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I have just been seeing all the media about a recent press release from Oxfam about how 8 of the richest people in the world have the same wealth as 3.6 billion of the poorest people in the world.

The gist of the story is about inequality in the world.

But I think Oxfam have really missed the point.

What most of these 8 people show is that, no matter what your upbringing, we all have a chance to become one of the richest people in the world.

Some of the 8 richest people in the world did not finish school.  Most did not finish university.

Some of the 8 richest people in the world grew up the children of immigrants.

In all bar one case, the seed money for their ultimate business was not handed to them on a platter.  They did things like odd jobs when they were 14 or 15.

Let’s have a look at the people on the Oxfam list.

Number 1 is Bill Gates (who according to Oxfam is worth $75 billion USD).  Bill Gates was not handed his wealth on a platter.  He went out and created a business to generate his wealth.

Number 2 is Amancio Ortega (who according to Oxfam is worth $67 billion USD).  He left school at 14 and his first job was as a shop hand for a local shirtmaker in a small Spanish Town.

Number 3 is Warren Buffet (who according to Oxfam is worth $61 billion USD).  He was not handed his wealth either.   He got his seed capital when at high school from delivering newspapers, selling golf balls and stamps and detailing cars.

Number 4 is Carlos Slim (who according to Oxfam is worth $50 billion USD), grew up in Mexico, son of a Lebanese immigrant.  His father had good business skills but did not hand him the money to be the world’s richest man several times in the past five years.

Number 5 is Jeff Bezos (who according to Oxfam is worth $45 billion USD).  Jeff Bezos grew up in Texas with his mother and Cuban Step dad.  He worked his way through school in the US and he started Amazon in the garage of his house.

Number 6 is Mark Zuckerberg (who according to Oxfam is worth $45 billion USD).  Mark Zuckerberg launched Facebook with some mates out of his college dormitory. Mark did have a slight advantage, his parents had enough money to send him to good schools and pay for a tutor to develop his computer skills.  But Mark Zuckerberg, still had to start Facebook from nothing.

Number 7 is Larry Ellison (who according to Oxfam is worth $44 billion USD).  Larry Ellison grew up in Chicago with adoptive Jewish immigrant parents.  Larry dropped out of University twice.  It was through his worked he saw an opportunity and created Oracle Corporation in 1977.  An interesting fact, his surname comes from Ellis Island in the US where his adoptive parents first came to the US from Israel.

Number 8 is Michael Bloomberg (who according to Oxfam is worth $40 billion USD).  Michael Bloomberg grew up the son of a bookkeeper for a dairy company, who in turn was the son immigrant from Russia.  He did have a bit of luck, after school he was working at an investment bank as was paid $10m when he was terminated by the new owners.  Michael used this money to start Bloomberg, which has gotten him where he is today.

What set these 8 people apart at the start was not money.

It was that they found solutions to problems that people were willing to pay money for.

This combined with a lot of hard work, meant that they were able to be in the position today of being one of the richest people in the world.

So rather than criticise them for where they are, we should be thankful that they have shown that anyone can come from nothing to become one of the richest people in the world.

There is hope for everyone.

Do you and your family a favour and start taking steps so you can avoid the poverty trap.

Wayne Wanders

The Wealth Navigator

wayne@thewealthnavigator.com.au

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