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Technology sector leads in fast-tracking billionaires, study reveals

Written by Mon 20 Nov 2023

A recent analysis by Genting Casino has highlighted the technology sector as the fastest route to billionaire status. The study, which examined the journeys of the world’s wealthiest individuals, found that the average age of reaching billionaire status in technology is just 37.

This contrasts with slightly older ages in industries such as metals and mining (43), telecom (45), and automotive (46).

Mark Zuckerberg, for example, became a billionaire at age 24 through Facebook. He started the social networking site in 2004 while at Harvard and quickly grew its user base.

Larry Page and Sergey Brin, co-founders of Google, also achieved billionaire status rapidly. They developed the “BackRub” search algorithm at Stanford University, leading to the founding of Google in 1998. Their approach to page ranking and the company’s public offering in 2004, when both were 31, contributed to their rapid wealth accumulation.

Michael Dell of Dell Technologies also shares this trajectory, having become a billionaire at 31. His direct-to-consumer business model and diversification into various tech segments were central to his success.

Genting Casino’s study also shed light on wealth creation in other sectors. Russian billionaires Andrey Melnichenko and Vladimir Potanin, who became billionaires at ages 32 and 37 in metals and mining, exemplify wealth generation in natural resources.

Telecom and automotive industries also offer considerable opportunities for wealth, as seen in the successes of Masayoshi Son, Carlos Slim, and Elon Musk.

The analysis extended to the average age of billionaires by nationality. Russian billionaires, notably in the metals and mining sector, reached the ten-figure mark at an average age of 39.

The United States followed with an average age of 45, showcasing a diverse range of billionaires from tech innovators to finance gurus.

China, with its rapid economic growth and tech and manufacturing sectors, saw its billionaires averaging at 46 years.

Japan, strong in telecom and tech, had an average age of 47, while France, known for luxury goods and other sectors, stood at 51.

The study also emphasised the significant disparities between the wealth accumulation of these billionaires and the earnings of average individuals. For instance, the average salary in the UK is £27,756, meaning it would take over 36,000 years to earn a billion.

The research methodology included reviewing Forbes’ World’s Billionaires List, focusing on self-made billionaires and their year of first appearing on the list. This approach provided insights into the age at which each individual reached billionaire status, offering a broader understanding of wealth accumulation trends across industries and geographies.

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Written by Mon 20 Nov 2023

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