How do the richest get so rich?
They say the rich are just like you and me, except they’re rich! How much do you have in common with America’s affluent?
If you’re an entrepreneur, quite a bit.
Abram Brown, an associate editor at Forbes Magazine, just completed in-depth research as part of the just released “Richest in every state list for 2015,” and he said a common theme emerged from his research.
“About two thirds of the richest in every state are self made business people. Most had built their own companies. They’re entrepreneurial capitalists,” said Brown. “And their fortunes are monuments to the American dream.”
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The conclusion confirms other reports, which suggest working for someone else will never make you super wealthy.
In 2014, Inc. magazine examined IRS statistics of individuals reporting the largest gross incomes and they too concluded that owning a business was the best way to get rich. “It could not only build a solid foundation of wealth but could someday generate a huge financial windfall,” concluded the magazine.
Kiplinger echoed the sentiment in 2013. “What do success stories like Henry Ford, Steve Jobs and Mark Zuckerberg have in common? They all made their mark (and their millions) by coming up with a better idea and running with it. Starting a business is a proven path to wealth.”
And although it might be nice to simply come into family money, unlike generations past, inherited wealth has become a less prominent theme. “Only one fifth of the richest in each state had inherited their fortunes,” Brown added. “
All told, don’t hold your breath hoping to hear a rich uncle has died and left you a small fortune. Instead, with a lot of hard work and a little luck you can work your way up the ladder of success.
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