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Dreams of Being a Billionaire? Get Your Entrepreneurial Hustle On

Billionaires are the new millionaires, so dream big. But don’t spend too much time dreaming. Get your entrepreneur hustle on.

Catherine Clifford

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Billionaire

Your best shot of becoming a billionaire is to become an entrepreneur.

That’s according to the second annual Billionaire Census, released today by Wealth-X, a Singapore-based firm that compiles research on the ultra wealthy, and financial services giant UBS.

More than 4 in 5 billionaires around the world made the majority of their wealth themselves, as opposed to inheriting it, according to the survey, which measures the global billionaire population from July of 2013 to July 2014.

Related: (Slideshow) 8 Musts to Start Your Business With Little to No Capital

“One of the common characteristics of the world’s billionaires is their entrepreneurialism. In most instances, achieving billionaire status requires more than just inheritance; 81 percent of billionaires made the majority of their fortunes themselves,” the report says.

Of all of the billionaires alive, 55 percent made all of their wealth themselves, while 26 percent inherited some of their wealth and made a portion themselves. The remainder, some 19 percent, are billionaires solely through inheritance, according to the report.

Taken together, the world’s billionaires are worth $7.3 trillion – which is more than  the market capitalisation of all the companies that make up the Dow Jones Industrial Average on the New York Stock Exchange.

In the past year, the world netted 155 new billionaires, bringing the total count to 2,325. And in the next six years, the global billionaire population will surpass 3,800.

While the majority of those billionaires are entrepreneurial in nature, there is less consistency in the industry they have made their fortunes in.

“Opportunities for significant wealth gains can be found across most, if not all, industries,” the report says. While opportunity lies in every corner, the majority of billionaires have found their wealth in finance, banking and investment, the report noted.

The Billionaire Census is nearly a hundred pages long and jammed with facts, demographics and figures, but for a snapshot of where these billionaires are living, what they are doing with their money and how they keep their money stowed, take a look at the infographics below.

Also, there’s a video, generated by Wealth-X and UBS, embedded below, that summarises a lot of the demographic and geographical facts.

This article was originally posted here on Entrepreneur.com.

Related: 9 Tips for Winning Investors in the 5 Minutes You Have Their Attention

Catherine Clifford is a staff writer at Entrepreneur.com. Previously, she was the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Catherine attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. Email her at CClifford@entrepreneur.com. You can follow her on Twitter at @CatClifford.

Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.

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wealthy-lifestyle

If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.

So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.

Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.

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Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands

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millionaire-habits
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Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

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Personal Finance

If You Think These 5 Things, You’ll Never Get Rich By The Time You’re 30

Five common mistakes entrepreneurs make when starting a business and how to correct them.

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Last week, I had lunch with a millennial who wanted some advice about a business he’s starting. After the usual small talk, we got down to discussing his business plan. Within a short time, it was clear that his business idea was great, his plan for executing was fairly solid and he had gathered together a strong team to help him make it happen.

So far, so good. But, to be frank, this guy has no chance of being successful with his current mentality. What it takes to be rich (or successful in any measure) has a lot more to do with your mindset than your ideas and plans.

From the time we started in business at the ripe ages of six and seven, our Grandpa Joe taught my brother Matthew and me many lessons about the details of running a profitable business. Over the years, we learned about how to create a business plan; how to market our products and services; and how to take care of customers, vendors and employees. All this knowledge has been invaluable to us in creating and running successful businesses. But, what our grandfather taught us about attitude and mindset trumps all other lessons.

Without calling out the specific individual I spoke with recently, below are five “hypothetical” attitudes that will get you nowhere in your journey to success – and the attitudes that should replace them.

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