According to Forbes, there are 31 billionaires in the U.S. that are under 40 years of age. Now add to the equation, the numbers of millionaires all throughout the world, and there’s really no exact number because they’re being produced monthly. Now here’s a few more facts to consider:
– In the year 1900, there were only 5,000 millionaires in the United States. In 2000, there were more than five million. Before the Great Recession, there were 9.2 million households worth $1 million or more.
– Only 20% of millionaires are retirees. Around 80% still go to work.
– Just 17% of millionaires or their spouses attended a private elementary or high school. However, 55% of millionaires’ children have attended/are attending private schools.
– Most modern American millionaires today (about 80%) are first-generation millionaires. Usually the fortune they build will dissipate by the second or third generation.
– Those with Russian ancestry have the highest concentration of millionaire households in America. The Scottish rank second and Hungarians rank third. English ancestry groups rank fourth. The Russian American millionaire group has approximately $1.1 trillion, or nearly 5% of all the personal wealth in America.
– Most American millionaires are manager-owners of businesses.
So does this have you motivated or depressed that you haven’t got your piece of the pie? Well here’s good news for all the late bloomers out there. Age is not a factor in creating your empire and it’s never too late. Take a look at a few of these folks who have built empires later in life.
Jeffery Brotman launched the bulk food warehouse Costco at the age 40 – that’s right – 40. I am sure you’ve heard plenty of people say that if you haven’t made it by 40, you probably won’t. Had Mr. Brotman believed that, we wouldn’t be shopping and saving in bulk at the ninth largest retailer in the world.
But Mr. Brotman isn’t the only person to find true genius later in life. Henry Royce found his even later, founding the Rolls-Royce brand with partner Charles Rolls in 1904 at the age of 43.
Still not convinced? Sam Walton started the Walmart brand empire, also affectionately known as “Wally World” at the age of 44. In 2014 Walmart was named #19 on Forbes list of the world’s most valuable brands.
And the list goes on and on. In fact, there are more incredible examples included in the infographic featured here, which was created by information designer Anna Vital at startup organization Funders and Founders. You can peruse to find examples up to and including Charles Flint, who launched IBM at age 61, here.
So are you still thinking that you might be behind the curve ball in starting a new endeavor? Well you’re not and you’ve got plenty of time. Just go for it!
Featured photo credit: FundersandFounders/AnaVital via fundersandfounders.com
Featured tattoo in the header by Fernie Andrade