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Millionaire to Billionaire: How Long Does it Take?

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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:

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

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Ranked: The World’s Top 10 Billionaires in 2024

With a $205 billion fortune, Elon Musk is currently the world’s richest billionaire.

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Bar chart showing the world's top 10 billionaires as of June 2024.

The World’s Top 10 Billionaires (June 2024)

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.

Elon Musk has reached a net worth of $205.4 billion in 2024, securing his position as the richest billionaire in the world, ahead of Jeff Bezos at $203.2 billion and Bernard Arnault at $200 billion. Arnault, the billionaire chairman and CEO of the global luxury goods company LVMH, led the ranking at the beginning of the year.

Using data from Forbes’ Real-Time Billionaires List, we provide a snapshot of the top 10 billionaires in the world as of June 11, 2024. It is important to note that the rank changes frequently due to fluctuations in stock prices, market conditions, and significant business transactions.

$1.6T in Combined Wealth

The wealth of the top 10 wealthiest people ($1.6 trillion) is almost equivalent to Mexico’s GDP, the 14th largest economy in the world.

At the top of the list, Elon Musk’s wealth derives primarily from his stake in Tesla, his holdings in SpaceX, and the social media platform X.

RankNameNet Worth (USD in Billions)Source
1Elon Musk$205.40Tesla, SpaceX
3Jeff Bezos$203.20Amazon
2Bernard Arnault & family$200.00LVMH
4Mark Zuckerberg$176.50Facebook
5Larry Ellison$153.70Oracle
6Larry Page$145.10Google
8Sergey Brin$139.00Google
7Warren Buffett$134.00Berkshire Hathaway
9Bill Gates$131.00Microsoft
10Steve Ballmer$126.50Microsoft

Recently, Tesla shareholders voted to approve a pay package worth approximately $50 billion for Musk at the company’s annual shareholder meeting. This decision is being challenged by a Delaware judge, who has described Musk’s award as “unfathomable.”

Meanwhile, Amazon founder Jeff Bezos overtook Bernard Arnault as the second-wealthiest person in June 2024, after LVMH’s shares fell and Amazon’s shares slightly increased.

As a relevant side note, Arnault has also been carefully laying succession plans for LVMH this year, with the 75-year-old recently appointing two more of his sons to the company’s board in April 2024. This leaves just his youngest son without a spot on the board, though he is employed at the company.

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