Some people may say it’s easy to become rich. After all, there’s constant talk of millionaires and billionaires in society these days. Well-off people seem to be all too common, which makes people think that everyone can attain the same levels of wealth. They can never be more wrong with such assumptions, specifically in the realm of millionaires and billionaires, which are statistically rare, if not overblown by the media regarding their existence.
1. The Odds of
Becoming a
Millionaire
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2. Some people may say it’s easy to become rich. After all, there’s constant talk of
millionaires and billionaires in society these days. Well-off people seem to be all
too common, which makes people think that everyone can attain the same levels
of wealth. They can never be more wrong with such assumptions, specifically in
the realm of millionaires and billionaires, which are statistically rare, if not
overblown by the media regarding their existence.
Schooling Matters
One study in the U.S. sheds some light on the statistical odds. According to the
study, one’s chances of becoming a millionaire rely on one thing: education. Those
who didn’t finish high school (or only attained a high school diploma) obviously
have lesser statistical chances of becoming millionaires. Their numbers are under
10%. One can also include people with associate’s degree in this group.
Of course, the chances increase with
better schooling. Bachelor’s and
Master’s degree holders enjoy a
minimum of just under 20% chance
of becoming millionaires. For the
maximum odds, people would need
to possess at least a Master’s degree
(almost 40%). Take note that these
numbers encompass all races, though
Caucasians and Asians have a
considerable lead over Hispanics and
Blacks.
3. What About Age?
Millionaires also seem to be of a certain age bracket. People over 62 years old have
the best chances of all: 1 in 7 individuals. Younger people have it tougher. For
instance, individuals under 40 years old have a 1 in 55 chance of making their first
million. These numbers are courtesy of the St. Louis Fed’s Center for Household
Financial Stability, a financial research firm in the U.S.
This is why millionaires younger than 40 or even 30 tend to be celebrated by the
media—they are extremely rare, statistics-wise. Experts put the average time
required to become a millionaire at 32 years. This is for self-made individuals. Fifty
two percent of the world’s millionaires took an average of 38 years for them to
make their first million; 42 years for 21%, and a measly 4% became rich in under
27 years.
Becoming a millionaire is a significant indicator of social status, and rightfully so.
It’s an extremely difficult notion to achieve, which then underscores the need for
people to actively seek out opportunities and work hard in equal measure. To top it
all off, one must have tons of patience.
