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CEOWORLD magazine - Latest - Special Reports - 5 Myths About The High Net Worth Individuals Debunked

Special Reports

5 Myths About The High Net Worth Individuals Debunked

People talk, and when they do, they talk about all kinds of things in various ways. They often base their observations and opinions on limited information and pass them as truths to others. What is the result of this? Myths. Myths spread misinformation about people, events, and things. High net-worth individuals, especially, face the problems of myths. You may ask why. The answer is quite simple; because these individuals are wealthy and influential.

The richer you are, the more interested people are in you. No matter how much you invest in public relations, there will always be lies and myths about you and your empire. But, their impact can be reduced. And this article endeavors to do exactly that. Here are five myths about high net-worth individuals you should immediately reject.

  1. They all come from expensive B-schools
    The media has been flooded with information about people who graduated from the world’s best schools. Unless we dig deep, we will form an opinion that the most successful businesspersons owe it to their privileged education in top business schools. Well, I wouldn’t say that this is not the truth; rather, it is not the complete truth. There are indeed many who never went to such fancy schools. Some of them never had any formal education to begin with. Every individual with a high net worth has a story, and not all begin with a university education. 
  2. They are simply dropouts
    Much of this stereotype comes from the story of Meta founder Mark Zuckerberg. His story was popularized globally through the controversial movie The Social Network. Afterward, the media was either obsessed with rich people with handsome business degrees or rich people with no degrees at all. The coverage of rich people with no formal education attracted worldwide attention as much as rich people with formal education. Interestingly, two completely contrasting narratives exist regarding these individuals. Both are true only to the point they are not paraded as exclusive. 
  3. The rich do not make charities
    Many scholars, corporates, governments, and civil society open the discussion of whether or not the rich are obligated to give back to society. We will not jump on that. However, I will tell you about the misunderstanding that the rich do not contribute to the community. If you think about it, they are making an active contribution as professionals or businesspersons through several undertakings. But, for many, this may not count as a ‘contribution’ but as an act of self-interest. So, listen up, these rich people also do charity. Whether it is the Bill & Melinda Gates Foundation or Azim Premji from India, they contribute a whopping sum every year to help the global society in several ways. In fact, many wealthy individuals actively supported and contributed to COVID-19 relief programs. 
  4. Just about investment
    It is common to think that high-net-worth individuals are those in the finance and investment sectors. Yes, many of them are majorly involved in these sectors but not every one of them. Just about 19 percent of these people are engaged in these sectors. These individuals are also businesspersons or upper echelons in various businesses. There are many ways through which these people derive their wealth. 
  5. It is all family business
    The 21st century witnessed the rise of many high-net-worth individuals who came from nothing. Not all of them were born with a silver spoon in their mouths. Many even struggled to make ends meet. Contrary to popular belief, most high-net-worth individuals do not come from wealthy families and haven’t inherited businesses. A good number of them have been self-made millionaires. These numbers are more than 60 percent of the total high-net-worth individuals on record. Even if some of them did inherit the family business, it is not easy to manage and grow these humungous assets without hard work, patience, and strategic thinking. 

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CEOWORLD magazine - Latest - Special Reports - 5 Myths About The High Net Worth Individuals Debunked
Ayushi Kushwaha
Ayushi Kushwaha, Staff Writer for the CEOWORLD magazine. She’s spent more than a decade working for various magazines, newspapers, and digital publications and is now a Staff Writer at The CEOWORLD magazine. She writes news stories and executive profiles for the magazine’s print and online editions. Obsessed with unlocking high-impact choices to accelerate meaningful progress, she helps individuals and organizations stand out and get noticed. She can be reached on email ayushi-kushwaha@ceoworld.biz.