The Forbes 400: What it takes to join the billionaires' club
Filed under: Economy, People, Media
Did you know that 14 percent of the self-made billionaires on the Forbes list of the 400 wealthiest people in the US didn't graduate from college? How about the fact that an unusually high percentage of them were born in the fall? Would you be surprised to learn that many of them are good at math, or that a large number worked for Goldman Sachs? It's hard to resist the urge to reverse-engineer success, which helps to explain why Forbes' 400 list is so fascinating to people. After all, in a few short pages, readers can compare the lifestyles -- and birth-styles and childhood-styles -- of the rich and famous. With a little bit of patience and a big dose of armchair psychology, it might even be possible to create a checklist of key points that an ambitious young tyro can work through on his or her (more likely his) way to the top. At least, that seems to be the point of a recent article in which writer Duncan Greenberg analyzed the Forbes list.
This sort of after-the-fact statistical analysis seems to be in vogue, at least since the 2008 publication of Outliers, Malcolm Gladwell's book that suggested the revolutionary notion that success is a combination of luck and hard work. In this controversial work, Gladwell seemingly reduced human accomplishment to a mix of being born at the right time, living in the right place, and spending 10,000 hours practicing one's profession. In the process, he also managed to annoy numerous readers who found the book a self-serving autobiography that ignored conflicting evidence and offered little useful information.
To Greenberg's credit, he ties his analysis to a tangible measure -- the Forbes list -- which keeps him from spiraling into the cherry-picked arcana method that Gladwell seems to prefer. Admittedly, some of Greenberg's most surprising conclusions seem to melt under the light of serious analysis. For example, his conclusion about Autumn births seems a little more obvious when one considers that September has more births than any other month. Thus, while it probably produces more billionaires than any other month, it also is likely to produce more paupers. Similarly, Greenberg's determination that Forbes 400 members tend to be good at math seems to be on a par with the conclusion that Pulitzer Prize winners are skilled wordsmiths.
Many belonged to Skull and Bones, Yale's super-secret club that boasts George H.W. Bush, George W. Bush and CIA chief James Jesus Angleton among its members. Unsurprisingly, success still seems to have a lot to do with who you know.
Speaking of boys clubs, what about the Goldman Sachs connection? As Greenberg notes, "At least 11 current and recent billionaire financiers worked at Goldman or one of its subsidiaries early in their careers." Of course, as Hank Paulson, Josh Bolton, Jon Corzine, Jim Cramer, and Robert Rubin could all attest, Goldman Sachs is a great name to have on one's resume.
While Greenberg seems to present a few useful tidbits for readers -- for example, if one wishes to spawn a billionaire, it's not a bad idea to conceive in January, February or March -- he also seems to ignore a few of the most pressing questions raised by the Forbes list. To begin with, how many of the list's self-made billionaires are men? How many were born in the United States? How many have bank accounts in the Caribbean? How many have used political connections for financial gain? How many are friends with Hank Paulson?
Inquiring minds want to know.
http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,entry&id=656478&pid=656477&uts=1254519130
http://cdn.channel.aol.com/cs_feed_v1_6/csfeedwrapper.swf
World's Biggest Companies
Billionaires usually own or run big companies. Click through the gallery for Fortune magazine's list of the world's biggest corporations.
Shaun Curry, AFP / Getty Images
Shaun Curry, AFP / Getty Images



























Reader Comments (Page 1 of 1)
10-03-2009 @ 11:33PM
S said...
One of my frat brothers hooked me up with a job at McKinsey six years ago.
Reply
10-04-2009 @ 2:50PM
joe said...
Most of Goldman Sachs Employees are Thieves that destroyed our country from the Great Depression to Sub Prime Mortgages all to line their greedy pockets with our Money! No wonder they are Billionaires!
Reply
10-04-2009 @ 3:42PM
BarbaraAnn said...
Why the hell do these AOL sites allow the likes of (woyumen2004) and (Keonkl) to advertise on here for free? Their advertisements are not on the subject and are lame and annoying! Please kick them off!!!
Reply
10-04-2009 @ 4:00PM
joel said...
if you dont want those advertisments just report them and if enough people report them they will eventually be taken off.
10-04-2009 @ 4:28PM
ycav4424 said...
Spinner has it set up so that when you click the exclaimation box where we vote an advertiser would be taken off of the screen. Sure wish the rest of the sites would do the same.
Reply
10-04-2009 @ 4:51PM
dave said...
Some billionaires made their money the old fashioned way........they inherited it.
Reply
10-04-2009 @ 4:53PM
mybobsblog said...
Would you be suprised to learn no matter how big Forbe's Wealthiest List is that 1% of the population control the 99% of the worlds wealth?
Reply
10-04-2009 @ 5:35PM
Ron said...
Who in hell cares when these clowns were born?
Reply
10-04-2009 @ 5:38PM
johhmc said...
I appreciate all your mail.. I am 86 yrs of age..No college education, but, have been well educated in the life I have had ..Daughter of an Irish emigrant, One of 8 children) Lived through the Crash of 1929. Worked and worried through the second world war,,,Married..and became more than I was ever expected to. It goes with the phrase..If you dream it..and if you want to do it..YOU CAN....Chairman...President..of Clubs..Fund raiser for hospitals..etc.. Please..young people! Go for it..You can do it. I am waiting to hear from you.. Mame.
Reply
10-04-2009 @ 6:50PM
Paul said...
Granted, many people have worked hard, come up with a great original product/service/idea, or started a new kind of business that makes it big, and they have become rich by most people's standards.
You even have your two poster boys of working hard and making it big, i.e. Warren Buffet and Bill Gates. However, I believe the vast majority of truly wealthy people in the world got there by several means:
1. Corruption
2. Other crimes such as murder, stealing, enslaving others, etc.
3. Having connections a la Skull and Bones membership, family ties, etc.
If you have a burning desire to be rich and will do anything to attain those riches, you will get there, even if you have to crush anyone who gets in your way.
10-04-2009 @ 8:25PM
Sharon said...
What month were you born in?
10-04-2009 @ 6:50PM
Bill said...
I am sure that most could focus on a subject. I see few future billionaires here.
Reply
10-04-2009 @ 7:05PM
aearthling59 said...
86% did complete college - but college is not just for making money since after you've made what you need to exist you have to look at quality of life. How many people out there have lots of money but are miserable, or are on drugs. Unless you develop your mind you're still the 16 year old who thinks they know it all.
Reply
10-04-2009 @ 7:42PM
ADMR said...
Inquiring Minds wanna KNOW? - What else is New??? (-:
WEALTHY ONE
Reply
10-04-2009 @ 7:57PM
Lin said...
I find it quite sad that people measure ones wealth by
how much they earn or accumulate in life.
To me, a persons true wealth is measured in what
they give back to the world -- one can be dirt
poor (financially) and still be very rich because
they have a kind spirit and giving heart.
Reply
10-04-2009 @ 8:12PM
Sharon said...
I am an educator and I am wondering if the reason more billionaires are born in September is because while growing up, during their whole educational life, they have been the oldest in their class. As with birth order, the oldest, or first born is usually the more driven and more successful. I'm wondering if there is a correlation between success and the month you are born...........in otherwords are September, October, November births more productive than June, July, August births?
Reply
10-04-2009 @ 11:23PM
cash moore said...
measure them not by what they have but what they started with!!!
Reply