I believe you want to know how long it takes to be a billionaire because you want to become one. That’s really cool. Different people achieve success at various ages. Some people say that making the first million is usually the hardest. It is because it is usually a learning process where you are constantly making mistakes and taking time to work on them. But when you have made your first millionaire, then it becomes easier to grow your wealth.
In this article, we are going to answer the question; how long does it take to become a billionaire from a sample of the world’s richest people.
How Long would it Take to Become a Billionaire?
People achieve success at different ages. The average age of becoming a millionaire is 37 while that of a billionaire is 51. Therefore, the average time it takes to become a billionaire is 14 years. This is from research on the world’s richest people based on the age they became millionaires and later billionaires.
How Hard is it to Become a Billionaire?
It is very easy to become a billionaire especially if you have already made millions. If you are a millionaire, you must have learned important lessons from financial mistakes you might have made in the past and this makes it much easy for you to become a billionaire. You already know how money works and what does not work. However, becoming a billionaire requires hard work and determination to become a billionaire.
Richest People Age When they Became Billionaires
The world’s richest people attained success at various ages. The following is a table showing the world’s richest people and the age at which they became millionaires and later billionaires.
|Billionaire's Name||Age Became a Millionaire||Age Became a Billionaire||Number of Years|
How Much Money Does it Take to Be a Millionaire?
A millionaire is a person with a net worth of $1 million or above in assets and has zero debt weighing on them. To hit the seven-figure mark, you need to invest some capital. From your investments, the proceeds can then make you a millionaire. There isn’t an exact amount of money you need to invest to become a millionaire, but you need to invest some money that can make you a millionaire.
Also read: Things rich people like to talk about.
Will I Become a Billionaire?
If you want to become a millionaire, then you need to do things that billionaires do. You also need to get out of your comfort zone. To become a millionaire, you need time, patience, and investment. Most billionaires are people who have invested in different sectors. The world’s richest billionaires are self-made entrepreneurs with an exception of Bernard Arnault.
I am not saying you quit your job, but I am just saying most billionaires are people who have decided to leave the comfort of job security and decided to take risks in entrepreneurship. As such, if you want to become a millionaire, invest in ventures that can generate enough wealth to become a millionaire.
Summary of How Long it Takes to Be a Billionaire
Different people achieve success at various ages. For instance, Mark Zuckerberg, Facebook co-founder became a millionaire at the age of 22 and became a billionaire at the age of 23. On the other side, Larry Ellison became a millionaire at the age of 42 and became a billionaire at the age of 47. It took Mark Zuckerberg 1 year to become a billionaire while it took Larry Ellison 7 years.
Therefore, don’t compare your success journey with your peers. If you believe in your ideas, keep working on them and someday they will pay off. It might not be after 1, 2, or 3 years, but at some point, they will pay off.