New 2014 Census Tells us How Billionaires Make Their Money

Warren Buffett speaks at a "Detroit Homecoming" event

The Wealth-X and UBS Billionaire Census is conducted to do a global study on the world’s wealthiest members of the population. This year’s 2014 census revealed some new facts about the world’s richest and displays how these people were able to climb up the economic ladder and reach their billionaire status.

The amount of people inheriting billions is beginning to decrease significantly and the self-made are making more and more on their own. They’ve accomplished this amazing feat by founding or co-founding their own businesses. A lot were given some form of money to start with, but have still worked hard to build up these companies on their own, learning to stick with their passion and dedicate all of their time to the work. About one in every five billionaires have earned their fortunes through finance, banking or investment, while another 12.1% work in industrial conglomerates. More and more, billionaires have started new and unique business ventures in all of the rising markets and that has allowed them to stay ahead of the curve and continue to earn boat loads of cash.

Another 63% of billionaires main business is a private company, which is where they receive most of their income from. These companies take up most of their time but are the prime example of how these billionaires laid down the foundation and structure for their companies. Billionaires also pour tons of their money into other business investments and new companies that could possibly bring in another massive payday.

These billionaires are always keeping busy, whether it’s with their primary businesses or other companies that they are helping to grow. No matter what, they are involved with boards, organizations, and any clubs that they can become a part of. This allows them to constantly spread their knowledge and time towards spreading what they have learned in business onto the next generation, hoping that their work ethic and dedication can continue to inspire entrepreneurs of the next generation.

Photo by Bill Pugliano/Getty Images

Written by Blaise Hopkins

Feel free to contact Blaise on Twitter @Blaisehopkins or check out his blog Man and His Movies.