For the world’s wealthiest, their first million dollars may seem like a lifetime ago, but we’ve been diving into the data to find out just how long it took them to first join the millionaire’s club.
While some managed to make their millions in just a matter of months, others took years of hard work to build up their fortunes.
The 100 richest individuals on the planet have a combined wealth of over $2.7 trillion.
But just how long did the likes of Bill Gates, Elon Musk, Jeff Bezos & co. to work for their first million?
Over the last few years, the billionaire list has continued to grow, as more people enter the 3 comma club and those existing members continue to grow their wealth.
The runaway success of the world’s richest individuals started from somewhere; whether that was a genius business idea such as creating a real estate, new casinos, or telecoms empire, or a significant investment or family inheritance.
On average the world’s richest earned their first million at age 36 with most making their fortune through their own business ventures…
Highly successful individuals will tell you that becoming a millionaire is rarely an overnight process and even the world’s richest took an average of 8 years to hit their first million.
If the world’s top billionaires are anything to go by, the best strategy to follow in their footsteps is to launch a venture in telecom or tech, with the first million earnt in as little as 3 to 4 years. in these sectors!
Business sectors where the first million is earned the quickest…
(Excluding those who inherited their fortune)
Average Time (years)
We often think as the USA as the place where billionaires are born, but while it’s true that the majority hail from the States, which country produces the first to a million?
But how did the journey to a million differ for the world’s 25 richest self-made billionaires?
Time to First Million
Carlos Slim Helu& family
Hui Ka Yan
Phil Knight& family
Lee Shau Kee
Jorge Paulo Lemann& family