Want to Be a Billionaire? Here Are 3 Legal Ways to Become One

By Jace Dela Cruz

Jan 24, 2024 08:03 AM EST

Being a billionaire is probably everyone's ultimate goal. So, how do you make billions of dollars?

According to Business Insider, there are three legal ways to become a billionaire, and it is not just about earning or saving. The report said you can become a billionaire through inheritance, marriage, and creating or buying assets.

Money Coin Investment — (Photo : Nattanan Kanchanaprat from Pixabay)

Becoming a Billionaire Through Inheritance

Inheritance plays a significant role. Around 30% of the 400 wealthiest people in the US become billionaires through inheritance, according to last year's Forbes 400 list.

Marrying a billionaire is an option, and according to Forbes, there are 735 billionaires in the US, providing opportunities for singles, although many of them are probably married.

Make Tons of Money by Owning Assets That Could Be Worth Billions

However, the most prevalent method is making tons of money, accounting for 70% of Forbes 400 billionaires. The crucial aspect is not earning or saving but owning assets that could become worth billions.

The preferred form is stock in companies, partnerships, or licensing agreements, showcasing the importance of asset ownership. For instance, billionaire investor Warren Buffett's wealth primarily stemmed from his Berkshire Hathaway stock and not from his annual paycheck.

So, the key point to remember is to create or buy something and elevate its value to billions. As seen on the Forbes 400 list, many companies that were previously worth zero have since made one or more billionaires.

Time, Focus, and Luck

Self-made billionaires often emphasize the significance of time, focus, and luck. Most have dedicated years to their ventures, maintaining consistency and adapting.

For billionaire Mark Cuban, luck plays a big role in success, but obviously, it's not just about luck. Being in the US also contributes to becoming a billionaire, as a significant portion of the world's billionaires, around 735, reside in the US.

So, the proven pathway to billionaire status is not only through inheritance or marriage. It also involves starting or acquiring a small company and transforming it into a massive success. The learning curve may be steep, but the possibility is open to those willing to undertake the challenge.