Do most rich people inherit their money

By M.Farouk Radwan, MSc.

Do i have to start big in order to be rich?

Right after i graduated from college i had several debates with my close friends about the possibility of starting small and ending up rich. My friends insisted that in order to be rich you need to start big.

Their claim was based on the fact that money brings more money and so if you don't have any you can't really become rich. Apart from logical arguments that might or might not appeal to some people i came across a very interesting study that proves that you can start small and become really rich.

What i liked the most about this study is that it had nothing but facts about the 100 richest person's in the world and how they built their wealth.

Lets find out together whether you can become rich or not if you didn't have anything to start with.

Do most rich people inherit their money?

Out of the 100 richest persons in the world today more than 70% were found to be self made. This means that less than 30 percent inherited their money while the rest actually made them on their own.

But those 70% could have been rich people who actually managed to become richer, right?
The study found that almost 50% of those self made people were actually raised in very poor families.

Moreover 25% of the self made people had no college degree. Here are few examples of people who started from zero and become filthy rich:

  • 1) Larry Ellison: The the founder of oracle, started with 1500 USD only because he didn't have more money to start with and became one of the richest people in the world. His net worth was around 43 billion in 2012. See his full story here.
  • 2) Steve jobs: No need to introduce him for he is very popular. Steve started in a garage with an extremely low budget then ended up becoming a famous billionaire (see also Inspirational stories of successful people)
  • 3) Ingvar Kamprad: The founder of Ikea. Started by selling matches to his neighbors then ended up becoming a billionaire

Lessons to learn from this study

So what should we learn from this study? Here are few important conclusions that you should come up with:

  • 1) You don't have to start big: The "you must start big to be rich" is a common false belief that many people believe in nowadays. The statistics about those successful people has shown that most of them started with near zero budget yet became very rich
  • 2) Your social class won't make a difference: Many of those self made people started as humble workers only to end up becoming extremely successful. The desire to succeed is much more important than your social class or the amount of money you have (see also Does my social class determine my future?)
  • 3) You can do it!: Those people started from scratch and they didn't have anything that you don't have. In fact you might have more resources now than what they had. In short, you can do it as well!

I have managed to become a self made millionaire at the age of 28. This didn't happen by chance because i already wrote that goal down five years before i accomplished it. Becoming rich is not about luck, starting big or being intelligent but its all about having certain beliefs about money and life.

In The Ultimate guide to becoming rich i will teach you everything that you need to know in order to become rich.

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