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Facts about billionaires no one discusses

Often we hear about the story of rags to riches and we believe it like a fairy tale, and there is no dearth of stories that portray them as a self-made billionaire. Thanks to their PR team, that works day & night hard to keep their good image to maintain the company share price. We agree that they all are hardworking and have great visions and can see the future ahead of the time, however, there are many things we don’t hear usually. Here we are going to mention some facts about billionaires no one discusses.

They all are from Elite backgrounds

The myth about billionaire we ignore is they don’t start from scratch and there is nothing like you need an idea, not money. You need both as well and most importantly, networking, and that comes due to various factors like family background, Alma mater and the people they work.
All these so-called self-made billionaires are from elite backgrounds be it from educational background or family. In most of the cases, we see family plays an important role in their journey. Some people can argue that we have a billionaire like Dhirubhai Ambani who neither belonged to an influential family nor from an elite institute. No doubt Dhirubhai Ambani is the live example of true rags to riches story, however, after returning from Yemen, he started his business with a capital of INR 1.5 lakh without any taking any loan. All these money he earned while working at Yemen and his cousin also invested in his business. If we adjust the inflation, it would be not less than INR 1.2 crores in today’s market which most of the middle-class people can’t afford.
Azim Premji father was an influential businessman during the freedom struggle, and he even got an invitation from Jinnah to settle down in Pakistan which he refused. Jeff Bezos’s grandfather was the biggest landowner of the USA and his parents invested $3 lakh in his business. Bill Gates father was an influential attorney and mother was a popular businesswoman in the US. Warren Buffet, whom people admire for being a self-made billionaire is a son of American businessman, investor, and politician. Everyone’s favourite Elon Musk mother is a popular model who appeared in the covers of magazines including Time. She is still doing modelling. The Kardashian clan is well-connected even before the birth of their popular family member Kim Kardashian.

The false glorification of college dropout

self made billionaire is a myth
Often media glorifies many billionaires who dropped out from their colleges to pursue their dreams, and it always gives us a false narration. The real fact is all these people belong to elite institutes, and you will hardly found anyone who didn’t study in a world-class institute. They left their graduation to pursue their dreams that don’t mean they didn’t well in their studies. From Flipkart’s Bansals to Ritesh Agarwal of OYO rooms all of them belong to the same category as they are not belonging to any influential family. Ritesh Agrawal qualified for Thiel Fellowship which is $1 lakh and is given to 20-25 students across the globe annually. Popular dropouts like Bill Gates, Mark Zuckerberg were from Harvard University whereas Steve Jobs was from Reed College which is one of the expensive institutes in the US. Some left due to expensive fees and some due to their entrepreneurship dream. In short, they all are excellent in their academics that most of us ignore. In reality, people pay attention to those students and their ideas who are from elite institutes.

Frugality is overrated

Another fact about billionaires no one says is about their so-called frugal lifestyle. Whether you admit it or not frugal billionaires are overrated and there is no such thing like this. They spend less at something because that may not excite them and that doesn’t mean they don’t spend lavishly.
Bill Gates wears a wristwatch that costs $10, but not all people know that his home is considered as one of the most secure homes on this planet that can beat Buckingham Palace. It is understandable that being a billionaire comes with its own risk and they can’t be ignorant in this matter. Warren Buffet home costs $30k and doesn’t use a smartphone but he has a private jet and Mark Zuckerberg’s hoodies cost $2000 each. Irish Billionaire Michael O’Leary who is known for his frugality fired his horse trainer to save the cost still he has 100 racehorses. The fact is even though they are frugal still, their spending habit is far more than normal people.
They want to represent their good image to continue their business, and frugality is the best way because people feel that they are still living like normal people. No doubt they are concern about their money, but their investment has a different vision, and they spend money on the longterm gain. Normal people live a frugal life because they can’t afford expensive lifestyle whereas rich people do it for the sake of their social image.

Morality and business can’t come together

Being a billionaire means they have a different mindset and even if they are doing something wrong they make sure that laws can’t act against them. From Facebook, Google infamous data breach scandal to Wallmart and Amazon employees’ low wage clearly indicate that not everything is well. Australian journalist Hamish McDonald wrote a book The Polyester Prince based on the life of business magnate Dhirubhai Ambani mentions about Ambani’s influence and allegation against him. The book shows that there is no right way to do business and you have to find the loopholes and that is what Dhirubhai did.

In conclusion, they maintain their good image so that it would look like they are good people, and it qualifies them to become billionaires.