45%) of all billionaires inherited a portion of their wealth. And 20% of all billionaires’ wealth is due entirely to inheritance.
For example, the Walton family is among the richest families in the world. Their wealth was inherited from Bud and Sam Walton, founders of Walmart. The Walton heirs own over 50% of the company, and are worth a combined total of $152 billion.
If you want to become a billionaire, it pays to be a self-starter.
Inheritance helps, but inheritance alone is usually not enough. Just over 80% of all billionaires made the majority of their fortune themselves, even if they inherited a portion. And 55% of all billionaires are entirely self-made.
"To build wealth today, you must be in your own business."
– Billionaire, J. Paul Getty
Why is starting your own business key to wealth? According to founder of Alibaba Group, and newly-minted billionaire:
How to you find the right opportunity for you? All opportunities are the right opportunity:
"If somebody offers you an amazing opportunity but you are not sure you can do it, say yes – then learn how to do it later!"
– Billionaire, Richard Branson
If you want to become a billionaire, it pays to be a man.
There are 2,039 male billionaires, but only 286 women. Among this small group of female billionaires, 21% are widowed, and many of them inherited their wealth from their husbands.
Women are more likely to owe their fortune to inheritance: 65% of female billionaires inherited all or some of their wealth, compared with just 40% of male billionaires.
Men are more likely to have made their fortune on their own. 60% of male billionaires are self-made billionaires, where only 35% of female billionaires are self-made. And female billionaires who inherited their wealth are generally wealthier than self-made female billionaires.
Among self made female billionaires - the highest concentration is in the United States.
Why is it so hard for women to become self-made billionaires? According to Nell Merlino, the founder and CEO of Count Me In for Women’s Economic Independence, women are just as likely to be self-starters as men: women-owned businesses represent about half of all privately held companies in the U.S. But 75% of women-owned businesses never grow their businesses past $50,000 in annual gross revenue.
Why don’t women-owned businesses grow bigger?
"Too many women limit their vision and opportunities by getting overwhelmed." Women walk away from growth opportunities that they can’t manage themselves, instead of thinking, “Who can I get to help me so I can go out to sell the company?”
– Nell Merlino
For aspiring female billionaires, take the advice of Oprah Winfrey, self-made female billionaire and one of the most successful entrepreneurs of her generation:
"You CAN have it all.
You just can’t have it all at once."
– Billionaire, Oprah Winfrey
If you want to become a billionaire, it pays to be married.
89% of male and 65% of female billionaires are married. Overall, 86.1% of billionaires are married, 6.5% are divorced, 3.1% are single, and 4.3% are widowed.
If you want to become a billionaire, it pays to graduate from a U.S. University.
Most billionaires (65%) have a university degree, and United States universities count the greatest number of billionaires as their alumni.
The United States claims 80% of the top 20 universities for billionaire alumni. Among the runners up, India, England, Russia, and Switzerland have only one university each in the top 20.
If you want to become a billionaire, a university degree is not necessary; and an advanced degree is probably a waste of time.
Fully 35% of all billionaires have no university degree at all.
Only 14% of billionaires have MBAs; and only 7% have Ph.Ds. Of billionaires who have university degrees, the largest proportion have only a bachelor’s degree.
School is not the only path to the billionaire club. In the United States, the founders of Microsoft, Apple, Oracle, and Facebook, billionaires Bill Gates, Steve Jobs, Larry Ellison, and Mark Zuckerberg, all dropped out of school before becoming billionaires. Similarly in China, Jack Ma of Alibaba Group, has a bachelor’s degree in English, but he flunked the entrance exam twice.
If you want to become a billionaire, it pays to work close to where the money is.
Nearly 20% of all billionaires made their wealth though finance, banking, and investments.
The other top industries for billionaires are industrial conglomerates and real estate which are the source of 12% and 7%, of billionaire wealth.
If you want to become a billionaire, it pays to relocate.
The fastest growing region for billionaires is Latin America, which grew almost 38%.
The United States has the highest number of billionaires in the world, but it is growing at a much slower rate.
If you want to become a billionaire, it pays to make friends with other billionaires.
Billionaires make friends with other billionaires. On average, billionaires have business or personal relationships with around nine other ultra-high net worth individuals - those with a net worth of US$30 million and above.
How do you make friends with billionaires? The same way you make friends with other people. Billionaires form bonds and relationships with people who share their interests and abilities. 68.3% of billionaires are interested in sports, and 23% are interested in the outdoors.
Lastly, if you want to become a billionaire, it pays to think big and take big risks.
In their own word - billionaires on thinking big and taking big risks:
"All achievements, all earned riches have their beginning in an idea."
– Billionaire, Andrew Carnegie
"You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth."
– Billionaire, J. Paul Getty
"If I lose a billion dollars, I will have it back in less than five years."
– Billionaire, Henry Ford
