What do 5 of the top 10 people on Forbes list of the 400 richest Americans have in common? Their wealth is self-made. Collectively, the five are worth about $175,000,000,000 (that’s Billion). Looking at the 5 others reveals that the entrepreneurial spirit runs deep in their families. All together, the top 10 billionaires are worth $291 billion.
Globally there are 1,226 billionaires, this year, according to Forbes. One of the newest members of the billionaire list is the founder of Spanx, Sara Blakely. She’s never taken outside investment and retains 100% control of the company. The company which started out offering shapewear products for women now caters to both sexes. Ms. Blakely’s expanding empire puts her into a small class. She’s one of just 8 American women to have created their own wealth and joined the billionaires club, according to Forbes.
Who are some of the other entrepreneurs who landed on the list? Kevin Plank founded Under Armour. The creator of 5-Hour Energy, Manoj Bhargava, has plenty of energy these days. Forbes says 90 of the 128 new billionaires made their own fortunes.
Updates to pantyhose, sports clothing and energy supplements aren’t out of this world inventions. It just took someone with an entrepreneurial spirit to recognize a need and take action to bring an improved product to market. What will you bring to the market?