How many billionaires are really self-made?
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Published on: October 24, 2021 / Updated on: October 24, 2021 – Author: Konrad Wolfenstein
Self-made billionaire George Soros – Image: Alexandros Michailidis|Shutterstock.com
The Forbes 400 is a ranking of the wealthiest Americans. To secure a place on the list, one now needs a net worth of around $2.9 billion – last year, $2.1 billion was sufficient. This year's ranking includes 44 new names and has seen the departure of some familiar faces, such as Donald Trump. The collective wealth of these 400 individuals increased by a remarkable 40 percent last year. However, philanthropy has not increased. The number of list members who donate more than 20 percent of their wealth to charity has fallen from ten to eight – representing just two percent of all 400 billionaires.
Many of the world's elite proudly call themselves self-made billionaires. But how many of them can truly claim this title? Forbes analyzed the career paths of all 400 entries on the list and categorized them into one of ten groups.
The first six categories are occupied by people who inherited part or all of their wealth. A further distinction is made between whether these individuals continue to work and the extent to which they have contributed to increasing the wealth. This category comprises approximately 29.5 percent of the list. Examples include Walmart heir Jim Walton and Dolby heiress Dagmar Dolby.
Category number six is reserved for the 3.3 percent of billionaires who made their fortune as employees in a large company, such as former Microsoft CEO and Los Angeles Clippers owner Steve Ballmer.
The last four categories are those of self-made billionaires, and arguably the most interesting. Approximately 67.3 percent of the Forbes 400 fall into this category. However, not all self-made individuals are created equal. As the chart below illustrates, roughly one-tenth of these 269 individuals grew up with wealthy parents, while another 59.5 percent come from middle-class backgrounds – including the four richest people currently in the US: Bezos, Musk, Zuckerberg, and Gates.
The working class has produced roughly 18.6 percent of self-made super-rich individuals. Only about 28 people (10.4 percent) among the Forbes 400 live the proverbial American dream. Hedge fund tycoon George Soros and talk show icon Oprah Winfrey are prime examples.
Self-made billionaires: How many are there really? – Image: Statista
Top Ten Billionaires in the USA
Jeff Bezos – Top Ten Billionaire – Image: Mo-padri|Shutterstock.com
Last updated: 2018
- Jeff Bezos, net worth – 112 billion US dollars
- Bill Gates' net worth – 90 billion US dollars
- Warren Buffett, net worth – 84 billion US dollars
- Mark Zuckerberg's net worth – 71 billion US dollars
- Amancio Ortega, net worth – 70 billion US dollars
- Carlos Slim Helú, net worth – 67.1 billion US dollars
- Lawrence Ellison, net worth – 58.8 billion US dollars
- Michael Bloomberg, net worth – 50 billion US dollars
- Larry Page, net worth – 48.8 billion US dollars
- Sergey Brin, net worth – 47.5 billion US dollars
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Xpert.Digital – Konrad Wolfenstein
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