If you have dreams of joining the billionaires’ club one day, the best place to start might not be business school—it might be your local book club.
Reading is the most commonly cited habit tied to the success of some of the world’s wealthiest families, according to a new JPMorgan report that surveyed more than 100 billionaires whose collective net worth exceeds $500 billion.
The wealth management firm found that exercise, consistency, and waking up early are also top contributors to long-term success. But across interviews, one theme dominated: extreme intentionality about how time is spent.
“The currency of life is time,” wrote one anonymous billionaire family leader in the report. “It is not money. You think carefully about how you spend one dollar. You should think just as carefully [about] how you spend one hour.”
Forget an MBA—dust off a book if you want to become a billionaire
In a technology-driven era where tools like ChatGPT can summarize hundreds of pages in seconds, sitting down with a book may feel inefficient. But many of the world’s most successful business leaders have long argued the opposite: Deep reading remains one of the fastest ways to build durable knowledge.
Microsoft cofounder Bill Gates has credited reading as the backbone of his learning routine. At one point, Gates said he read about 50 books a year to stay intellectually sharp.
“It is one of the chief ways that I learn, and has been since I was a kid,” Gates told the New York Times in 2016. “These days, I also get to visit interesting places, meet with scientists, and watch a lot of lectures online. But reading is still the main way that I both learn new things and test my understanding.”
The best book he said he had ever read at the time was Business Adventures by John Brooks, the first book Warren Buffett ever recommended to him after they met.
Buffett, for his part, is also an avid reader.
“I just read and read and read,” Buffett said when asked how he keeps up with what’s going on in the world. “I probably read five to six hours a day. I don’t read as fast now as when I was younger, but I read five daily newspapers, I read a fair number of magazines, I read 10-Ks, I read annual reports, and I read a lot of other things.”
His advice for aspiring business leaders is ambitious: Read 500 pages each day.
“That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
The top 7 habits contributing to the success of the world’s wealthiest families
- Reading
- Exercise
- Consistency
- Waking up early
- Prioritizing tasks
- Goal setting
- Deep thinking time
According to JPMorgan’s latest Principal Discussions report.
How the ultrawealthy spend their free time
Even though reading is cited as a major driver of long-term success, it isn’t how most ultrawealthy families prefer to spend all their downtime.
In the JPMorgan report, reading ranked No. 7 among hobbies and interests participants said they were most passionate about—trailing outdoor activities, time with family and friends, and even work itself.
The top 10 hobbies or interests wealthy families are passionate about
- Outdoors and nature
- Work
- Time with family and friends
- Tennis
- Snow sports
- Golf
- Reading
- Gym and working out
- Fishing
- Cycling and biking
That gap highlights a key distinction: While reading may not be the top pastime, its value means it’s treated as a strategic discipline—a pattern that’s likely to become even more notable as AI reshapes how information is consumed.
AI use is already widespread among the ultrawealthy. Nearly eight in 10 survey participants said they use AI in their personal lives, and 69% reported using it in business. In a world where information is easier than ever to access, being intentional about how you learn—and how you spend your time—may matter more than ever.
JPMorgan’s own 2026 booklist, “to inspire big thinking and bold exploration,” reflects that focus. Recommendations include Bobbi Brown’s memoir, Still Bobbi; Andrew Ross Sorkin’s history of the 1929 Wall Street crash; and Air Jordan, a look at Michael Jordan’s successes in the business world.
