How to become a millionaire in France?

How to become a millionaire in France?

Want to get rich? Do you have the ambition to become a millionaire? Here are some tips for getting there. Discover how to become a millionaire in France! In this guide, you will not learn how to become rich quickly, without doing anything, thanks to such or such miracle recipe, to such company… No, this guide will rather be an analysis of millionaires in France. How did these millionaires become so? And in which sector of activity? With what qualities? Supported by figures, we are going to analyze the fortunes of France to help you join their camp. We are going to bust the myths about wealth! Let’s go…

What percentage of millionaires have inherited their wealth?

Myth number 1: “to be rich, you have to be an heir” – FALSE

A company named Aaron Wallis, specializing in recruitment, released a study called “What makes a billionaire” – in French: “What makes a billionaire?”. Although this study is specifically based on billionaires, it provides many insights into an inheritance among the wealthy. She has analyzed the 100 largest fortunes in the world and among them, only 30% follow an inheritance. The rest is made up of self-made men who have created their fortunes and built an empire with the sweat of their brow.

This score is lower in France. Indeed, of the top 150 fortunes in France, 60% are heirs. That still means that 40% did it yourself… So you too can do it, without inheriting anything!

Another study, conducted by Ramsey solutions with more than 10,000 millionaires: 79% of them say they have not received any money from their family.

How many millionaires are there in France?

Myth number 2: “France is not a favorable country for entrepreneurs” – FALSE

France has more than 775,000 millionaires according to the World Wealth Report. It is thus classified in 5th position of the countries hosting the most millionaires, ahead of the United Kingdom and Switzerland. Not bad for a country that is often criticized for its lack of support for entrepreneurs and its bureaucracy! So you are in the right place, in the right country, to become a millionaire.

What are the main personality traits of a millionaire?

Myth number 3: You have to be mean to get rich – FALSE

According to a study conducted by German researchers from the Free University of Berlin with more than 23,721 German millionaires, 5 major traits are the source of their millions. Here they are :

  • Risk tolerance: This is one of the most important personality traits. Rich people got rich because they took risks! One day, they created a business, often invested all their savings, and even sold their house and their possessions, to create a business without being sure that it would work. Risk is directly related to wealth. Many are not willing to take risks, so they will never get rich.
  • Great open-mindedness: the rich are very open-minded, and they are open to new ideas. When you have your head to the grindstone and you don’t have an open mind, you often go into a wall… Whereas when you’re open-minded, new ideas germinate. We evolve and become more creative.
  • Extroversion: “Alone we go faster, together we go further.” Do you know this African proverb? Extraversion is the behavior of an individual who has great facility at the social level, who easily establishes contact with the people around him. In other words, millionaires are easy to contact – a very important quality when you want to succeed in business! We need others to obtain things, to unblock situations at the political or legal level… You need to be able to have a network to defend the interests of your company, and to attract the best elements within your company so that it performs.
  • conscientiousness: probably one of the very most important. It is said that when one person has a business idea, 7 others around the world have the same at the same time! In many fields, competition exists and it is often significant. So the difference between those who fail and those who succeed is that those who succeed are conscientious! You may have a good idea, but if you are not scrupulous and square in your work, you will go straight into the wall. It is by being conscientious that we provide quality work while being regular, on a daily basis. This is why, in my opinion, engineers are particularly successful in business: they leave nothing to chance, they analyze the figures, the costs, the quality of their work as well as that of their collaborators, etc.
  • Resistance to neurosis: neuroses (anxieties, phobias, compulsions, obsessions, etc.) are a brake on success. The less you have, the more likely you are to succeed! Fortunately, for those who have neuroses, it is quite possible to get out of them.

Can you become a millionaire without going to a big school? And without a degree?

Myth number 4: You have to do a lot of studies to become a millionaire – FALSE

Les Echos analyzed the diplomas of the 60 largest French fortunes who did not inherit their fortune: 12 are self-taught or stopped their studies before obtaining a higher education diploma. Among these multi-millionaire fortunes or billionaires without a diploma, there are François Pinault of the Kering group (he does not even have the baccalaureate), Xavier Niel of Free, Michel Leclercq of the Decathlon group or even Philippe Ginestet of the Gifi group.

If we take a closer look at the figures from the Ramsey Solutions survey, 62% of the 10,000 millionaires have a university degree (compared to 38% of the general population), while only 8% went to prestigious private schools.

It is therefore quite possible to become a millionaire without having a diploma! However, when we look at studies, we still see that most millionaires are much more educated than the general population. It is therefore clearly a big plus to study to become a millionaire. Nevertheless, it is not necessary to go to a big French school like HEC, ESC, etc. to succeed, the statistics prove it.

Be careful though, big schools are an asset. They greatly facilitate wealth with the quality education provided, the skills that the students acquire, but also and above all the network that can be formed in this type of school.

What studies to do to become a millionaire?

Even if we can succeed without doing a lot of studies, you will have understood that studies are important to acquire skills that will then allow us to become rich. Still according to the Ramsey Solutions study of 10,000 millionaires, the top 5 educational courses that have produced the most millionaires are as follows:

  • engineering ;
  • accounting ;
  • teaching;
  • management ;
  • right.

What industries do millionaires work in?

Myth number 6: you absolutely have to create a technology company to become a millionaire in France – FALSE

Statista has ranked billionaires by industry – which most certainly goes for millionaires as well. Here is the ranking of the sectors of activity with the most billionaires:

  • Finance: 19.8%.
  • Industrial Conglomerate: 12.8%.
  • Real estate: 7.6%.
  • Food and beverages: 5.7%.
  • Care and health: 5.7%.
  • Manufacturing industry: 5.6%.
  • Technology: 5.6%.
  • Social organizations: 4.9%.
  • Hospitality: 4.5%.
  • Fashion, luxury: 4.3%.

What emerges from these statistics is that the wealthy are not just found in tech companies. Another interesting piece of information, you can choose one of the sectors mentioned just before and become rich!

What jobs to do to become a millionaire?

Myth number 7: you have to be a singer, actor, or top athlete to become a millionaire more easily – FALSE

When we think about the professions that can make us become millionaires, we think of singers, artists, footballers, actors, authors or even inventors. For you, we will go further than that because these professions, if they really allow you to become rich, attract many candidates for very few elected officials! We, therefore, asked ourselves the following question: what jobs did the rich exercise before becoming rich? Professions undoubtedly allowed them to acquire skills that they could then use to become millionaires. Millionaires have often been salespeople, stock traders, software developers, or engineers. Engineers are particularly successful, there are really a lot of them among French millionaires.

There you have it, you have some keys to understanding who the millionaires are, how they became them, what character traits they have, what studies have they done… It is not with this simple article that you will be able to become a millionaire in France, but this one aims to demystify the millionaire, to understand who he is, and what are the factors that allowed him to succeed so why not one day, it’s your turn, to become a millionaire! Come on, it’s up to you!

Sources:

https://www.aaronwallis.co.uk/what-makes-a-billionaire/

https://www.capgemini.com/fr-fr/resources/world-wealth-report-2021/

https://fr.statista.com/statistiques/660327/distribution-billionaires-monde-par-type-industrie/

https://start.lesechos.fr/learn/universities-schools/quelles-etudes-faut-il-faire-pour-devenir-tres-riche-1177928

https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research

https://www.nature.com/articles/s41599-022-01099-3

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