Wealthy parents will significantly help but there are exceptions to the rule that all billionaires came from wealthy parents. What helps is knowing that if you fail, your family can support you regardless.
A bigger thing at play is just survivorship bias. Most entrepreneurs fail.
It isn’t 100% clear, but all evidence suggests Elon Musk did not have millions inherited and was largely done through his own work. His parents had little to do with his success in America.
This is heavily disputed - but is described by several neutral sources as well as by Isaac Walterson in the biography of Elon Musk, and I do trust him as a good biographer.
Not to say he didn’t grow up privileged which does make an impact, but not a case of just receiving millions for free.
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Wealthy parents will significantly help but there are exceptions to the rule that all billionaires came from wealthy parents. What helps is knowing that if you fail, your family can support you regardless.
A bigger thing at play is just survivorship bias. Most entrepreneurs fail.
Name some exceptions for the class.
It isn’t 100% clear, but all evidence suggests Elon Musk did not have millions inherited and was largely done through his own work. His parents had little to do with his success in America.
This is heavily disputed - but is described by several neutral sources as well as by Isaac Walterson in the biography of Elon Musk, and I do trust him as a good biographer.
Not to say he didn’t grow up privileged which does make an impact, but not a case of just receiving millions for free.
Paul McCartney is a billionaire who came from modest means. I can’t think of any other TBH.