By | Anna Johansson | www.entrepreneur.com
To the average person, “millionaire” and “billionaire” sound similar; they’re both people with money, right? And, indeed, both have access to far more wealth than the average citizen, and neither may have to worry about money ever again.
Furthermore, because entrepreneurship is often the route to wealth accumulation, both may have earned their way to riches the same way. Yet while their monikers “millionaire” and “billionaire” sound the same, there are in fact significant differences between the two.
For starters, the difference between a million versus a billion dollars is immense. To put it in context, consider that one million seconds amount to 11.5 days, while one billion total 31.5 years!. A billionaire could give his or her wealth away and make 1,000 new millionaires overnight.
Further, there are 2,200 billionaires on the planet, according to a CNBC report; and while some of these wealthy elite gained their status from a family inheritance, many of the top-ranked billionaires are entirely self-made through entrepreneurial endeavors. So, what separates these hyper-successful entrepreneurs from millionaires, who are also considered successful?
The billionaire factors
These are some of the most important factors distinguishing billionaires from millionaires: