Bill Gates remains America’s richest man with a fortune of nearly $80 billion while “poor” Robert Gillam of Alaska brings up the rear with a net worth of just $320 million.
Harry Stine makes it on the list for my home-state of Iowa with his $3.4 billion made in agriculture. Being dyslexic and mildly autistic didn’t stop this farm boy from making billions on plant genetics and seed patents.
The survey of 2,523 people with an average net worth of $7.6 million showed that most of the well-off invest the largest portion of their fortune in their own business.
Beyond the risk they take in their own businesses, the world’s wealthy invest pretty conservatively. Only 17% of their wealth is tied up in stocks and nearly two-fifths (39.9%) is in relatively safe bonds and cash.
The moral here? Don’t expect to get rich on stocks or other investments that don’t require a lot of hard work. If you can find something you enjoy doing and can make a business out of it, then give it a try.