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Tips - May 28, 2022

5 Ways Billionaires Made their Fortunes

There are 2,668 billionaires on the Forbes 2022 World’s Billionaires list. And they have a collective net worth of $12.7 trillion. Indeed, we are experiencing the largest transfer of wealth in human history. A closer look will reveal some of the ways the self-made billionaires on this list made their fortunes.

There’s something to learn from how these people made billions from scratch. If they can do it, so can we. No doubt some of the world’s self-made billionaires had the odds on their side. But the key point is that they attained their net worth from scratch and on their own. With no further ado, let’s dive into five ways the world’s billionaires made their fortunes. 

5. Media

The media industry is powerful in forming public opinion and convincing prospective customers of brands. Its entertainment pull has billions of people around the world engaged. This, no doubt, is an industry with high earning potential. 

I understand that owning a giant media firm like Disney, Fox, or CNN may be out of reach for ordinary people like you and me. But this is 2022, and the Internet has provided us with countless opportunities to build our own personal media empires.

4. Fashion and retail

If you like gorgeous people and beautiful clothes, then fashion and retail are just up your alley. Some of the entrepreneurs on the current Forbes World’s Billionaires list who made their fortune in this industry are Amancio Ortega, Francoise Bettencourt Meyers, and Bernard Arnault, who is also the third richest man in the world.

3. Real estate

Real estate is one of the most valuable assets we can own since we all require land on which to live. But if you’re not born a monarch with an expanse of land to your name, you’ll have to break into the real estate industry on your own.

Launching your own real estate business can seem like a herculean task, but with the right guidance and determination, you can get it done. Read this straightforward guide on how to get started. 

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How African Billionaire Strive Masiyiwa Made His Fortune 

2. Technology

The world’s richest man, Elon Musk, is a tech billionaire, who illustrates the earning power of the tech world. It’s no surprise that technology is the second most prevalent source of riches for billionaires; the sheer volume and speed with which technology can reach people internationally allows someone to generate wealth in ways that were not imaginable a century ago.

Today, tech corporations such as Google and Facebook are transforming the way we live our daily lives. Google began as a research project at Stanford in 1996, while Facebook started in 2004 as a closed network for Harvard students before evolving into the multi-billion dollar giant it is today.

1. Investment

This is the most common way for self-made and inherited billionaires to get wealthy. And it should come as no surprise that the most popular way for billionaires to generate money is through investing.

As an investor, you can invest in and generate money in a variety of industries, including manufacturing, healthcare, food, and technology. You can make a fortune through your investments if you know how to choose and select the correct company.

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