7 Stats on Billionaires | Blankinship & Foster Wealth Advisors

Nowadays it appears as if rich individuals are all over the place. And because of the pandemic, which may be partly true. A 2022 Oxfam research confirmed that 573 folks turned new billionaires through the pandemic — equal to 1 each 30 hours — and their wealth elevated extra through the first yr than in 23 years mixed.

In the present day, there are 2,640 billionaires on the planet with a mixed web value of $12.2 trillion. There are billionaires that inherited their wealth, however a majority are self-made. For those who earned their wealth, they usually attribute their success to visionary considering, calculated risk-taking, and persevering within the face of challenges and setbacks.

Because the variety of billionaires continues to rise, what are different traits and commonalities billionaires share? Listed here are seven stats on billionaires that most individuals don’t know.

The Statistics on Billionaires

What does your typical billionaire appear like? Whereas there’s no “one dimension matches all,” there are key traits that outline a billionaire.

1.  The bulk are male. Whereas the variety of feminine billionaires rose barely in 2023, males nonetheless make up the bulk. Why is that? The controversy continues, however two causes could also be that ladies might have a tougher time discovering capital or funding of their start-ups, and infrequently lack the monetary community that males have.

2. Most are self-made. Contemplating that entrepreneurship is on the rise, it’s no shock that the majority billionaires are self-made, with the bulk making their wealth in know-how.

3.  Most have a bachelor’s diploma. Though few billionaires went on to acquire grasp’s levels or PhD’s, 70% have a bachelor’s diploma.

4.  Many are of their sixties. The common age of male billionaires is 63.2, with the common age of feminine billionaires coming in at 62.2.

5.  They’re married. Greater than 85% of billionaires are married, with males making up 88%. Nevertheless, the wedding price for feminine billionaires is far decrease at 62%.

6. They’re enthusiastic about charity. For a lot of billionaires, philanthropy is near their coronary heart. Well-known billionaires like Invoice and Melinda Gates and Warren Buffet have even pledged to offer away greater than half their wealth.

7.  They love the finer issues. The second and third most essential pursuits of billionaires are journey and artwork. 31% say journey is a ardour, whereas a detailed 29% say it’s artwork.

What it Takes to be a Millionaire

For many of us, changing into a billionaire is out of attain. Nevertheless it’s not too late to change into a first-time millionaire or a HNWI (Excessive Web Value Particular person). A millionaire is somebody with a web value of $1 million, and a HNWI is somebody with $1M in liquid belongings. These ranges of wealth are attainable with long-term funding methods and assist from an skilled monetary advisor.

In line with Beltway Insider, the common age of millionaires is 37. However don’t fear in the event you’ve handed that age with out changing into one. As these billionaire stats present, with saving and investing neatly, you’ll be able to develop your portfolio at any stage of life.