Nevertheless, here’s an interesting paradox laid out in the book, The Missing Billionaires by Victor Haghani and James White. That single family from 1900 should have 16 descendant households today worth more than a billion each! If only one fourth of those 4,000 households had started with $5 million, then we should have 16,000 billionaires today in the U.S.! But, alas, according to Forbes magazine, in 2022 there were only around 700 billionaires in the U.S. What happened? Concentrated investments may be the reason we’re over 15,000 billionaires short in the U.S. There’s a lesson here for the rest of us!

Source: Forbes February 18, 2024 15:02 UTC