The number of billionaires has decreased compared to last year’s data and so has their average net worth which is down to $4 billion from $4.1 billion in 2019. Also, according to Forbes, almost half of the people on the list have seen their fortunes shrink compared to the previous year.
Who are the world’s richest individuals?
For a second consecutive year, at the top of the list, we find Jeff Bezos. Amazon’s mogul dethroned Bill Gates last year leaving him on the second place while becoming the world’s first centibillionaire. What more is that CEO of LVMH (Louis Vuitton Moet Hennessey), Bernard Arnault has climbed from 14th place in 2017 to take 2nd spot in the rich list with a net worth of $112 billion.
The majority of millionaires still come from the U.S. while China had a significant drop in numbers this year. A new addition to this year’s list was Kylie Jenner who, at 21 years old, has now become the world’s youngest billionaire.
The number of women billionaires seems to be steadily increasing each year, although they still remain a small percentage compared to their male counterparts.
What’s the secret to getting rich? Is it possible?
The majority of people nowadays are living paycheck to paycheck and the ones that don’t, just tend to put their money in savings accounts. Even if they manage to find the highest interest rate savings account, they barely make as little as 1% per year.
Stacking money is not going to bring you profits. Investing is what will build your wealth. The younger you start investing, the bigger the payoff you will get in the long run.
Make saving money for investments your priority, set a standing order and set aside a small portion of your salary for your investment account. Even if you don’t know much about investing you can put your money into retirement accounts or low-cost index funds and just watch it grow.
What do wealthy people regret investing in?
What is strange about this question is that most wealthy people don’t regret financial investments.
What they do regret the most is investing their time and effort in things that would never pay off, such as wasting years in jobs that were not satisfying them or helping them towards building wealth.
They also seem to regret not saving money instead of making impulsive purchases in their 20s that ended up getting them into debt. They wish they had started investing and looking for ways to earn more money at a younger age as every hour in their day counts towards chasing profits.
What do wealthy people invest in?
The man on top of the Forbes list, Jeff Bezos has increased his fortune exponentially in the past few years. He managed to do so by choosing to invest in tech companies and start-ups while they are in their early stages, some of the companies include Dropbox, Twitter and Snapchat. Becoming an early Uber investor is said to have earned him $400 million alone.
On the other hand, there are wealthy investors who choose to make more conservative decisions than Amazon’s innovative entrepreneur. They tend to diversify their investments in assets with lower ROI rates but a lot less risky such as real estate, public and private equities, and agriculture.
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