What do millionaires do for a living? It is a question that crosses the mind of many people. Many people also want to know how much do millionaires earn and what work do they do? It is because they want to know what millionaires do to become rich so that they can follow suit. To help answer this question, I analyzed some millionaires and billionaires and what they do for a living. I will be sharing these findings with you.
What Do Most Millionaires Do for a Living?
1. Business Owners
A majority of millionaires and billionaires are business owners. Almost all people on the list of the world's richest people are business owners. For instance, Elon Musk founded SpaceX, and Hyperloop and has bought companies like Twitter and Tesla. Other rich people who own businesses include Mark Zuckerberg who owns Facebook and Jeff Bezos who owns Amazon.
2. Real Estate
Real estate investment is the other thing millionaires and billionaires do for a living. One of the well-known billionaires who have invested in real estate is Donald Bren with a net worth of $16.2 billion. others include Stephen Ross worth $8.3 billion and Sun Hongbin wot $6.9 billion.
The good thing about real estate investment is that real estate investors can leverage to buy real estate property upfront and then pay the balance and interest over time. Real estate is a low-risk investment and usually has a high return on investment.
The other thing millionaires do for a living is investing in stocks, ETFs, bonds, shares, and mutual funds. These investments provide them with dividend income. Some of the renowned billionaires who have invested in the stock market include Warren Buffett and Ray Dalio and John Paulson.
Investing in the stock market is also a great way to generate passive income. Warren Buffett is the Chairman and the largest shareholder of Berkshire Hathaway which owns over 60 companies like Dairy Queen.
Also read: What degree do billionaires have?
4. High Paying Office Jobs
The other category of millionaires is the category of high-paying office jobs. Many companies pay their employees in the administrative posts high incomes. Some of these posts include CEOs, Directors, and other senior posts.
From their jobs, they tend to earn huge earned income that they invest and help them grow their wealth. A good example is Oprah Winfrey who is a television producer, actress, and author.
How Many Millionaires are Self-Made?
While there are many millionaires, some are self-made while others were born into wealth. Below are some statistics about millionaires.
- 67.7% - self-made millionaires
- 23.7% - their efforts and inheritance
- 8.5% - inherited their wealth
Summary of What Millionaires Do for a Living
The above are some of the things that millionaires do for a living. A majority of millionaires and billionaires are business owners, followed closely by real estate investors and then stock market investors. Millionaires have multiple streams of income like investments and businesses that help them generate income.