Yes, this is generally underestimated. The closer I've worked with this class the more it becomes apparent in quiet anecdotes that don't always make the official bios or wikis.

Most self-made billionaires came from at least millionaire families. Generally hard working, smart guys with a lot of skill & luck, but they start at a level we can only dream that maybe our children or grandchildren can start from.

I once worked for a billionaire investor who told us how he got started investing when his father offered him the choice at 13 years old: have his birthday party at one of the most famous & expensive hotels in NYC, or take the cash value of that to invest in stocks. The dollar figure seemed to be something like the equivalent of $50k in 2020 dollars. Much like orange man who got "a small loan of $1M from his father", I am sure the $50k given to a 13 year old was not the first or the last paternal investment.

Another firm managing ~$10B there was a guy who unbelievably made it to the C-suite in his 20s. It was never clear exactly what the connection was, but he was some sort of family friend of the founder and worked for him as a teen. He was also related to a big bank CEO.

> Another firm managing ~$10B there was a guy who unbelievably made it to the C-suite in his 20s. It was never clear exactly what the connection was, but he was some sort of family friend of the founder and worked for him as a teen. He was also related to a big bank CEO.

Sounds like Matthew Grimes, lol

https://www.bloomberg.com/news/articles/2021-07-28/from-inte...

Actually a totally different guy, tells you how common the scenario is...

Most of the richest people today were born solidly middle or upper middle class.

Nassim Taleb again, after mere comfortability ita a long road of blackjack and 100 hour workweeks.