Why has the technology industry proven such fertile ground for young moguls?
"It doesn't take a lot of startup capital to start a tech business," says Mark Cuban, who earned a place on the Forbes 400 at the age of 40. "A PC, some smarts and some luck, and the next thing you know ..."
Cuban's model has worked for quite a number of tech prodigies. Steve Jobs cofounded Apple in his family's garage in 1976, with $1,300 cobbled together selling a calculator and a Volkswagen microbus. Apple's current market cap: $239 billion.
Zuckerberg famously started social networking site Facebook out of his Harvard dorm room in 2004. Although its revenues are kept under wraps, investors have bid as much as $42 per privately held share of Facebook, implying a value of $18.5 billion.
The flip side of this trend is that people tend to get ultra-rich at more advanced ages in businesses that require lots of capital, like real estate, casinos and art.
Wynn Resorts boss Steve Wynn built his Rich List-sized fortune at age 51 after more than two decades in the Las Vegas casino industry. Rival Sheldon Adelson, head of Las Vegas Sands, landed on the list at age 62 after 24 years in the trade show business and the acquisition of his first casino in his mid-50s. A swelling art market pushed collector Norman Braman onto the rich list at age 76.
Despite the appearance of a few youthful billionaires, the ranks of the world's rich are still rather mature. Last fall the average age of the America's 400 richest was 65.8, with 250 members, or just under two-thirds, qualifying for Social Security. Only 36 members, or 9%, were under age 50. Facebook's Zuckerberg was the youngest member at 25. The oldest? Media and private equity maven John Kluge, 95 years old.
Although some industries favor youth and others cater to experience, age is a minor factor in determining when (and if) one will achieve world-class wealth. Media matriarch Oprah Winfrey built a mega-fortune by age 41, Polo's Ralph Lauren at 47 and the Dallas Cowboys' Jerry Jones at 52. Investing gurus Carl Icahn and John Paulson each premiered on the 400 at age 51. What really maters: intelligence, creativity, drive--and luck.
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