In my Rich Habits Study I focused my research on individuals who had amassed at least $3.2 million in net assets and also generated $160,000 or more a year in income. I was able to document over 300 data points on the rich and my study has been highlighted in 25 countries.
Well, Wealth X does something similar. Every year they gather data on some of the details of all of the world’s billionaires. It’s a massive undertaking. I thought I’d share with you some of their findings and then compare it to my findings on millionaires. Let’s get started:
- 87% of the Wealth X billionaires were self-made. 76% of the millionaires in my Rich Habits Study were self made.
- The average age of a Wealth X billionaire was 63. In my Rich Habits Study 21% of the millionaires were over age 60, 31% were between age 56 – 60, 28% were between age 51-55, 16% were between age 46 – 50 and 4% became millionaires before the age of 46.
- 70% of the Wealth X billionaires had a bachelors degree, 22% had a masters degree, 13% had an MBA, 10% had a PhD and 4% had either a law degree or were doctors. In my Rich Habits Study 68% had a bachelors degree and 25% had a post bachelors degree. What is most interesting about both studies is that 30% or more of the billionaires and millionaires did not have a college degree.
- 13% of the Wealth X billionaires had inherited their wealth. In my Rich Habits Study, 24% had inherited their wealth.
- 56% of the Wealth X billionaires were engaged in philanthropy (charitable causes). In my Rich Habits Study 52% of the millionaires were on the board of directors of some charity or non-profit organization and 78% were involved in some charity or non-profit organization.
- 85% of the Wealth X billionaires were married. In my Rich Habits Study 93% were married.
- 7% of the Wealth X billionaires were divorced. In my Rich Habits Study 32% of the millionaires were divorced at least once. Some remarried, some stayed single.
- The average number of children of a Wealth X billionaire was 3, which was the same in my Rich Habits Study.
As you can see there are not many differences between the Wealth X billionaires and my Rich Habits millionaires.