Who wants to be a billionaire?
Have you ever wondered what it takes to become a billionaire?
Interestingly over the past two years, the wealth of Australia's 47 billionaires has doubled to $255 billion.
That's more wealth in the hands of 47 people than about 7.7 million Australians.
But how do you become a billionaire?
Well, the path those who have become billionaires have taken to grow their wealth has changed over the course of the generations.
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Businessfinancing.co.uk pulled details from of living billionaires and used them to create a profile of the average billionaire from the past four generations:
- the Silent Generation (born 1928-1945),
- Boomers (1946-64),
- Gex X (1965-80), and
- Millennials (1981-96).
They found that billionaires are becoming less schooled, less married – and less male.
And the self-made tycoon is giving way to the billion-heir, with 33.6% of rich millennials having inherited their wealth compared to 19.3% of the preceding Generation X.
Here are their key findings
- 19.1% of millennial billionaires are women, compared to 11.9% of Gen X’s and 9.8% of Boomers.
- Finance & Investments is the most common industry of older billionaires, but Gen X and Millennials are more likely to make their money from tech.
- Millennials are the first generation not to produce billionaires in Logistics, Gambling & Casinos, Telecom, or Sports.
- No millennial billionaire has a PhD, and only 13% has an MBA – compared to 28.3% of Gen X billionaires.
- New York City is the most popular residence for billionaires born before 1964, while Gen X favours Beijing and Millennials are in San Francisco.