The third option to become a billionaire is the established tradition of entrepreneurial activity. Starting a business and leading to success isn’t always easy. Still, for those with good business acumen and the ability to recognize startups that have the potential to be great, entrepreneurship can be the vehicle for great wealth. But if you have the intelligence to successfully create, patent, manufacture, and market a product that people need, you can build your future multi-billion dollar life on top of it. Successful inventions are not necessarily complicated or high-tech items, but they can enhance existing items.
In the event of a sudden windfall, people invest in their future. They go back to school, get transportation, pay for child care, pay off debilitating debts, and do all sorts of things to improve their career prospects and financial future. Any person in the United States can be raised above the poverty line with a one-time cash grant of about $10,000 per impoverished family (and about $7,000 for impoverished individuals). The total cost would be $170 billion, just over 5% of the wealth currently managed by 400 individuals.
He installed a pay phone in his home so guests would have to use it instead of their own line. He was also reluctant to part with the money when one of his grandsons, sixteen-year-old John Paul Getty III, was kidnapped. Getty Sr. thought that if he paid the $17 million ransom, he would have “kidnapped 14 grandchildren.” Eventually, Getty III lost an ear of the kidnappers, which was sent to a newspaper in Rome. Getty Sr. then relented and gave his son $3 million, and borrowed the rest.
The management of the assets of billionaires and other high net worth individuals is often in the hands of private asset managers. A billionaire is a person whose wealth is worth at least a billion billionaire investor units of a given currency, usually a major currency such as the U.S. dollar or the euro. In 2019, the largest geographic concentration of billionaires occurred in Europe and North America.
Neither do their children, grandchildren and great-grandchildren. If you, and one descendant per generation, saved $100 every day, and each of you lived 90 years, it would take you and 304 generations of your descendants to save up to a billion dollars. Simply put, Bill Gates has about two million times more money than the median income of American households.
French business tycoon Bernard Arnault is in third place with an estimated net worth of $157.7 billion. At 94, Lee Shau Kee is the oldest billionaire on the top 100 billionaires list, according to Forbes’ list of real-time billionaires. He is a Hong Kong-based business tycoon, investor and philanthropist.
You’ve probably heard this clichéd success story a thousand times, but it really worked great for this guy. Young entrepreneur Bill Gates invested all his time, energy and creativity in building his technology business. A report released this week, called the Trillion Dollar Club, used data to predict the future wealth of the world’s 30 richest people. The report found that Musk is on track on his current investment trajectory to reach the trillion-dollar mark by 2024, followed a year later by Gautam Adani, CEO of the Adani Group. In 2021, Forbes recorded more than 2,755 billionaires worldwide and this number continues to grow. Each of these billionaires has a unique story about their journey to success and fame.