Wanna be a Billionaire?
Most engineering students have to take statistics classes since that knowledge is crucial in their major subjects. As the lessons progress, they get more complicated, and many students wonder how statistics majors survive all those numbers.
Statistics can be fun, though, from finding out your chances of dating a model to know if you will ever win the lottery, as they give you a scientific basis on different things. Many people have faith that they stand a chance to become a millionaire in their lifetime.
What are the Chances of Becoming a Billionaire or Financially successful?
In America, there were 607 billionaires in 2018 – one in 538,715 of the population and 11.8 million household millionaires (3 percent).
Asian-Americans are more likely to be millionaires than the African-Americans. It is not a far-fetched concept that Asians are crazy rich. One in five Asian and White people have high odds of becoming millionaires compared to their black or Hispanic counterparts. The severe race-based wealth gap continues regardless of education and age.
Post-graduate degree holders have one in three chances of becoming a millionaire compared to high school diploma holders. As a general rule, a higher level of education increases your chances of getting more salary. High educated individuals take up professions like engineering, medical, among other well-paying jobs. Few like Sir Richard Branson made it without a college education.
White people set high jumps in odds of becoming millionaires compared to black people. Though education raises your chances of becoming financially successful, it does not level the playing field across the races. Data from Federal Reserve Board’s Survey of Consumer Finances confirms that even with a degree education, black people are still less likely to become millionaires by 6.7 percent.
People believe in hard work despite the wealth gap difference in terms of household income to the rate of an inheritance among the wealthiest citizens in the country. Regardless of your belief in hard work, your chances of becoming a millionaire are higher if you are already wealthy.
Other Common Examined Phenomena for Comparison
Being struck by lightning
According to the National Weather Service, the odds of an American struck by lightning are one in 1.2 million. If you live to be 80, then the chances are one in 15,300. Chances of being an American billionaire are similar to those of getting struck by lightning.
Becoming the US President
Your odds of becoming the president of the United States are one in 10,000,000. You stand a higher chance of becoming an X-Factor champion than winning the White House race.
Owning a Home
Generally, homeowners occupy 60-70 percent of houses in America, according to US Census Bureau. People in the South and Midwest are more likely to own homes than their counterparts in the Northeast or West. Real estate plays a significant role in the statistics.
Winning the Lottery
Depending on which lottery, the chances of winning differ. For example, the chances of winning a jackpot prize in a mega millions lottery are one in 302,575,350. The odds of winning $ 10,000 are one in 931,001, and any other award is one in 24. Winning the jackpot, a prize of $ 1.5 billion upwards makes you a billionaire instantly, and you can only wish for the chance.
Odds of Getting Attacked by a Shark
The odds of a shark attacking you to death are one in 3,748,067. One is more likely to die from fireworks than a shark attack.
What are Your Chances?
There is no finite amount of wealth in the world; hence getting rich cannot be quantified. On the same breath, there is no limit on the number of people who can be millionaires or billionaires. A conducive environment like favorable tax regime and regulatory climate combined with good ideas implemented by hardworking individuals increase the percentage of wealthy people.
Countries like the US, Germany, China, and Japan offer residents a higher chance of becoming wealthy due to available resources and favorable conditions. The US leads in the number of billionaire population. According to a report, North America had about 5.7 million high net worth individuals (HNWIs) in 2018.
Though a small number of people are considered extremely wealthy, you can still live a financially comfortable and successful life. You do not need the billionaire title to live life to the fullest. Work hard and enjoy what you have as very few people become billionaires in their life globally.