What does it take to be a billionaire?

Pedro_P

Reuters
▼ Forbes caused a stir this week when it reported that social media star Kylie Jenner had a self-made fortune worth nearly $1bn.
It's a distinction very few can claim.
There were only about 5,700 people in the world worth more than $500 million last year, according to Credit Suisse's annual Global Wealth Report.
True billionaires are even rarer.
So what does it take to become a billionaire?
1. Start your own company
Looking at the top tier, big names such as Amazon's Jeff Bezos, Facebook's Mark Zuckerberg, Zara's Amancio Ortega and Alibaba's Jack Ma dominate.
And the trend holds: Forbes identifies about two-thirds of the 2,208 people on its 2018 billionaires list as self-made - a share has increased over time.
It's true that self-made can be tricky to define. The magazine's characterisation of Kylie Jenner - born into a rich and famous family - as "self-made" raised some eyebrows this week.
But no matter how easily you got there, studies confirm that it pays to be the boss.
On average, chief executives at the biggest 500 public companies in the US earned more than 361 times the typical pay at the company last year, according to analysis of  government filings by the AFL-CIO labour  union.
2. Inherit money
About one third of the people on the Forbes list inherited their money.
That includes seven members of the Walton family, heirs to the Walmart fortune, and Francoise Bettencourt-Meyers, whose family started L'Oreal.
Inheritance is especially important in Europe, where it factored into the fortunes of about half of billionaires, according to analysis of Forbes' 2014 list by the Peterson Institute for International Economics.
There are plenty of reasons why people with a head start maintain their lead.
For one thing, the value of financial assets like stocks and bonds has risen more rapidly than other kinds of assets in recent years.
Those kinds of assets are also often taxed at a lower rate - if they're taxed at all. An  academic studylast year estimated that 25%-35% of personal taxes are evaded each year by those in the top 0.01%.
3. Be a hedge funder
There were more than 140 people in the finance sector with fortunes greater than $2.5bn on the 2018 Forbes list - more than in any other industry.
Many of them hail from the US, where 25% of billionaires source their riches from finance.
But don't expect to simply rise through the ranks. JP Morgan Chase boss Jamie Dimon is the rare billionaire banker who took that path.
Most financiers entered the billionaire club like people in other industries - by striking out on their own.
And many of the financiers - almost one-fifth of the richest 143 - have ties to a hedge fund.
Of course, if you're set on breaking into the top ranks of billionaires, odds favour those in the tech industry, which claims four of the top 10 spots.
4. Get out of the UK
The number of billionaires in the UK declined last year - one of the only places in the world where that happened, according to Forbes and other surveys.
The fast-growing Asia Pacific region is more fertile territory.
About 29% of the world's new billionaires last year came from the region, according to an annual survey by WealthX, which estimates that there are about 2,750 billionaires globally, a bit more than Forbes.
China alone claimed 29 of the 259 newcomers on Forbes' list - more than any other country.
Despite gains in other parts of the world, the US remains home to the highest number of billionaires at 585.
5. Don't worry too much about following the rules
Billionaires are no strangers to legal battles.
Take Bill Gates. He might be known as a philanthropist now, but his reputation wasn't always so squeaky clean.
In the 1990s, the US sued Microsoft for anti-competitive practices.
The US won the initial suit and Microsoft appealed. The fight ultimately ended in a settlement. The European Commission has also fined the firm.
Mr Gates is in good company.
Regulators have fined a slew of billionaire-making companies over matters that range from bribery payments to price fixing and other competitive practices.
Those include Googleand Samsung, as well as firms outside of tech, like casino company Las Vegas Sands.

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bsk

good share

cabrito

Good info.

parivijesh100

Understanding your limitations & strengths & using strength to maximum added by rusk taking & right business model   entry at right time may make you billionaire.

Buddha480

In addition to any or all of the above, the secret sauce is LUCK. If Destiny doesn't smile on you, the rest doesn't matter

Pedro_P

Based on my business experience, I can affirm that, to do business (company), you must have two basic ingredients that I express them in the following way:
1. You must have a good «sense of smell» and
2. You must have «guts».
Sense of smell for recognize and realize oneself a good idea or business opportunity, and guts to have the courage and determination to take risks and take on that challenge.
Certainly it requires some knowledge that allows us to make informed decisions.
However, if one is not able to recognize a good opportunity and at the same time, is not able to have the guts to risk investing, then the business environment is not for one, the best then would be to engage in another activity.
Success does not necessarily mean fattening our bank accounts and having a huge, solvent and secure company... The success lies fundamentally in our ability to persevere and achieve the objectives, but also the success lies in our ability to know when to retire and learn of our mistakes and failures, and mainly, share.
Finally, being an entrepreneur must be the key that allows us to open the doors of a higher purpose, that is, the higher purpose should be independence (economic, financial), how much more independent and self-sufficient you are, the more free you will be.
Remember that a person is not valuable because of the amount of money he has in his pockets, but rather because of the number of neurons that person has in his head and how big his heart is. There's nothing worse than a person with fat pockets full of money, but at the same time, with nothing in his empty, hollow head and a vile and tiny heart... (Take a look at Trump, and you'll give me the reason).

Nabs

Revolutionary idea and Hardwork

niya

all I understand is sell what is the basic need of ppl or sale
that which is scarce or extraordinary.

basic needs are food cloths n shelter.
n scarce or extraordinary like AI Space Mining.