Self-made billionaires

[Deleted member 1609]

What constitutes a self-made billionaire?

Given the fact that Kylie Jenner is being called "the next self-made billionaire" by Forbes despite being born into obscene wealth and fame, clearly there is quite a bit of disagreement on this subject. 😛

 

[Joshua Farrell]

One would hope that a self made billionaire would be because of hard work like what Bill Gates did.But I guess you could label a self made billionaire with someone who already had millions from family, could become a self made billionaire if they work on doing the same thing to get there after getting the money.

 

[Deleted member 1609]

I mean, Bill Gates was also born into wealth.

 

[Jordan]

I mean, Bill Gates was also born into wealth.

Well, I wouldn't say he was born into wealth. I mean, they were comfortable and his parents were in the middle class, so he wasn't poor. But not rich either.

Not like trump where he was literally born into it along with handed millions for his own investments. However, there is a big difference in getting $2 million and making $1 billion. Some would argue getting 998 million off of 2 million is self-made 😛 Regardless that is still a "YUUGE" bonus and head start over 98% of the world.

Regarding Kylie, is she self-made? No. Is she self-made billionaire? In a way, yes. You have to give her credit for using the advantages she had to further grow her own potential and assets. With that said, the help of the entire Kardashian family and their status is not the definition of "self-made".

 

[Ajay]

I mean, Bill Gates was also born into wealth.

If i remember correctly, Gates' father was a partner in a law firm. I wouldn't say that is really being born rich, that's upper middle class at most.

 

[Cosmic]

If they multiply their parents' wealth by at least 100x, I think it counts as self made.

 

[Jordan]

If they multiply their parents' wealth by at least 100x, I think it counts as self made.

So, you multiplying your parents $1 to their name to $100 thinks you made it in the world 😉
In all seriousnes though, having a $300million fortune already to the name and bringing it into the billions don't classify a self-made.

As definition:
made by oneself.
"his self-made fortune"

• having become successful or rich by one's own efforts.

Getting millions by your parents isn't self-made. Self-made would be getting those millions by yourself then turning it into profit.

 

[Cosmic]

In all seriousnes though, having a $300million fortune already to the name and bringing it into the billions don't classify a self-made.

This would be a 3x multiplier, so would not qualify in my view. I'd say it depends on the circumstances, but should be at least like 20x. That's 50 mil. 50 mil --> 1 bil is quite the accomplishment.

 

[Page]

My observation is that some of the self made millionaires dress like crap and don't have the latest and the greatest. You'd never guess how much money they have just by looking at them. A few either are really good with people and are good salesman or they have a creative or innovative idea that they were able manipulate into a workable product.

 

[Jason76]

Steve Jobs and Mark Zuckerberg come to mind. Well, I mean, I think they went to Ivy League schools, but they weren't born into obscene wealth.