How Easy Is to Make the First Million?

The race of becoming the richest man and becoming a billionaire is now becoming faster than ever. Tech companies, influencers even teenagers and people in their early twenties are now becoming the head of fastest growing fortune five hundred countries. Formally, only CEOs of bigger companies were to become billionaires in their older age, however, with the advancement f technology, things have now transformed. With Kylie Jenner the celebrity baby becoming the youngest self-made billionaire, people are now wondering how to become a billionaire overnight. There is no doubt that over-night success is never through honest means and it is not long lasting either after explore how much time it took for an average billionaire to earn their first million results are surprisingly hopeful.

According to stats, on average it took eight years for the billionaires to earn their first million. This nearly makes an average of 36 years, which means that, with few exceptions, most of the billionaires didn’t earn their first million till the age of 36. This is a hopeful sign for everyone looking for a sign to become the next business tycoon. Another important misconception about the billionaires is that most of them earned their money either with the help of others or they were born with a silver spoon. This might be true to some extent but stats show that out of the top 100 billionaires globally, only 35 earned their money with the help of their family whereas, 65 of them are still self-made.

Most of the billionaires that we know today are in this position because of their grip over their profession, their foresightedness about the business and their skills that make them stand out. Among these impressive self-made billionaires are few of the most loved tech gurus including the founder of Facebook, Mark Zuckerberg, founder of Alibaba Jack Ma and famous investor Wang Jianlin only took 5 years to make it to the double comma club whereas, others took quite a few years to make their first entry to the millionaires' list. This extreme difference clearly explains that with hard work and passion anything is achievable whereas, everything comes at its due time. What might take a few hours for some, might take a few years for others.

Apart from hard work, skills and passion relying on a good sector to invest the time and money is also important. According an infographic from Slotsia, telecom and tech are considered two of the fastest growing industries to make the first million. However, relying on personal skills and passion still remains a better option according to the most billionaires.

How The World's Billionaires Got So Rich - infographic
How Billionaires Get Rich: Which Industries Make The Most Mega-Fortunes
Read next: These are the low cost business ideas you can start as a solopreneur (infographic)
Previous Post Next Post