UHNW Individuals
Apologies if off topic.
Slowly realizing that even the super old senior partners in finance rarely scrape the $30M+ NW barrier. Maybe a few rainmakers in IB, old MF/UMM PE Partners with a few funds under their belt, and ultra successful HF PMs. Not saying it's that important in life or is an indication of happiness or success, but was curious about whether these people even exist in finance / if you have worked with any. Seems to me like you either inherit that kind of wealth or are a successful founder.
Given inflation I'm sure much of our generation will. Though even a $10mil NW in today's dollars is a fuck ton of money.
Very difficult to become a UHNWI (by yourself) solely as an employee. Most are business owners or received inheritance
Gotta be a founder of a fund or something. You're not going to get there without significant profit sharing/equity.
Pretty sure it's a lot more common than you think. Any first gen/immigrant/poverty minority who dumps all his earnings into 100% equities and lives with 3 roommates and eats beans/rice can get 30MM by his early 50s (max).
I’m not trying to say this is the norm, so I’ll start by saying it is NOT common. But in the HF space the people that “make it” and have a long careers (SM specifically but also MM, although MM is more individual vs profit sharing at the overall fund level) get to that level (and relatively young). I work with plenty at that level. As others have mentioned it comes from carry/equity/profit sharing/etc. It rarely will come from just base + bonus (unless you get a great string of investments).
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