This year, Forbes added 195 new billionaires to its annual Rich List. While a number of the wealthiest people in the world were both born into money, many built up their fortunes themselves.
According to new data from Slotsia, 65% of the 100 richest people are self-made. But how long did it take wealthy entrepreneurs like Jeff Bezos and Bill Gates to hit their very first million?
On average, Slotsia’s research revealed that it took eight years for individuals to join the two comma club after launching their ventures. In the case of the world’s richest man Jeff Bezos, it took just three years for the Amazon founder to hit the milestone in his early 30s.
Bezos' current net worth is reported to be over £87.36 billion by Forbes, which keeps him at the top of the Billionaires List despite his extraordinarily expensive divorce from author philanthropist MacKenzie Bezos.
In the case of Microsoft founder Bill Gates, it took twice as long to hit his first million (though Gates was younger than Bezos at the time, in his mid-twenties). The second richest man in the world took six years to make his first million, culminating in a current net worth of £76.6 billion.
Business magnate Warren Buffett took five years to make six figures. The nicknamed “Oracle of Omaha” made his money growing Berkshire Hathaway, a conglomerate which owns the likes of Geico and Duracell.
Mexico’s richest man Carlos Slim Helu spent four years working towards his first million, growing Mobile telcom company America Movil. For Inditex founder Amancio Ortega, his first million was a slower burn as it took him 11 years to get there. Inditex owns a number of fashion brands including Zara, Massimo Dutti and Pull & Bear.
On average, the world’s richest people started their astronomically profitable companies at the age of 27 years old and made their first million at the age of 36.
If you’re currently trying to come up with your million dollar idea, Slotsia’s research also revealed the sectors where people made their first six figures the quickest.
The telecoms industry breezed into first place with an average span of three years, followed closely behind by the technology sector with 4.8 years. On the flip side, manufacturing took the longest with an average span of 16.33 years.
