>"[f]ully 1,191 members of the list are self-made billionaires, while just 230 inherited their wealth"[1]. The top 3 richest people on the planet at this point made their money themselves, and 2 of them (Gates & Buffett) are not going to pass their wealth down the family tree.
@Natsu, my point of contention is the very liberal definition of "self-made" and "made their money themselves". If you give every reader on HN a trust fund, and a few start successful companies, would these individuals be considered "self-made"?
I don't think so. Self made means start with zero net worth. That means no trust funds, no loans at 0% from parents with infinite payback periods, and no parent board members making absurdly lucrative deals that you'd never get otherwise. Just money you've made from your own labor, and loans you've received without nepotism. You'd be surprised how few entrepreneurs fall under this category.
If you don't restrict your definition in this way, then every rich person is self made, because the interest accruing in their trust fund happened during their lifetimes.
> Just money you've made from your own labor, and loans you've received without nepotism. You'd be surprised how few entrepreneurs fall under this category.
Frankly, I'd be surprised if anyone fits under that category. Pretty hard to survive as an infant completely on your own.
I mean, obviously that doesn't count. But where exactly are you drawing the line? It's less black and white than you are implying; it seems like there's enough fuzziness here that you can put anyone in the "not self-made" category, so of course group X has very few members outside that category. Because, you know, Mr. CEO over here was driven to college by his parents once, so he's out, and Ms. Entrepreneur there inherited a few hundred dollars from her grandfather, so that's no good either.
@Natsu, my point of contention is the very liberal definition of "self-made" and "made their money themselves". If you give every reader on HN a trust fund, and a few start successful companies, would these individuals be considered "self-made"?
I don't think so. Self made means start with zero net worth. That means no trust funds, no loans at 0% from parents with infinite payback periods, and no parent board members making absurdly lucrative deals that you'd never get otherwise. Just money you've made from your own labor, and loans you've received without nepotism. You'd be surprised how few entrepreneurs fall under this category.
If you don't restrict your definition in this way, then every rich person is self made, because the interest accruing in their trust fund happened during their lifetimes.