Get All Access for $5/mo

62 Percent of American Billionaires Are Self-Made A new report from Wealth-X and WSJ Custom Studios also reveals what many billionaires spend their money on.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

America's uber rich have, overwhelmingly, climbed to the top on their own, according to a new report.

Of the 585 billionaires in the U.S., 363 -- or 62 percent -- made their fortunes themselves, says the report by Singapore-based market research company Wealth X in collaboration with Wall Street Journal's Custom Studio. Another 105, or 18 percent, achieved the coveted billionaire status through a combination of inheritance and making their own wealth. The remaining 117 American billionaires inherited their wealth.

Related: The Top 25 Self-Made Billionaires In the World

So, what do those American billionaires splurge on? Planes, yachts and art. Nearly one in five American billionaires own a private plane, while about one in 10 has a yacht, according to the report. Slightly less than one in 10 billionaires in the U.S. collect art and about one in 20 own a sports team.

While nearly 20 percent of these American billionaires made their wealth in financing, banking and investing, entrepreneurs are also well represented. According to a previous report from Wealth X, of the top 25 wealthiest self-made billionaires, 14 are American entrepreneurs.

Related: The Wild and Crazy Career Paths of 5 Self-Made Billionaires (Infographic)

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.