Most millionaires and billionaires allocate a significant portion of their portfolios to this asset class for its stability, cash flow and substantial tax benefits. However, real estate isn’t just a means of climbing to the top. Ross founded The Related Companies and now has a net worth of $11.6 billion. Living off of a $10,000 loan from his mother after being fired from Bear Stearns in 1972, Stephen Ross started organizing deals for wealthy investors to fund affordable housing developments – providing a tax shelter with generous incentives offered by the federal government. The real estate mogul built a fortune that is now worth $5.4 billion. Sam Zell, founder and chairman of Equity Group Investments, went from reselling Playboy magazines as a child in Chicago to managing student apartments and eventually creating some of the largest publicly traded real estate investment trusts ( REITs) in the world. You can read about many millionaires made from real estate. The wise young man, or wage earner of today invests his money in real estate.” More money has been made in real estate than in all industrial investments combined.
According to Forbes, 193 billionaires were created through real estate.Īndrew Carnegie was famously quoted saying that “90% of all millionaires become so through owning real estate.
Real estate is one of the classic rags-to-riches stories and has been the source of wealth for some of the richest people on the planet.
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