Statistically speaking, billionaires make up an incredibly small percentage of the population. They are, however, an incredibly interesting bunch to learn about. What do their habits, their statistical data, tell us about what it takes to be a billionaire?
GoCompare has compiled a resource of data about billionaires which means we can get an inside look at
formula? Take a look:
The average age of billionaires is 67.3 years old, as of 2016
Interestingly, when you look back to 20 years ago, the average age was 47.1, indicating that the list of billionaires isn’t changing much, over time. They’re all just getting older. Is this a sign that it’s harder to become a billionaire now than it was 20 years ago? Possibly. Does this correlate with the overall increase in baldness of billionaires, over the past two decades? Quite likely.
Self-made billionaires make up a majority of the top 100, at nearly 70%
This is significant. It means these billionaires aren’t just being born into wealth, they’re making it happen for themselves. In fact, some of the biggest losers in the financial crisis were billionaires who inherited their wealth, losing around 75% of the net worth and never recovering it.
The majority of these people are married with children.
It’s an important point to make, because many entrepreneurs feel the need to sacrifice family life in order to succeed. Turns out, a whopping 87% are married and 77% have more than one child.
As expected, the largest concentration of billionaires is in the United States
What’s interesting is that, while the rest of the world’s billionaires have experienced small changes in growth of net worth (excluding the 2008 financial crisis) in the past two decades, the net worth of billionaires in the US has increased by 641%, in the same period of time. Let that sink in.
Women make up a very small percentage of the top 100
Given the ever-present glass ceiling, it shouldn’t come as a surprise that, as of 2016, only 8% of the top 100 billionaires are women. What is a surprise is that there’s been a sharp drop in the past four years, with five fewer female billionaires since 2013. Only time will be able to tell if this is a lasting trend, or a temporary blip.
School drop outs are rare
We’ve all heard the trope of the high school or college drop out who was a misunderstood genius and went on to become a hugely successful business person. Those people do exist, however not in as large numbers as the rumours would have you believe. Only 14% of the top 100 billionaires were drop outs with no higher education. Getting a Bachelor’s degree is still – according to statistics – the smartest thing you can do to lay the foundation for any business you plan to start.
In the end, no set of statistics can tell you everything about a group of individuals, especially those who are so incredibly accomplished at what they do. You can find inspiration in the details, however, to push yourself toward the goals you’ve set, and perhaps one day, exceed them beyond your wildest dreams. Time to get inspired.