Multi-millionaires you "know"

[softwareNerd]

This is a survey. I'm looking for answers that related to your personal experience with actual people you know in some sense.

Question1: how many multi-millionaires do you "know"?

 

Clarification 1a: Today, almost 5% of the U.S. population are millionaires by wealth (over 4.5 million such households). Upper-level managers are often millionaires by the time they retire, even if they did not reach the executive committee level. That is why I use the term multi-millionaire. With prices always rising, I'm looking for people who have reached or will probably reach $2 or $3 million by the time they retire. If a 30 year old has sold a company and is still pursuing wealth, I'd include him too, even though the phrasing seems to exclude him.

 

Clarification 1b: By "know", I mean someone you have interacted with in some way. For instance, I once worked for a tiny company where the owner had started out fairly blue collar, but had ended up owning a software company after some twists and turns. He left the management to a good business-oriented techie and was in the office a few days a week. The very limited interaction I had with him is enough under my definition of "knowing" him. I'm looking for real people, one has come across, where one has a fair degree of confidence in their background story. I don't want people who happen to live in your town, and you only know about them via the grapevine. 

 

Question 2: In a single phrase, how would you describe the root of their wealth, for each such person you know?

 

I will post a reply to this, with my own answers to the questions. I'm curious about the experience of others.

 

[softwareNerd]

Answer 1 (How many): The first company I worked for went public (after I'd left) and many of the top managers are multi-millionaires as a result. I've worked for a few other companies that were privately held, where the primary owner was a multi-millionaire. I also know a few people I went to school with, and a few from college who became multi-millionaires. I know a few doctors and one tax-planner who are almost certainly multi-millionaires, and definitely will be when they retire. In all, I'd say, I could come up with at least 20 names, and perhaps 40 if I try hard.

 

Answer 2 (Root of wealth): All the ones I know got their wealth via business or professions. One type via owning a business, the other type by being senior managers or well-paid professional. The latter were typically from middle-class and upper-middle class backgrounds and their cohorts (from the neighborhoods of their youth) would be considered upper middle class but not wealthy. In other words, most of their cohorts ended up in well-paying professional jobs, and the multi-millionaires were the ones who stood out in wealth. The former -- the business owners -- were mixed: one had a blue-collar background, the others were college types who had started as managers in companies, but then launched out on their own. Thinking about it now, the background stories are rather unremarkable, with perhaps 2 or 3 being really inspiring in the rags to riches way.

 

 

 

[Reidy]

I've known at least two people who, I'm confident, would easily meet your criterion, though I'm not in contact with either.

 

The first was a teacher in college, son of a famous entrepreneur, who inherited his money.  The second was a software developer whose talent and self-confidence got him into some highly lucrative stock positions.

[dream_weaver]

The last 3 CEO's of the company I currently work for, the CEO of the previous company all of whom have made it a point to come around and meet everyone at least once. A former boss who began his own contracting firm. One of my neighbors has run a successful company in the area, probably qualifies. When I was involved with Amway, I had met one, and heard many more give talks. That makes 7 that I have met.

 

The CEO's are usually from middle or upper class families and college educated in business. In Amway, as well as the former boss, theirs is the ability to size up and relate to people well. I don't know the neighbor well enough to speculate on his background.

[JASKN]

A relative of mine works for an auto transmission parts supply and manufacturing company, for which I have done a couple odd jobs. The company was started by a man who retained a strong accent from India, but who attended college in the U.S. -- so I'm going to guess first or second generation immigrant. The company was a continuation of a business school Masters project of his, started from scratch. Much later, they eventually bought their largest competitor. From my relative's stories (I'd met him only once, I think), he seemed like a quiet, thoughtful, shrewd man who also expected respect or reverence. The company margins were 35% before taxes, and recent yearly earnings were $80 million.

He sold the company to a private equity firm, who later sold it again for an estimated $700 million, and he has had nothing to do with it since. He's the only multi-millionaire I've met in person.

[happiness]

I can think of two. One of my friends from my high school and college track days went on to become the marketing and communications director of a tech startup that is now worth $20 billion. I try to avoid doing so, but sometimes find myself speculating about how much he's worth now—$100 million wouldn't surprise me. As for the root of his wealth, he was an academic all-american in high school, so I guess he was always smart, athough he never really exhuded super high intellect to me. It was never like everything that came out of his mouth was gold or anything. I think he must have a gift of creativity that I didn't pick up on at the time or get to see given that I only really knew him within the world of running. He's clearly super passionate about the company and what he does for them. And he was one of the best mid-distance runners in the history of the world by time he quit running to join the company, so clearly very driven.

 

The other is the investor/commentator Peter Schiff, whom I worked for. The man is a truly gifted communicator and inductive genius. No leftist can survive a debate with him without coming away looking thoroughly stupid. His success is the result of his raw aptitude and having the right philosophical orientation, which gives him superior insight into economic issues and their implicaitons for investing.

Edited June 28, 2015 by happiness