A 2016 report by Wealth-X and The Wall Street Journal Custom Studios found that 62% of American billionaires built their fortune from scratch, while 18% reached billionaire status through a combination of inheritance and self-made wealth.
(entrepreneur.com) More recently, a 2023 study by Ramsey Solutions revealed that 79% of millionaires did not receive significant inheritances, achieving their wealth through hard work and smart financial decisions.
The most common professions among these millionaires include engineers, accountants, managers, lawyers, and teachers. Additionally, 80% of millionaires have a 401(k) retirement account, highlighting the importance of long-term savings.
(finance.yahoo.com) These findings reinforce the idea that most U.S. millionaires have reached their financial success through personal effort, strategic investments, and career achievements rather than through inheritance.
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