When it comes to education it’s the degree itself that matters, not where the degree comes from. Almost two-thirds of millionaires (62%) graduated from public state schools, while only 8% went to a prestigious private school. The top five careers for millionaires include engineer, accountant, teacher, management and attorney. Nearly half (47%) of millionaires came from homes where neither parent graduated from college or trade school.
And this trend doesn't stop with millionaires. The latest Forbes Billionaires List puts the total number of billionaires globally at 2,755. Some of those on the list made their fortunes through inheritance, but research from Wealth X has found that the majority of billionaires are actually self-made, clocking in at 68% of the total. More than two-thirds of individuals with a net worth of $30 million or more are considered "self-made. Further, a second study by Fidelity Investments found that 88% of all millionaires are self-made, meaning they did not inherit their wealth.
The almost $4 trillion owned by U.S. billionaires is about 3.5 percent of all privately held wealth in the U.S., estimated at $112 trillion. There are a little more than 18 million people who are millionaires that control just over $4 trillion.
There are a total of 46.8 million millionaires worldwide and they collectively own approximately $158.3 trillion or 44% of wealth. But the 44% is an unfair look as 2 billion people live on less than $10k a year because they live in unfree societies.
Wealth isn't a set number. There isn't just so many dollars to go around. Wealth and the economy isn't a pie where if one person gets a bigger slice someone else is getting a smaller one. Wealth is something created. 3/4 of all millionaires are self-made. They inherited nothing. Money is created by creating goods and services people want. It isn't taken from others. It is freely exchanged. That is how Wealth is created.
