It’s something many people dream of, but only a handful reach – billionaire status. It’s not always easy to attach two commas to the numbers in your bank account, let alone adding a third one. But in a recently conducted graph, there’s quite a few that took the jump from being a millionaire to a billionaire.
A business insider report shows there are now over 2,000 people who are lucky enough to call themselves billionaires. That is the highest number ever recorded across the world and has doubled within the last decade. Following this trend, the number of billionaires around the world will only get higher.
Who had the quickest jump into the “three-comma club?” Those in the technology industry, especially those at the forefront of the tech revolution (think Facebook, Amazon and Microsoft), made the status change in just over seven years. That is not a very long time to become a billionaire.
Now, what about in the real estate industry? Those who invest in real estate in some way can make a decent amount of money in return. But how long, on average, does it take to become a billionaire in this area?
Based on this information, you are looking at almost 20 years to reach billionaire status. That is over double what it took for the tech industry people to become a billionaire. That number is slightly above the average of 14 years.
But that doesn’t mean it is impossible to become a billionaire in the real estate market. In fact, China has become an example of that industry rapidly growing within the past few years. The Chinese mainland property market is probably the fastest way to increase your wealth. Between seven of the country’s top real estate tycoons, they are adding tens of billions of dollars to the market.
China was the second fastest country to take the jump to the billionaire status with just under ten years. Their rate is only slightly behind Russia taking the number one spot with nine years. Keep in mind, this information is based on self-made billionaires and not those who inherited their fortune.
Don’t let the number of years shy you away though. There is money to be made in real estate. In fact, many people think real estate is the best way to build and maintain your wealth. There is more than just one way of making money in this industry which can be beneficial if you are trying to rush the process.
Lots of investors get into the rental market – owning a building, whether residential or commercial and renting it out. That money is typically steady income with minimal work required.
Other options are through buying low and selling high. Many investors can snap up a cheap house through foreclosure sales and a little negotiation. Whether the property needs a bit of fixing up or staged the right way, you can then sell the same property at a higher price.
There are even more ways like through tax benefits, increasing the equity and through refinancing. But the point is that you can make money in the real estate industry that could get you into not just the two-comma club, but the three-comma club as well.
Source: Realty Times