Most American Billionaires Are Self-Made
America’s uber rich have, overwhelmingly, climbed to the top on their own, according to a new report.
Of the 585 billionaires in the U.S., 363—or 62 percent—made their fortunes themselves, says the report by Singapore-based market research company Wealth X in collaboration with Wall Street Journal’s Custom Studio. Another 105, or 18 percent, achieved the coveted billionaire status through a combination of inheritance and making their own wealth. The remaining 117 American billionaires inherited their wealth.
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So, what do those American billionaires splurge on? Planes, yachts and art. Nearly one in five American billionaires own a private plane, while about one in 10 has a yacht, according to the report. Slightly less than one in 10 billionaires in the U.S. collect art and about one in 20 own a sports team.
While nearly 20 percent of these American billionaires made their wealth in financing, banking and investing, entrepreneurs are also well represented. According to a previous report from Wealth X, of the top 25 wealthiest self-made billionaires, 14 are American entrepreneurs.
This piece was originally published on Entrepreneur.