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Just a reminder, 55.8% of all billionaires in the world are self-made
Source: https://www.wealthx.com/report/the-wealth-x-billionaire-census-2019/
@pthenq1 Arguing that they arent self-made because they had to first start a company and prove to investors it was worthy of investment and ultimately secured investment is asinine obviously. Yes most billionaires had investment which they **earned** by creating a startup that appealed to investors. That still counts as self-made.
What isnt self-made is if you inherited the money or it was given to you because your daddy likes you or something.
@pthenq1 ive seen this video before. again it doesnt address the point. I never claimed luck didnt play a role. The point here is simply this: Most billionairs are **not** rich through inheritance. That started middle class and became billionairs.
But there is also a lot wrong with the idea that its just luck as the video you posted even covers. If you dont have the skill you are garunteed to fail. No one can get rich if you dont start a company and work hard. Of the people who do work hard there is some element of luck as to which ones succeed. So the skill is needed regardless, and again, this is not related to the main point being made anyway.
@freemo Check the luck factor in the astronaut selection case.
5% of the luck accounts for 9.3 astronauts selected from 18300 applicants. The other 1.7 astronauts that only used hard work accounts for the total 11 astronauts selected from 18300.
The general rule is that luck is more important than skills when the places are few. (in this example 11 open positions for 18300 applicants).
What happens if you are Elon? There is only 1 open position. What is the chance of pure luck helping a random Elon in the process?
@pthenq1 Luck factor can be 99%, doesnt change the fact that skill is a prerequisite, nor does it change the fact that they are still self-made.
A person who wins a fortune by betting at the casino is a self-made millionaire too. They risked their own time and money to win.
In the United States, the richest people are in California. Now I think about it, it makes sense.
In any case, this state is not precisely free in texan terms :P
@pthenq1 You seem to be missing the point of what self-made means. It doesnt mean it is independent of outside influence. It simply means you started from middle-class or below and earned your way up by running a successful company, this may or may not include investors buying stock.
Yes the country you are in and even state will change your chances considerably, that isnt the point.
@freemo Most of the time is luck :P
@freemo yep
But it is a looong conversation. I do not have the energy to do it.
Intuitively: You will see more rich people in rich countries or failed states countries.
Silicon Valley has the most significant concentration of wealthy people in the world. They can barely say they started from zero. At a minimum, they have an investor angel somewhere.
If they are by themselves, they can do nothing (let alone get rich).
If 55% of the people got rich by themselves, then countries like Somalia or Haiti with no help, no government, nothing, will have the biggest concentration of wealthy people and that is not the case.