Are Famous Athletes and Actors Really Richest Among Famous Professionals?
Are Famous Athletes and Actors Really Richest Among Famous Professionals?
The common perception is that famous athletes and actors enjoy astronomical wealth. However, a closer look at the figures reveals a different picture. In reality, the wealth distribution among famous professionals is far more nuanced.
Lesser-Known Famous Doctors vs. Renowned Athletes
It's noteworthy that the number of famous doctors who have become multimillionaires outpaces that of famous athletes. While you can readily name a plethora of sports stars like LeBron James, Simone Biles, and Cristiano Ronaldo, naming more than a few famous doctors might prove challenging.
Professional athletes often make millions in a single year, with top earners bringing in more than $20 million annually. In contrast, highly-specialized doctors, especially in high-paying specialties like neurosurgery, typically earn around $1 million in salary. This gap can be bridged by investments, speaking engagements, and book deals, but it is still a substantial sum.
For example, a neurosurgeon might make $1 million annually, plus an additional $1 million from books and speaking engagements, bringing his annual income to $3 million. However, figures like Michael Jordan, who earned over $300 million in his career, still exemplify that athletes can amass significant wealth.
Investments and Careers: Paths to Wealth
The difference in wealth often hinges on how professionals manage their finances. Professional athletes can achieve great wealth, but not necessarily what is perceived as "seriously rich." Their investment approaches often lead to short-term gains. Conversely, high-earning doctors like those who run private practices can accumulate substantial wealth over time.
It is also important to consider the nature of the income streams. Athletes earn by commanding massive audiences, while doctors achieve wealth by serving a significant number of patients who are willing to pay a considerable fee for medical services. This means that the money athletes make is derived from a relatively small number of events, whereas doctors derive income continuously from a large number of patients over their career.
Over 50 Million People Are Doctors, with Many Becoming Millionaires
Studies show that more than 1 million people are professional athletes, but the majority of doctors, up to 60%, are millionaires. The average salary for doctors is around $200,000, while the average salary for professional athletes falls in the $50,000 range. This demonstrates that the majority of doctors are not just middle-class but have achieved a higher socio-economic status compared to the general population of athletes.
Meet a Billionaire Doctor: Patrick Soon-Shiong
One such exceptional case is Patrick Soon-Shiong, a doctor and entrepreneur who amassed a net worth over $10 billion. Born in South Africa, he earned a medical degree and became a surgeon, later founding Amrel BioTherapeutics and acquiring Myriad Genetics. His entrepreneurial ventures have significantly contributed to his accumulated wealth.
Despite the success of a few high-profile athletes and actors becoming billionaires, the majority of wealthy individuals, including the top 1%, have college degrees. According to recent research, the majority (75%) of billionaires have at least some college experience, and 70% have a college degree or higher. This underscores the value of higher education in achieving great wealth.
Summary
The data suggests that while famous athletes and actors can achieve significant wealth, the majority of renowned doctors are richer. This is partly due to the different career paths and income models. Although celebrity athletes can earn millions annually, their potential to become billionaires is more limited compared to the wealth accumulation strategies of many doctors.
Therefore, while the fame and attention of professional athletes and actors might be more visible in the media, the distribution of wealth among famous professionals highlights the importance of investment strategies and career choices in achieving financial success.