Who Makes A 9 Figure Salary? The Rarefied World of 9 Figure Earners

You‘ve probably heard about the 1%. The ultra-wealthy who sit at the very top of the income and wealth spectrum globally. Well, even within the 1% there is an elite subgroup at the tippy top – the 9 figure club.

Individuals with 9 figure earning power have incomes of $100 million+ per year and/or net worths of $100 million+.

They represent the very peak of financial success according to society‘s capitalistic standards. But who actually reaches this rarefied air? And what enables people to achieve 9 figure status?

Let‘s take a closer look at the rare world of 9 figure earners.

Defining 9 Figures

First, what does it mean to be a 9 figure income earner or have a 9 figure net worth?

• A 9 figure salary is an annual income of $100,000,000 to $999,999,999 per year. You must consistently earn 8 figures year after year to reach 9 figures in career earnings.

• A 9 figure net worth is having total assets minus liabilities of $100,000,000 to $999,999,999. This includes all cash, investments, real estate, businesses, cars – anything you own with monetary value.

So in concrete terms, someone with $200 million in assets like luxury houses, stock investments, and yachts, and $50 million in debt, would have a 9 figure net worth of $150 million.

Let‘s put this extreme wealth into perspective:

• Only 0.00026% of US households have a net worth exceeding $100 million, according to the US Census Bureau.

• There are less than 3,000 people in the world with 9 figure net worths, per Forbes real-time billionaires tracker.

• It would take over 2,000 years for someone earning the US median household income of $67,521 to make $100 million.

Reaching this elite financial status is a monumentally rare occurrence. Now let‘s examine what careers and pursuits actually offer a realistic path to 9 figure wealth.

Jobs and Careers with 9 Figure Earning Potential

Very few people will ever earn a 9 figure salary during their career. Here are some of the select jobs and careers that could potentially lead to 9 figure lifetime earnings:

C-Suite Corporate Executives

Top executives at major public companies like CEOs, CFOs, and COOs have a path to 9 figure career compensation, particularly when stock options are exercised. For example:

• Tim Cook has earned nearly $1 billion during his decade as Apple CEO mostly through stock awards.

• Former Disney CEO Bob Iger made over $244 million in 2019 as part of his exit package.

However, these packages are only accessible to executives guiding huge multinational corporations. The average US CEO earns under $200,000 in total comp according to the Bureau of Labor Statistics.

Investment Bankers

Elite investment bankers at firms like Goldman Sachs can earn 9 figures over a decades-long career. For example, long tenured Goldman partners frequently make over $10 million per year.

But very few reach this upper echelon. The average investment banking analyst just out of college earns around $100,000 according to Glassdoor.

Corporate Lawyers

Equity partners at the most prestigious law firms like Wachtell Lipton and Skadden Arps can generate 9 figure career earnings. Top partners make over $5 million per year on average.

However, the typical US lawyer earns around $150,000 per the Bureau of Labor Statistics. Only 1% make partner at big firms.

Pro Athletes

The very highest paid sports stars in the NBA, NFL, MLB and European soccer leagues can potentially earn 9 figures during their career from salaries and endorsements. For instance:

• Lebron James has made over $1 billion during his 19 years in the NBA.

• Lionel Messi has earned over $600 million playing soccer for Barcelona and PSG.

But the average US pro athlete earns just $50,000 per year according to the Bureau of Labor Statistics. Only superstars reach 9 figures.

Entertainers

Extremely popular singers, actors, and artists can generate sufficient income to reach 9 figure status through their work, brand deals, and savvy investments. For example:

• Taylor Swift‘s net worth is estimated at $570 million. She earned $185 million pretax over 2019-2020.

• Dr. Dre has earned over $1 billion cumulatively from music, Beats by Dre, and other business ventures.

Again, this level of success is only achievable for the upper echelon of entertainers. The average US actor earns around $20/hour according to ZipRecruiter.

The road to a 9 figure career as an employee is incredibly narrow, limited to the very top professionals in the most lucrative fields. Next, let‘s look at entrepreneurship and business building – the most accessible path to 9 figures.

Building a Business to 9 Figure Wealth

Founding and growing a successful business from scratch offers the most direct route for an individual to reach 9 figure level wealth through ownership and equity.

Of the approximately 3,000 people with 9 figure net worths globally, the vast majority are entrepreneurs and founders according to Forbes, including:

• Jeff Bezos – Net worth $131 billion from Amazon

• Elon Musk – Net worth $219 billion from Tesla, SpaceX

• Mark Zuckerberg – Net worth $57 billion from Facebook

• Larry Page – Net worth $95 billion from Google

• Bill Gates – Net worth $106 billion from Microsoft

These individuals were able to turn their companies into massively successful enterprises that came to dominate entire industries. Their large ownership stakes resulted in 9 figure and even 10 figure level net worths.

However, reaching this stratospheric level of financial success through entrepreneurship is exceedingly rare. Over 90% of startups fail entirely according to the US Bureau of Labor Statistics.

The key is building a company that can scale to serve millions or billions of customers globally. Very few founders are able to achieve this billion-dollar "unicorn" status and 9 figure wealth along with it.

Lifestyle and Spending of 9 Figure Individuals

What does life look like with 9 figure resources? Here are some of the unique experiences and opportunities accessible only to this financial elite:

• Luxury real estate – 9 figure individuals own multiple mansions and penthouses in destinations like New York, London, Monaco. Jeff Bezos spent $165 million on a Beverly Hills estate.

• Private jets – Flying private across the globe on a moments notice. Some own entire fleets of jets and yachts.

• Exotic vacations – Private islands, remote eco-resorts, even space! Money is no object.

• Personal services – Staffs of assistants, chefs, drivers, security, and service providers to take care of every need.

• Philanthropy – Ability to donate hundreds of millions or billions to charities and causes.

• Political influence – Major political donors capable of shaping policy and public opinion.

• Blue chip art – Building collections of masterpiece paintings and sculptures worth hundreds of millions.

In many ways, 9 figure individuals inhabit a different world with unlimited access to services, experiences and networks available only to the ultra-rich.

Now let‘s examine a key distinction between income and wealth.

Income vs. Wealth – Why Wealth Matters More

For the entrepreneurs and founders mentioned earlier, the bulk of their 9 and even 10 figure net worths came from appreciation of their ownership stakes, not salary.

Wealth is ultimately more important than income. Here‘s why:

• Wealth generates its own income through capital appreciation, dividends, interest, rents etc. This "passive" income can dramatically exceed any salary.

• Wealth enables access to opportunities – investments, real assets, experiences. Income is just a salary payment.

• Wealth accumulates over decades as assets appreciate. Income resets to zero each year.

While the highest paid employees reach 9 figures through cumulative salary, entrepreneurs accumulate 9 figure wealth through equity.

For example, Mark Zuckerberg has only ever earned a $1 annual salary as Facebook CEO. His $57 billion net worth comes from his 13% stake in the company.

In summary, wealth creation is the most powerful path to 9 figure status.

Is Chasing 9 Figure Wealth Worthwhile?

Only you can decide what level of financial success is enough for a fulfilling life. But it‘s worth examining some downsides of extreme wealth pursuit:

• True happiness and fulfillment come from close relationships, good health and purpose – not dollars in a bank account.

• Chasing ever higher profits can lead to unethical behavior, like deceptive advertising and underpaying workers.

• Endless wealth accumulation does not necessarily improve quality of life after a certain point. Going from $1 billion to $10 billion has diminishing real benefits.

• Hoarding billions reduces money available for social needs like healthcare, education and inequality reduction.

• Wealth often benefits descendants who did not earn it, entrenching a permanent aristocracy. Inherited prosperity runs counter to meritocracy.

If money only brings marginal gains above a reasonable level of comfort, are the sacrifices and ethical compromises required to reach 9 figures justified?

Only you can answer what is enough based on your values. This article aims to provide perspective on the rare world of 9 figure earners. Hopefully these insights lead to reflection on how to achieve a fulfilling life, whether that includes 9 figures or not.