While inheriting huge fortunes might seem like the most common way the world’s wealthiest make their money, 
nothing could be further from the truth. According to Forbes, nearly two-thirds of the world’s 946 billionaires made their money from scratch, relying on hard work and determination rather than their parents. All these rags to riches billionaires would make great case studies, but for the purpose of this article we’ll draw your attention to just five who struck it rich in the investing world. Not all of these individuals cracked the billionaires list, but a minimum net worth of $165 million, should be more than enough to convince you that anything is possible with the right mindset.
Chris Gardner
“The future was uncertain, absolutely, and there were many hurdles, twists, and turns to come, but as long as I kept moving forward, one foot in front of the other, the voices of fear and shame, the messages from those who wanted me to believe that I wasn’t good enough, would be stilled.”
– Chris Gardner, The Pursuit of Happyness
Most readers know Chris Gardner from the Hollywood hit movie hit movie The Pursuit of Happyness, which chronicles his humble beginnings all the way up to the Wall Street big leagues. He started his investing career as a stockbroker trainee at Dean Witter Reynolds, where he earned only $1,000 a month. Gardner suffered through jail time and homelessness, all while taking care of his son. After becoming one of only 20 temps to be offered a full-time position with Dean Witter Reynolds, he went on to hold many senior positions throughout Wall Street. Currently serving as chief executive of Gardner Rich & Co., Gardner has an estimated net worth of $165 million.
Francois Pinault
“I have no sense of nostalgia. Tomorrow is what interests me.”
– Francois Pinault
With a net worth of more than $14 billion, it’s hard to imagine that Francois Pinault was a high school dropout. He started his career as a timber merchant before striking it big in the commodities market. The now 70-year old Brittany, France native controls a sprawling empire of luxury goods products that includes brands such as Gucci and Stella McCartney. According to those close to him, Pinault detested authority from a very early age, which gave him the same reckless abandon to defy German officers during the Second World War by bringing food to Allied forces hiding near his family home. The same determination and grittiness no doubt contributed to his enormous wealth half a century later.
Phil Falcone
Phil Falcone is the founder of Harbinger Capital, a private hedge fund based in New York. With a net worth of $1.2 billion, it’s easy to forget that Falcone grew up the youngest of nine children in Chisholm, Minnesota. As the son of a utility superintendent and factory worker, Falcone grew up to become a talented hockey player who signed a pro contract in Sweden. However, a significant knee injury forced him to hang up his skates prematurely. He somehow found his way on to Wall Street, where he started as a junior junk-bond trader. He joined the exclusive billionaire’s club by betting successfully against subprime mortgages. Falcone resigned from Harbinger last year, collecting a cool $40.3 million just for leaving.
Glenn Dubin
As a globally renowned hedge fund manager, Glenn Dubin is a true rags to riches story. Born to Russian and Austrian immigrants, he grew up in Washington Heights in Manhattan and attended public school. He graduated from Stony Brooks University with a degree in economics before founding Highbrdige Capital Management with childhood friend Henry Swieca. The alternative investment management firm has earned Dublin a net worth of around $2 billion. His friend Mr. Swieca is also valued at $1.5 billion.
George Soros
“Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.”
– George Soros
There is perhaps no greater rags to riches story than George Soros, the Hungarian-born billionaire who grew up in absolute poverty in Budapest. Growing up in a Jewish household, Soros lived through the rise of Nazi Germany, which forced his family to move to England. Soros would eventually graduate from the London School of Economics on his uncle’s dime. As a poor graduate, Soros would start his financial career as a clerk at merchant bank Singer & Friedlander. He would join F.M. Mayer two years later as an arbitrage trader, where his career began to take off. Half a century later, Soros has a net worth of $23 billion and is widely regarded as one of the best traders of all time. Today, millions of traders all over the world draw inspiration from Soros’ timely quotes and investment strategies.
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