Where Do Millionaires Keep Their Money?

Where do millionaires keep their money? High net worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. Most of the 20.27 million millionaires in the U.S. did not inherit their money; only about 20% inherited their money. More than two-thirds of all millionaires are entrepreneurs. Here are some of the places the genuinely rich keep their money.

Cash and Cash Equivalents

Many, and perhaps most, millionaires are frugal. If they spent their money, they would not have any to increase wealth. They spend on necessities and some luxuries, but they save and expect their entire families to do the same. Many millionaires keep a lot of their money in cash or highly liquid cash equivalents.

They establish an emergency account before ever starting to invest. Millionaires bank differently than the rest of us. Any bank accounts they have are handled by a private banker who probably also manages their wealth. There is no standing in line at the teller’s window.

Studies indicate that millionaires may have, on average, as much as 25% of their money in cash. This is to offset any market downturns and to have cash available as insurance for their portfolio. Cash equivalents, financial instruments that are almost as liquid as cash. are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills.

Some millionaires keep their cash in Treasury bills that they keep rolling over and reinvesting. They liquidate them when they need the cash. Treasury bills are short-term notes issued by the U.S government to raise money. Treasury bills are usually purchased at a discount. When you sell them, the difference between the face value and selling price is your profit. Warren Buffett, CEO of Berkshire Hathaway, has a portfolio full of money market accounts and Treasury bills.

Millionaires also have zero-balance accounts with private banks. They leave their money in cash and cash equivalents and they write checks on their zero-balance account. At the end of the business day, the private bank, as custodian of their various accounts, sells off enough liquid assets to settle up for that day. Millionaires don’t worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank.

Other millionaires have safe deposit boxes full of cash denominated in many different currencies. These safe deposit boxes are located all over the world and each currency is held in a country where transactions are conducted using that currency.

Real Estate

For more than 200 years, investing in real estate has been the most popular investment for millionaires to keep their money. During all these years, real estate investments have been the primary way millionaires have had of making and keeping their wealth. The trend started with buying a primary home and then other residences, usually for tenants. After buying some personal real estate, then they have started buying commercial real estate like office buildings, hotels, stadiums, bridges and more.

Millionaires often have large real estate portfolios. Once they have established themselves as a buyer in the real estate market, real estate agents start bringing them deals and they find it easy to obtain financing. Large investors have many millions tied up in real estate. Real estate is not an investment to depend on for cash, but it is a lucrative investment in the long run and a tried and true investment for millionaires because they like passive income and find that real estate provides it.

Stocks and Stock Funds

Some millionaires are all about simplicity. They invest in index funds and dividend-paying stocks. They like the passive income from equity securities just like they like the passive rental income that real estate provides. They simply don’t want to use their time managing investments.

Ultra-rich investors may hold a controlling interest in one or more major companies. But, many millionaires hold a portfolio of only a few equity securities. Many may hold index funds since they earn decent returns and you don’t have to spend time managing them. They also have low management fees and excellent diversification.

Millionaires also like dividend-paying stocks for the passive income they provide. Of course, they are also interested in capital appreciation but, for some, that’s less of a concern than generating current income.

Private Equity and Hedge Funds

Unless you are a multimillionaire, you may not participate in a hedge fund or buy into a private equity fund. Public equity is well known since its shares trade on stock exchanges. One of its advantages is its liquidity. You can readily liquidate your public equity or shares of stock. Private equity funds, on the other hand, generally gets their investments from large organizations like universities or pension funds.

Investors of private equity funds have to be accredited investors with a certain net worth, usually at least $250,000. Accredited investors can be individuals as well as organizations, but they are defined by regulations. In other areas, private equity funds do not have to conform to as many regulations as public equity does. Some of the ultra-rich, if they are accredited investors, do invest in private equity.

Hedge funds are not the same as private equity. Hedge funds use pooled funds and pursue several strategies to earn outsized returns for their investors. Hedge funds invest in whatever fund managers think will earn the highest short-term profits possible.

Commodities

Commodities, like gold, silver, mineral rights or cattle, to name a few, are also stores of value for millionaires. But they require storage and have a level of complexity that many millionaires simply don’t want to deal with.

Alternative Investments

Some millionaires, along with the ultra-rich, keep a portion of their money in other alternative investments like such tangible assets as fine art, expensive musical instruments or rare books. Also, there are millionaires and the ultra-rich that have investments in intellectual property rights such as the rights to songs or movies. These can be very lucrative investments.

Cryptocurrency

It is estimated that there are around 100,000 cryptocurrency millionaires out there with the majority holding Bitcoin. To try to make your fortune in cryptocurrency, you have to be willing to take on some risk and many millionaires don’t have an appetite for risk.

You can take a small portion of a millionaire’s wealth and invest in one of the different cryptocurrencies. Plenty of people have become millionaires this way. Some have lost their money. More and more, cryptocurrency is becoming accepted as a legitimate investment that deserves a look when trying to accumulate wealth.

The Bottom Line

Millionaires have many different investment philosophies, so it’s difficult to generalize concerning where they keep their money. However, all of the above are legitimate investments for millionaires. They have a desire for a reduction of their risk, so many prefer diversified investment portfolios. More than one of these investments can be combined to try to enhance wealth.

Tips on Investing

Would you like to investigate how your investments are growing? Check out SmartAsset’s free investment calculator.

Do you have questions about how to start investing? It’s wise to begin by consulting a financial advisor. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals

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Source: Where Do Millionaires Keep Their Money?

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The World’s Biggest Cannabis Company Is Not Russian-Owned

Boris Jordan, the billionaire founder, chairman and largest individual shareholder of Curaleaf, one of the world’s largest cannabis companies, is fending off Internet rumors falsely suggesting his company has links to the Kremlin.

“This is not a first for me—I was exposed to this kind of behavior when I was a child growing up in the United States,” says the 55-year-old Jordan, who was born in New York and grew up in Long Island. “It was really tough to be a boy named Boris during the Cold War.”

Days after Russia invaded Ukraine, which has resulted in more than 1 million refugees fleeing Putin’s bombings of residential neighborhoods, users on Twitter and Reddit posted messages warning cannabis stock investors that Curaleaf is “Russian owned,” is “directly associated with Russian oligarchs” and could be affected by U.S. sanctions.

Although all cannabis stocks have taken a beating over the last 12 months, Curaleaf’s price has been hit hard this week—dropping more than 20% in the last few days.

Simply put: Curaleaf is a U.S. company and not owned by Russia. But the success of a good rumor is that there’s a hint of truth which a conspiracy can attach itself to. Jordan has ancestral and business ties to Russia and Europe. His grandparents, who were born in Russia and Ukraine, fled in 1919 during the Russian Civil War and his parents were born in Serbia.

After graduating New York University, Jordan left the U.S. as a young financier and lead Credit Suisse’s investment banking division First Boston in Russia, which was transforming its economy after the fall of the Soviet Union.

He eventually started his own investment fund, Renaissance Group, and he’s now the chairman of both the Sputnik Group and Renaissance Insurance, one of the largest insurance companies in Russia, which he owns a more than 30% stake and brought the company public in October. Jordan’s biggest business venture abroad was Telecity, an outfit he used to consolidate data centers across Europe.

Curaleaf’s second largest investor, Andrey Blokh, is a Russian billionaire with dual U.S. citizenship. The U.S. government has not levied sanctions on Blokh. (See Forbes’ sanctions tracker here.) Blokh currently owns about 20% of Curaleaf’s stock. Curaleaf bought Blokh’s Nevada-based cannabis company House of Herbs in 2017 and Blokh then invested alongside Jordan before Curaleaf went public in Canada in 2018. The two “built the company together,” Jordan says.

Starting in 1998, Blokh served as the president of Russian oil company Sibneft, the company from which Russian oligarch Roman Abramovich derived a chunk of his $12.3 billion fortune. After his stint at Sibneft, Blokh and a partner consolidated Russia’s dairy industry under Unimilk and merged with Danone in 2010.

Blokh, who had a $1.9 billion fortune earlier this year, is officially not a billionaire with a net worth of $781 million, Forbes estimates. “We’re both U.S. citizens, in my case, born and raised United States, and in [Blokh’s] case, naturalized,” says Jordan.

Earlier this week, Curaleaf responded to the online attacks with a press release explaining how both Blockh and Jordan are U.S. citizens and that they are not subject to sanctions.

Matt McGinley, an analyst who covers the cannabis industry at Needham & Co., says he is not worried and doesn’t think much of the misconception.

“Both Boris Jordan and Andrey Blokh are U.S. citizens, so I disagree with the notion that Western sanctions on Russia would have a direct impact on Curaleaf’s business,” says McGinley. “If Curaleaf had the ability to raise capital from U.S. citizens who happened to become very wealthy from investing in Russia in the 1990s and 2000s, then so be it.”

American citizens can, in fact, be sanctioned by the U.S. government, says Saskia Rietbroek, the executive director of the Association of Certified Sanctions Specialists. “It wouldn’t be the first time,” she says, explaining there are a few citizens on the government’s Specially Designated Nationals list.

Jordan says there is no risk of Curaleaf being sanctioned. “There’s just a PR risk because of our heritage,” he says. “And I think that that’s a travesty.”

When asked about the invasion of Ukraine, Jordan referred to it as a “catastrophe” and “disaster” and something “which none of us can believe is happening.” Jordan’s ancestors are half-Ukrainian and half-Russian. (His great-grandfather was the last governor of Kyiv before the Russian Revolution.) “This is a major travesty for my family,” he says.

While retail investors bought into the conspiracy, Jason Spatafora, the co-founder of MarijuanaStocks.com who is known online by his alter ego “The Wolf of Weed Street,” says the Curaleaf-sanctions rumors is “a silly storyline.”

“Cannabis Twitter is already in a fragile state given the pullback in stocks that is unrelated to core business success,” Spatafora says. “People are trying to conflate what’s going on with Curaleaf as part of some Russian oligarch nonsense.”

Noah Hamman, the CEO of AdvisorShares, an actively managed ETF firm that has a $90 million position in Curaleaf, says he doesn’t see the issue or the controversy around Curaleaf.

“We are not selling Curaleaf based on the Russian war, or any internet speculation,” Hamman says. “This position remains a high conviction position and anyone that suggests we would sell based on that speculation is incorrect.”

The specter of “Russian money” has been floating around the cannabis industry for years. Like many other sectors—from tech to crypto to real estate—Russians have invested in the marijuana space.

Jordan says the recent attacks are motivated by money. “We—American patriots, who are very, very pro-American—are being attacked for financial gain,” he says.

Morgan Paxhia, who cofounded cannabis investment firm Poseidon Asset Management, also dismissed the Russian connection as xenophobic. “People were quick to jump on anti-Russian sentiment without asking if it were true and the stock suffered for it,” Paxhia says. “It was debunked but the damage was done. Social media is a very powerful tool and can be a very powerful weapon.”

Right before the close of the market on Thursday, Curaleaf released its fourth quarter and full-year earnings, reporting 2021 revenue of $1.2 billion, a 93% increase over 2020, and $298 million in adjusted EBITDA, a 107% increase. The company recorded a net loss for 2021 of $102 million, compared with a net loss of $57 million in 2020. Curaleaf’s stock was up nearly 1% for the day at the close of the market.

“The stock price will always recover,” says Jordan. “The key thing is the business doing well, and I’m confident this has created a buying opportunity.”

Follow me on Twitter. Send me a secure tip.

I am a staff writer on the vices beat, covering cannabis, gambling and more. I believe in the many virtues of vices. Previously at Forbes, I covered the world’s richest people as a member of the wealth team. I have been a staff writer at Inc. magazine where I wrote about entrepreneurs doing business in the legal fringes of society. Before that, I reported stories that took me to the West Bank, Moscow and Brooklyn.

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Critics:

Curaleaf Holdings is taking steps to head off speculation on social media that the marijuana multistate operator will be subject to U.S. economic sanctions because of its ties to Russia.

“Rumors and misinformation spread during turbulent times,” the Massachusetts-based company said in a statement posted on its website, referring to Russia’s invasion of Ukraine.

“The speculation on social media that the Company and its major shareholders and executives will somehow be subject to any U.S. government economic sanctions now or in the future is incorrect.”

Curaleaf noted that Boris Jordan, its executive chair and largest shareholder, “is an American citizen, born and raised on Long Island, New York. He is not, and has never been, a citizen of any other country.”

The company also acknowledged Jordan’s links to Russia, saying he “spent several years working in Europe and Russia and currently has several businesses in the U.S. (Curaleaf among them), Europe and Russia.”

MarketWatch reported that Jordan owns 22% of Curaleaf’s stock. Jordan has in the past praised Russian President Vladimir Putin.

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Germans Seize Russian Billionaire Alisher Usmanov’s Mega-Yacht

Russian billionaire Alisher Usmanov was sanctioned by the European Union on Monday. Two days later, Forbes has learned from three sources in the yacht industry that one of his prized possessions—the 512-foot yacht Dilbar, valued at nearly $600 million—has been seized by German authorities in the northern city of Hamburg.

The ship has been in the Hamburg shipyards of German shipbuilding firm Blohm+Voss since late October for a refitting job. Sources who spoke to Forbes said that the German government froze the asset and that, likely as a result, Blohm+Voss employees who had been working on the yacht didn’t show up to work on Wednesday.

A spokesperson for Lürssen, the German shipbuilder which owns Blohm+Voss, declined to comment on Thursday. “All orders and projects of the Lürssen Group and its subsidiaries are treated in accordance with the applicable laws and regulations,” the spokesperson said. Representatives for Usmanov didn’t immediately respond to a request for comment.

Usmanov purchased Dilbar in 2016 for a reported $600 million from Lürssen, which custom-built it for him over 52 months. The firm calls it “one of the most complex and challenging yachts ever built, in terms of both dimensions and technology.” At 15,917 tons, it’s the world’s largest motor yacht by gross tonnage, and is typically manned by a crew of 96 people.

Dilbar boasts the largest swimming pool ever installed on a yacht as well as two helicopter pads, a sauna, a beauty salon, and a gym. Its plush interiors have more than 1,000 sofa cushions and it can host up to 24 people in 12 suites.

The yacht is part of Usmanov’s estimated multibillion dollar fortune, which spans stakes in iron ore and steel giant Metalloinvest and consumer electronics firm Xiaomi, as well as smaller holdings in telecom, mining and media.

One of the earliest investors in Facebook along with fellow billionaire Yuri Milner, Usmanov also owns extensive real estate assets in the West, ranging from two estates in the UK—Beechwood House in London and Sutton Place in Surrey, valued at a combined $280 million—to luxury homes in Munich, Germany; Lausanne, Switzerland; Monaco; and Sardinia.

Usmanov sold his 30% stake in English soccer team Arsenal F.C. in 2018 for nearly $700 million in cash, but until this week had ties to soccer through his USM Holdings and MegaFon sponsorships of Everton F.C. The Premier League team said on Wednesday that it was suspending the arrangements in light of Russia’s attack on Ukraine. Usmanov isn’t the only Russian billionaire with a mega-yacht: Forbes and yacht valuation experts VesselsValue tracked down 32 of them.

On Tuesday, Usmanov commented on the EU sanctions imposed on him in a statement to the International Fencing Federation where he also announced he was stepping down as the organization’s president. “I believe that such decision is unfair, and the reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honor, dignity, and business reputation,” he wrote. “I will use all legal means to protect my honor and reputation.”

I’m a Staff Writer on the Wealth team at Forbes, covering billionaires and their wealth. My reporting has led me to an S&P 500 tech firm in the plains of Oklahoma; a fighter-jet-flying

Source: Germans Seize Russian Billionaire Alisher Usmanov’s Mega-Yacht

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Critics:

Usmanov — who the U.S. Senate called a “senior member of Vladimir Putin’s inner circle” while attempting to sanction him under the Foreign Corrupt Practices Act in 2018 — reportedly has a multi-billion dollar empire that includes metals giant Metalloinvest, the Russian cellphone giant MegaFon, consumer electronics firm Xiaomi, as well as estates throughout Europe. Forbes reports that Usmanov was also among Facebook’s earliest investors.

The European Union announced plans to blacklist Usmanov and prohibit his travel throughout the continent as part of the sanctions against Russian oligarchs amid the invasion of Ukraine.

Also on Wednesday, the Everton F.C. in the English Premier League severed its sponsorship deal with three Usmanov-owned companies, ESPN reported. This past weekend Roman Abramovich, another alleged Putin associate, handed over stewardship of the Chelsea soccer team to his charitable trust before the U.K. could impose any sanctions on him; Abramovich is now attempting to sell the soccer team ahead of any longterm sanctions against him.

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Everyone Wants To Be An Entrepreneur But Not Everybody Has a Plan

As news continues to break that Snapchat defied the odds and raised over $1.8 billion in funding, many people have been reminded of the money to be made in technology and other entrepreneurial start-ups.

Yet, some become preoccupied with the perks of being a lone ranger. From working independently at home to freedom of thought, the benefits of going it alone can be enticing.

However, one of the major constants in the world is that businesses fail, especially new ones. Dun and Bradstreet identified over 13,000 failed business in Australia during the first quarter of 2016.

Entrepreneurs, like all business leaders, must have a plan to ensure they stay focused on the idea and goals they set.

Knowing your customer

The first question all good entrepreneurs must ask themselves is what’s the problem to be solved. Founder of Alltopstartups.com and Entrepreneur contributor Thomas Oppong pointed out that consumers currently face a ‘paradox of choice’ and thus, an entrepreneur must focus on building a must-have [product], not a nice to have the product’.

The next step is to create a good or service that offers something above and beyond what is currently available. One only has to look at the way Google reinvented search, or how Netflix solved on-demand media streaming to see that resolving customer pain points is a successful strategy.

This will become your value proposition and drive why you do what you do. Can you offer a product with a zero-carbon footprint? Can you add more features, while making it smaller? These are the questions you will have to answer.

However, before you can attend any of this you need to understand your customer. Analysing the size of the targeted market or the number of potential customers is a good place to start, but entrepreneurs should not stop here.

Take the success of Skullcandy, which makes earphones and other accessories, for instance. In a Forbes article, investor Alan Hall said that founder Rick Alden knew his customers down to a tee.

‘He knows what they wear from their toes to the tops of their heads. He knows they are or want to be, cool and accepted by their peers. He knows what they watch and where they shop. He knows what apps they have on their cellphones and iPads,’ Hall argued.

Knowing yourself

Among the major lessons never taught in business school is that your enterprise will only be as strong as you are. So it’s important to evaluate who you really are. Knowing your own strengths and weaknesses can offer a starting point to understand why you want to be an entrepreneur.

It doesn’t matter if you’re a millennial who is looking to build your own destiny or a baby boomer who is financially secure but continues to seek success. Your background, age and other characteristics will impact how you can approach the venture.

You need to make an effort to understand who you are, as working to your strengths and compensating for your weaknesses can be a beneficial strategy. It’s also essential to play to your passions.

‘The happiest and most successful people I know don’t just love what they do, they’re obsessed with solving an important problem, something that matters to them,’ Dropbox co-founder Drew Houston said during the 2013 MIT commencement address. ‘They remind me of a dog chasing a tennis ball: Their eyes go a little crazy, the leash snaps and they go bounding off, ploughing through whatever gets in the way.’

No matter who you are or where you come from, knowing yourself and your customer base is essential to starting a business. It’s not just about having a good idea or product, you have to be passionate about it and so do your customers.

By: TEC Alumni Chair, CEO mentor and coach Richard Appleby

Source: Everyone wants to be an entrepreneur but not everybody has a plan – TEC

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The Cost Of Supporting Adult Children

Managing Small Business Finances

How To Pay Down Debt: Snowball Vs. Avalanche Method

How Much Do You Spend On Coffee?

Financial Checklist For Newlyweds

Complete Guide To Building Your Emergency Fund

Who Do Young Entrepreneurs Look Up To? Elon Musk

Steve Jobs is dead, Mark Zuckerberg is tarnished. For the next generation of startup founders, the contributions of Bill Gates feel like ancient history.

In middle school, Kenan Saleh saw the movie The Social Network, the dramatized account of the early days of Facebook. He decided, right then and there, that he would one day start a company of his own. “It was the first movie I’d seen that showed that you could be young and still be the most successful person in the room,” he says. “I definitely emulated Mark Zuckerberg in some ways.”

In true Zuckerbergian fashion, Saleh did start a company out of his dorm room at the University of Pennsylvania. He raised $500,000 as he crammed for finals and then sold the company to Lyft in 2019, the year he graduated. Along the way, Saleh realized he needed a new role model. He no longer wanted to be like Zuckerberg, who by then had become ensnared in a series of scandals.

Plenty of people liked Steve Jobs, but Jobs was dead, and reading his biography was about as appealing as “reading a history book.” Larry Page, Sergey Brin, and Bill Gates were still alive, but their contributions to Silicon Valley already felt like ancient history. Saleh wanted a hero who was making history now.

Young people love to idolize their predecessors. Jobs was Silicon Valley’s idol of choice for decades, but to the next generation of startup founders, his legacy feels about as old as Web 1.0. Boy geniuses like Zuckerberg and Evan Spiegel, who became billionaires by the time they were 25, have fallen out of favor.

So have tech oligarchs like Jeff Bezos. “We don’t look up to these fools,” says Marc Baghadjian, the 22-year-old founder of a dating startup. “Just because you’re a billionaire doesn’t mean you’re positively effecting change.”

Instead, both Baghadjian and Saleh now worship Elon Musk, whom they see as a billionaire on an ethical mission. “He’s shown that you can do the best thing for the world and reap the benefits at the same time,” says Saleh, who started watching videos of Musk while he was in college.

WIRED asked more than a dozen young startup founders between the ages of 15 and 30 who inspires them. More than half brought up Musk. Others mentioned techno-optimists like Sam Altman and Patrick Collison, who seem to believe that technology can solve the world’s biggest problems, or entrepreneur-philanthropists with lesser-known startups.

None of them had read books about the history of Apple, Google, or Amazon; they said they were more inspired by forward-looking companies trying to solve the world’s biggest problems.

Olav Sorenson, who has taught entrepreneurship at UCLA and at Yale, says his students tend to admire people who have been “successful without selling out.” Some cite Seth Goldman—the founder of Honest Tea, who now chairs the board of Beyond Meat—as one source of inspiration because “he has focused his energy on investing in and supporting businesses with an ethical mission,” Sorenson says.

“This generation is looking at all of the issues and trying to say, ‘How can we start to be part of the solution to the problems that the older generation created for us?’” says Lori Rosenkopf, vice dean of entrepreneurship at the University of Pennsylvania’s Wharton School of Business.

Rosenkopf says that in the last few years, she’s noticed a shift in the way students talk about entrepreneurship—not just as a career alternative to banking or consulting, but as a way to start ventures with “a much greater social perspective.”

For many young entrepreneurs, Musk is the prime example of this mindset. “Elon Musk is literally picking up the tab for the mistakes that other generations have made,” says Baghadjian, who read Ashlee Vance’s biography of Musk in high school and has considered him a hero ever since.

Baghadjian says that while companies like Amazon and Apple have produced big innovations, Musk’s work with electric vehicles and solar energy was much more important.

Other young people were inspired by the trope of the startup founder who struggles on the way to success. One mentioned Musk sleeping on the floor in the Tesla headquarters, which they said showed grit. A few also mentioned the tale of Airbnb founder Brian Chesky, who maxed out his credit cards and subsisted on ramen noodles in the startup’s early days.

“There’s not a lot of glamour when you’re starting out,” says Pranjali Awasthi, who is 15 and is working on a stealth startup while she finishes high school online. Awasthi cited Musk and Altman as her heroes. But she also wished for more role models who look like her, a young woman of color. She says she was inspired to launch her startup in high school after she read about Laura Deming, who had started working on her own venture fund when she was 16.

A historic lack of diversity among high-profile entrepreneurs has left some young people without founder idols. “A lot of the founders people worshiped before have been straight, white men,” says Josh Yang, who is 27 and graduated from Stanford’s Graduate School of Business last year.

Women make up about 10 percent of tech CEOs, according to a 2021 report from the nonprofit AnitaB.org, and there are still startlingly few Black and Latinx CEOs in Fortune 500 companies. Yang, who identifies as a queer Asian man, doesn’t put much stock in the celebrities of the tech world. “I’m forging my own path,” he says.

So is Andrew Sun, an 18-year-old who recently launched a microfinance startup. He credits a high school teacher for getting him into entrepreneurship, rather than a celebrity CEO like Musk. “I don’t really have any desire to become a celebrity,” he says. “I want to be an entrepreneur who makes a substantial positive impact on our world.”

Arielle Pardes head shot - Wired

By:

Arielle Pardes is a senior writer at WIRED, where she works on stories about our relationship to our technology. Previously she was a senior editor for VICE. She is an alumna of the University of Pennsylvania and lives in San Francisco.

Source: Who Do Young Entrepreneurs Look Up To? Elon Musk | WIRED

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