Data collected by Betway Insider has revealed the average age to become a millionaire is only 37. Becoming a first time billionaire takes a bit longer, with the average age coming in at 51.
Of the 3,311 billionaires worldwide in 2021, half were between 50 and 70 years old. Moreover, 40 percent were above 70 years, whereas only 10 percent were below 50 years.
Alexandr Wang is the youngest self-made billionaire as of November 2022, according to Forbes. At the age of 25, Wang is estimated to have a net worth of $1 billion. His San Francisco-based artificial intelligence company, Scale AI was valued at $7.3 billion earlier this year.
So Elon Musk became a multi-millionaire at 27 years old, and he used over $11 million from that payout to fund X.com, which eventually became PayPal. In 2002, PayPal sold to eBay, and Elon earned $180 million from that deal.
What are the odds of becoming a billionaire? There are only slightly more than 500 billionaires in America, making your odds of becoming one roughly one in 578,508. Worldwide, there are 2,043 billionaires among 7.4 billion people.
Becoming a billionaire is a lofty goal, often unobtainable for most individuals. Some find their success through economic, educational, or opportunistic advantages. Others learn to take calculated risks, develop their personal creativity, and deploy their capital advantageously.
John D Rockefeller was announced as the world's first billionaire through newspaper headlines in 1916. Towards the end of his life, Rockefeller gave much of his money and assets to his heirs and philanthropies.
That makes Musk the first person ever to lose $200 billion in wealth, Bloomberg reported last week. The bulk of Musk's wealth is tied up in Tesla (TSLA), whose stock plunged 65% in 2022. Demand for Tesla (TSLA)s weakened as competition in electric vehicles from established automakers surged last year.
Data collected by Betway Insider has revealed the average age to become a millionaire is only 37. Becoming a first time billionaire takes a bit longer, with the average age coming in at 51.
She became the world's youngest billionaire at age 19 in 2016 and held the position of youngest billionaire on the Forbes list for three consecutive years. As of 2020, Andresen is the world's second-youngest billionaire and her net worth is estimated at US$1.1 billion. Johan H. Andresen Jr.
(Image credit: @alexandr_wang) As a kid, Alexandr Wang was a math whiz who liked participating in national math and coding competitions.
It's not surprising that those with more wealth tend to live longer than those with less. If you have more money, you probably have access to better health care as well as more nutritious foods. You also have less stress from worrying about money, and stress is a factor in mortality, as well.
Bill Gates – $107 billion.
Before billionaire investor Ray Dalio built the world's largest hedge fund, he went broke.
In broader terms, the finance and investment profession has the most millionaires. It also has the most billionaires, with 371.
Sports, boating, and travel are also popular pastimes among the richest people in the world, according to Wealth-X. The hobbies of the richest billionaires are different from billionaires with net worths under $5 billion; billionaires worth $5 billion are more active in philanthropy, art, and aviation.