Methodology Note
This study has garnered significant media attention, prompting inquiries about our classification methodology for distinguishing self-made versus inherited wealth. We based our analysis on Forbes’ “Self-Made” designation, which identifies billionaires who built a company or established a fortune on their own, rather than largely inheriting it.
Forbes considers whether someone founded or co-founded the company that forms their wealth, how much growth occurred under their leadership, and whether they overcame significant obstacles versus being born into privilege. To validate this classification, we conducted stratified random sampling across wealth tiers, checking classifications through AI analysis (Gemini, Perplexity) and manual research.
This binary classification—self-made or inherited—represents an educated approximation that necessarily simplifies complex realities. Many billionaires fall somewhere between these extremes, having both inherited advantages and made significant contributions to their wealth. For broad statistical analysis across countries and industries, Forbes’ framework provides useful directional insights, though individual cases exist along a spectrum rather than in absolute categories
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| Country of Citizenship | Inherited Wealth (Count) | Self-Made Wealth (Count) | Grand Total (Count) | Inherited Wealth (%) | Self-Made Wealth (%) |
|---|---|---|---|---|---|
| Russia | 4 | 135 | 139 | 3% | 97% |
| China | 14 | 417 | 431 | 3% | 97% |
| United Kingdom | 6 | 51 | 57 | 11% | 89% |
| Czech Republic | 2 | 9 | 11 | 18% | 82% |
| Canada | 17 | 59 | 76 | 22% | 78% |
| Netherlands | 3 | 10 | 13 | 23% | 77% |
| Israel | 10 | 29 | 39 | 26% | 74% |
| United States | 240 | 637 | 877 | 27% | 73% |
| Japan | 13 | 31 | 44 | 30% | 70% |
| Indonesia | 9 | 21 | 30 | 30% | 70% |
| Australia | 15 | 33 | 48 | 31% | 69% |
| Taiwan | 19 | 36 | 55 | 35% | 65% |
| Cyprus | 4 | 7 | 11 | 36% | 64% |
| Hong Kong | 24 | 42 | 66 | 36% | 64% |
| Ireland | 4 | 7 | 11 | 36% | 64% |
| Greece | 6 | 10 | 16 | 38% | 63% |
| Singapore | 17 | 28 | 45 | 38% | 62% |
| Turkey | 13 | 18 | 31 | 42% | 58% |
| Philippines | 7 | 9 | 16 | 44% | 56% |
| Thailand | 10 | 11 | 21 | 48% | 52% |
| Switzerland | 22 | 20 | 42 | 52% | 48% |
| Malaysia | 10 | 9 | 19 | 53% | 47% |
| Norway | 9 | 8 | 17 | 53% | 47% |
| India | 117 | 93 | 210 | 56% | 44% |
| Brazil | 33 | 26 | 59 | 56% | 44% |
| France | 28 | 22 | 50 | 56% | 44% |
| Sweden | 26 | 19 | 45 | 58% | 42% |
| Saudi Arabia | 7 | 5 | 12 | 58% | 42% |
| South Korea | 21 | 15 | 36 | 58% | 42% |
| Italy | 46 | 26 | 72 | 64% | 36% |
| Belgium | 8 | 3 | 11 | 73% | 27% |
| Mexico | 16 | 6 | 22 | 73% | 27% |
| Spain | 26 | 9 | 35 | 74% | 26% |
| Germany | 129 | 42 | 171 | 75% | 25% |
| All | 935 | 1903 | 2838 | 32.95% | 67.05% |
Methodology
The data underlying this analysis was extracted from the Forbes World’s Billionaires List as of June 2025. For each billionaire, we captured their reported net worth, country of citizenship, and primary source of wealth.
Wealth Classification
Each individual was categorized as either Self-Made or Inherited based on the “self-made” attribute published by Forbes. This classification is part of Forbes’ broader self-made scoring system, which ranges from 1 (entirely inherited wealth) to 10 (entirely self-made). For clarity and international comparability, we grouped individuals into a binary classification:
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Self-Made: Scores of 7–10 (those who primarily built their fortune)
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Inherited: Scores of 1–6 (those who inherited some or all of their wealth)
See Forbes’ full explanation of their scoring here: Forbes Self-Made Score Guide
Cross-Verification
To improve classification accuracy, we cross-checked a sample of individual profiles with public biographical sources, company histories, and media coverage. This was done to account for edge cases, such as founders who built businesses from inherited seed capital or billionaires with unclear wealth origins.
Sensitivity and Caveats
There are known limitations with billionaire wealth data. Forbes’ methodology excludes political or royal wealth (e.g. sovereign funds, monarchies), and private asset valuations, especially in emerging markets, can be imprecise. Net worth estimates are also subject to market volatility, meaning year-to-year comparisons can reflect asset price swings rather than underlying changes in wealth structure.
