How long did it take the world’s super-rich to make their first million?

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New research published by Slotsia announced that in 2019, there are 2,153 billionaires in the world. The members of the ‘three comma club’ are worth an estimated $743.8bn (£583.2bn) altogether. This marks a slight decline from 2018 when there were a reported 2,208 billionaires worth a collective $744bn (£583.4bn).

The research analysed the world’s 100 richest people on factors such as the time it took to make their first million, the sectors they work in, and which countries produced the fastest to a million. Though some findings were to be expected – for example, that the majority of billionaires hailed from the US – there were a few surprises as well.

By ranking the richest 100 by the time taken to make their first million, Slotsia were able to determine which countries produced the fastest-made millionaires. Austria came in first, with an average of 3 years, with Mexico and South Africa in joint second place with 4 years.

The world’s richest man, Jeff Bezos took 3 years to make his first million. He is listed as having a net worth of $131bn (£102.7bn).

On average, the world’s richest earned their first million dollars at age 36.

How long did it take the top 5 richest people to make their first million?

1. Jeff Bezos – 3 years
2. Bill Gates – 7 years
3. Warren Buffet – 5 years
4. Carlos Slim Helu & family – 4 years
5. Amancio Ortega – 11 years

… and who in the top 25 richest people took the shortest time to make theirs?

Jack Ma – less than a year
Larry Page – 1 year
Sergey Brin – 1 year
Lee Shau Kee – 2 years
Masayoshi Son – 2 years

Slotsia also analysed the findings by sector. With 3 years, Telecomms boasted the quickest average time to make a million, while Technology came in second with an average of 4.8 years. Metals & Mining took 5.2 years and Real Estate took 5.8 years. Manufacturing was the slowest listed sector with an average of 16.3 years to make the first million.

Full contents of the report can be found here.

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