The best way to earn billionaire status is to follow in Warren Buffett’s footsteps: 15% of billionaires get their net worth from the finance industry
The number of people who would think a banana costs $10 has risen in the past few decades. The United States has 902 billionaires this year, up from 66 in 1990, when the economy was less than half its current size and $410 million was equivalent to $1 billion in today’s dollars.
The combined wealth of American billionaires is estimated at $7.6 trillion, according to Forbes data analyzed by Americans for Tax Justice. This represents about 4.5% of the total wealth owned by Americans, while they make up only 0.0003% of the population.
Who (and where) are they?
The United States leads the pack, with nearly a third of the world’s 3,028 people with a net worth of more than $1 billion, followed by China (450), India (205), Germany (171) and Russia (140), according to Forbes.
People for whom buying a Ferrari is roughly the financial equivalent of your last-minute decision to go to the airport with an Uber, and they tend to congregate in cities. Forbes found that the leading billionaire hubs are New York City (home to 123 billionaires), Moscow, Hong Kong, London, and Beijing.
It’s a boys’ club, with only 13% of the world’s billionaires being women, according to Altrata’s Billionaire Census – although that number is very high. increase.
Track Benjamin
Some methods are more likely than others to lead you to join the exclusive club that includes Bill Gates, Ronaldo, Selena Gomez, French fashion directors, and Russian oil tycoons:
- The most common way to become a billionaire is to be born into a wealthy family or marry into a wealthy family, with a third of billionaires inheriting much of their net worth.
- Most likely professional The path to billionaire status is to follow in Warren Buffett’s footsteps, as 15% of billionaires derive their net worth from the finance and investment industry.
- Technology represents 13% of billionaires, followed by manufacturing (11%), fashion and retail (10%), healthcare (7%), food and beverage (7%), real estate (7%), miscellaneous industries (7%), media and entertainment (4%), and energy (4%).
Most of them cannot cash out in full: Billionaires typically can’t build a castle out of a stack of hundred-dollar bills, since 66% of their net worth is tied up in stocks (often in a company they created), which they can’t easily sell, according to Ultrata.—SK
This was the report Originally published by Morning drink.
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