Christopher ZeniosCollectively, these wealthy individuals makeup almost 1% of the Earth’s population but hold 47% of its wealth. Other reports show that within 2 generations, 20% of the world’s population could be millionaires. To some, this may sound unusual, because we don’t simply catch our break. If that’s so, how will this happen and how do the rich become super-rich? Think about the following.
The Rich get Super-Rich
Some individuals are born into money, others need to work hard and think smart to become wealthy. Those who are rich though must already be smart if they are to increase their pocket depth. So what do the rich do to become richer? Things like minimum wage increase in certain countries, investments in certain industries, investment in cryptocurrencies and stock exchange have helped separate the comfortably rich from the filthy rich.
Playing their cards right at the right time plays an important role in order for them to keep the ball rolling and increase their pocket size. Young entrepreneurs like Tanner J. Fox started as a teen selling 500 items on Amazon, with the amount of $1000, and with consistency, patience and perseverance he stuck it out and was earning over $250k in his first year.
Wealthy Individuals drop out of Richest People rankings become “worthless”
Some wealthy individuals are not as lucky as we think, at least from their perspective. Close to 300 individuals from around the world, left the billionaires club due to volatile stock markets, Brexit trade wars and legal matters.
Some have had public downfalls, like the founder of Insys Therapeutics, John Kapoor. He stood trial for bribery and because of this, stock of Insys dropped 20% in a year while the share price of Akorn where Kapoor had a 23% stake, went down to a shocking 75%.
Another example is ex-billionaire Frank Stronach who was involved in a legal matter with his daughter, suing her for mismanagement of the Stronach Group. This family feud cost Stronach a lot of money.
The Super-Rich give to charity but not the amount you think
Sources show that the list of wealthy individuals donating to charities like the CAF based in the UK has decreased. The number dropped from 86 mega-rich people to 72. The number of regular giving to charity has shown a decrease from 69% in 2016 to 65% in 2018 among the general public.
What may be the cause of this decrease though? Most will say trust is an issue here. The wealthy individuals worry that their “charity money” isn’t well spent. But according to CAF head of research, this is a challenge that most charity organisations are trying to fix and are trying to find ways to demonstrate that wealthy individual’s money is actually making a difference.
“No” is not really an option for HNWI’s
Most HNWI’s have been told “No” at some point in their lives but they’ve always pushed forward and tried harder to achieve their goals or dreams. There are many examples to support this.
Stephen King back in the ’70s was living a simple life, living in a trailer and serving as a gas-pump attendant. He wrote his first novel back in 1970 which was rejected by at least 30 publishers. He stood by his ambitions and dreams and continued writing, and since then he wrote more than 50 novels and he’s known as one of the best-selling authors of all time.
As a youngster, Harrison Ford used to work as a hotel bellman. He was rejected by the head of new talent who told him he would never make it in the business of acting. Despite rejection and that mans projections, Harrison went on to star in over 50 movies including one of the best Saga’s of our lifetime, Star Wars.
As you have noticed from just these two instances, whatever your objectives, dreams or ambitions may be, do not be turned down by a “No”, especially if it comes from someone else.
