Money
Millionaire to Billionaire: How Long Does it Take?
Millionaire to Billionaire: How Long Does it Take?
Years ago, a memorable exchange on Twitter took place after Canadian rapper Drake tweeted that “the first million is the hardest”.
Moments after, an unexpected reply came from Texan oil tycoon T. Boone Pickens:
The first billion is a helluva lot harder RT @Drake: The first million is the hardest.
— T. Boone Pickens (@boonepickens) May 31, 2012
Today’s infographic, also found here in interactive form, proves that Mr. Pickens may be on to something.
To get to a billion dollars, one has to make a million dollars at least 1000x over. While some people like Mark Zuckerberg have built companies that rapidly ascended the ranks, most people end up following the rule rather than the exception.
Credit Suisse says there are 33.7 million people that there were millionaires in 2015, and Forbes estimates that a mere 1,826 of these people are billionaires. That means only 0.0054% of millionaires become billionaires, making it quite a rare feat.
Whether you want to be the next Drake or the next Pickens, here’s a list of regions where immense wealth creation is happening, as well as the cities and countries with the most millionaires to help guide you.
Original graphic by: Fleximize
h/t: Business Insider
Money
Charted: Who Has Savings in This Economy?
Older, better-educated adults are winning the savings game, reveals a January survey by the National Opinion Research Center at the University of Chicago.
Who Has Savings in This Economy?
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Two full years of inflation have taken their toll on American households. In 2023, the country’s collective credit card debt crossed $1 trillion for the first time. So who is managing to save money in the current economic environment?
We visualize the percentage of respondents to the statement “I have money leftover at the end of the month” categorized by age and education qualifications. Data is sourced from a National Endowment for Financial Education (NEFE) report, published last month.
The survey for NEFE was conducted from January 12-14, 2024, by the National Opinion Research Center at the University of Chicago. It involved 1,222 adults aged 18+ and aimed to be representative of the U.S. population.
Older Americans Save More Than Their Younger Counterparts
General trends from this dataset indicate that as respondents get older, a higher percentage of them are able to save.
| Age | Always/Often | Sometimes | Rarely/Never |
|---|---|---|---|
| 18–29 | 29% | 33% | 38% |
| 30–44 | 36% | 27% | 37% |
| 45–59 | 39% | 23% | 38% |
| Above 60 | 49% | 28% | 23% |
| All Adults | 39% | 33% | 27% |
Note: Percentages are rounded and may not sum to 100.
Perhaps not surprisingly, those aged 60+ are the age group with the highest percentage saying they have leftover money at the end of the month. This age group spent the most time making peak earnings in their careers, are more likely to have investments, and are more likely to have paid off major expenses like a mortgage or raising a family.
The Impact of Higher Education on Earnings and Savings
Based on this survey, higher education dramatically improves one’s ability to save. Shown in the table below, those with a bachelor’s degree or higher are three times more likely to have leftover money than those without a high school diploma.
| Education | Always/Often | Sometimes | Rarely/Never |
|---|---|---|---|
| No HS Diploma | 18% | 26% | 56% |
| HS Diploma | 28% | 33% | 39% |
| Associate Degree | 33% | 31% | 36% |
| Bachelor/Higher Degree | 59% | 21% | 20% |
| All Adults | 39% | 33% | 27% |
Note: Percentages are rounded and may not sum to 100.
As the Bureau of Labor Statistics notes, earnings improve with every level of education completed.
For example, those with a high school diploma made 25% more than those without in 2022. And as the qualifications increase, the effects keep stacking.
Meanwhile, a Federal Reserve study also found that those with more education tended to make financial decisions that contributed to building wealth, of which the first step is to save.
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