NEW YORK (MainStreet) -- It used to be enough to proclaim a goal of being a millionaire by age 40. Now that seems to indicate some degree of a lack of ambition.
Billionaire? Now you're talking. But if you are aiming for the rare air of the "We're off to St. Bart's to ring in the New Year" crowd, the clock is ticking. While the average age of your typical billionaire is 63 years old -- over half are older than 65 -- most billionaires became ten-figure rich by their late 40s.
The latest survey of ultra high net worth individuals by Wealth-X and UBS finds that between July 2013 and June 2014, the billionaire population grew by 7% -- reaching an all-time high of 2,325. Most are self-made (83%) who own their own privately-held businesses (63%).
Their combined wealth tops $7.3 trillion, which the report says "is higher than the market capitalization of all the companies that make up the Dow Jones Industrial Average."
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