Bloomberg believes technology and VC has created far greater numbers billionaires and multi-millionaires, with IPOs or rich funding rounds minting wealth overnight whereas the super-wealthy of the past had to accumulate riches by building up empires over decades.
Adam Bowen and James Monsees, creators of the ubiquitous e-cigarette Juul, are in their early 40s and late 30s, respectively. Stanford classmates Baiju Bhatt and Vlad Tenev became billionaires at 33 and 31 last May after starting Robinhood Markets Inc., a financial services firm for millennials. And in September, a trio of cannabis-focused private equity investors in their 40s became billionaires after their bet on a Canadian pot firm surged. Even as more young people entered the top 0.1 percent, most of their Millennial and Generation X compatriots were struggling. Americans 75 and older are the only age group whose median net worth rose from 2007 to 2016, according to the Federal Reserve Survey of Consumer of Finances released in July 2018.