(p. C6) Billionaires controlled 3.9% of the world’s total household wealth in 2015, slightly down from 4% in 2014, according to Wealth-X, a consulting group that uses public records and research staff to manually track the habits of ultra-high-net-worth individuals, or people valued at more than $30 million.
. . .
For most billionaires, however, it takes more than an inheritance to join the so-called three-comma club, according to the census; 87% of billionaires, up from 81% in 2014, made the majority of their fortunes themselves.
Todd Morgan, senior managing director at Bel Air Investment Advisors LLC in Los Angeles, says several of his billionaire clients are entrepreneurs and they are “very driven” and typically opt to keep working long after they’ve made their fortune.
“It’s not, ‘I’m worth a billion, now I’m going to sit on a beach and relax.’ It’s more of, ‘What can I create or achieve next?'” he says.
For the full story, see:
VERONICA DAGHER. “Ranks of Billionaires Grow, and They’re Getting Richer.” The Wall Street Journal (Weds., Aug. 8, 2016): C6.
(Note: ellipsis added.)
(Note: the online version of the story has the title “The Rich Get Richer as Billionaires Increase in Number.” There are minor differences in wording between the online and print versions. The sentences quoted above, follow the online version.)