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I'm going to ask this is many different forms but in the usa real estate is 1 way to become financially stable and/or very wealthy. Is it real estate in other places also or something else? What's the way most people get rich in other countries?
What's the way most people get rich in other countries?
A lot of people I know in India have done well in real estate as well. They own flats and houses that have appreciated in value considerably in recent years. This is in megacities with 10 million+ people.
But the truly rich people tend to be businessmen and industrialists.
What's the way most people get rich in other countries?
The same ways money is made everywhere in the world.
In the Dominican Republic most of the families with wealth created it within the last 30 years or so. Perhaps upwards of 70% or 80% are new rich, if you want to call them that. There are various sources to create wealth.
Some are at random, such as owning land that was worthless since ever and a new highway is built next to it. Suddenly, the worthless land gains value as random people are interested in buying parts to build their house or business. Making the land produce money via devoting it to certain types of agriculture becomes feasible as transportation itself becomes easier and transportation costs decrease. Perhaps you own land in a rural area and the city nearby is expanding in the direction of your land, then its value will increase at a greater rate than the value of land that isn't in that direction of urban growth.
Other sources is through business opportunities that most people don't see.
For example, Super Bravo is a Dominican supermarket chain based in Santo Domingo. It's going through an expansion phase with new stores opening every year. The founding family is originally from Spain that migrated to the DR in the 1960's. The company was founded in the 1970's or 1980's and it was a small supermarket not creating wealth to make the family rich. Through the years it has grown and today it has yearly sales of over US$500 million. (https://www.dnb.com/business-directo...7b4941082.html)
This is an informal tour through one of its stores. Although the owners are of Spanish origin, the business creates thousand of jobs mostly for Dominicans ranging from the management team down to the cleaners.
Another example of taking advantage of business opportunities would be Rica. This is a Dominican brand of juices and milk products, but it started as a very humble informal business in the 1960's. The owner of some cows simply distributed the excess milk to many of his immediate neighbors. Through the years it has grown to have sales of over US$270 million. They export exactly 0 products, so everything is made, bought, and consumed in the DR. (https://www.dnb.com/business-directo...b02cc3522.html)
Example of some of Rica products in this product fair.
SID has been around since the 1930's when it was founded, but for much of the time it had a modest array of products such as margerine. Today it spans many aspects, almost all of its sales are made within the DR and they currently surpass US$1 billion. (https://www.dnb.com/business-directo...3fcd1d6ff.html)
So on and so forth.
Those are only four examples, but there are many more in these sectors and spanning other sectors too.
People that actually inherit their wealth is a small part of the rich, most made it on their own and through legitimate ways.
Then there are the others that made their wealth through less honorable ways such as corruption. Generally, they tend to be avoided and looked down upon by those from legitimate sources of their wealth.
For the average person in the US, securing a good education is a good start. Find a field which requires a good education for entry (STEM, law, medicine, biotechnology, executive level management, etc.) Continue to build your skills with further education and training in niche areas within that field. We are in a knowledge society/economy now - the greater the knowledge, the more opportunities and compensation you will have.
Invest long term in quality stocks, buy real estate in desirable locations (start within your means.)
Network with other professionals to discover other career and investment opportunities - you become similar to the people you associate with.
Stay positive and focused for the long term - don’t let temporary setbacks let you down. Setbacks are an opportunity to grow and learn.
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