10 Billionaires Like Oprah Winfrey Who Grew Up Poor (2023)

They started from the bottom, but their hard work has paid off.

By Jennifer Taylor Net Worth 101

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (1)

You don’t have to be born with a silver spoon in your mouth to achieve great things in life — though it certainly helps. Still, many of today’s billionaires had very humble beginnings. Growing up poor didn’t stop these CEOs, celebrities and business experts from reaching the pinnacle of success — and it shouldn’t stop you, either.

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Whether you’re in need of some inspiration to start your own business, or you want to learn how to become a billionaire, take a look at how these famous folks made it to the top.

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (2)

(Video) 10 Billionaires Who Grew Up Poor

1. Oprah Winfrey

Family wealth isn’t the secret to this billionaire and media maven’s unparalleled success. Now worth an estimated $2.5 billion, according to Forbes, Oprah Winfrey was born to a teenage single mother in Mississippi. In an interview with Barbara Walters, she talked about not having running water or electricity growing up.

By focusing on school, participating in beauty pageants and then working at a radio station, Winfrey was able to enter the media world. She got her big break in television as a host for the local Baltimore talk show, “People Are Talking.” Later came “The Oprah Winfrey Show,” which entered national syndication in 1986.

In a 2001 taping of “The Oprah Winfrey Show,” Winfrey shared some tips on making the shift to a wealth mindset.

“The whole idea, I think, of having wealth is not letting wealth use you but you use it,” she said. “Being a person who has come from an outhouse, and very poor circumstances, I can assure you that the more money you get, it really doesn’t change you — unless you are the kind of person who is defined by money.”

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10 Billionaires Like Oprah Winfrey Who Grew Up Poor (3)

2. Howard Schultz

Howard Schultz helped Starbucks become the company it is today. However, this successful businessman, who boasts a net worth of $3.9 billion, wasn’t born into wealth.

In an interview with Dr. Mukund Rajan of the Group Executive Council, Schultz discussed his childhood and what it was like growing up with less.

“When I was 7 years old, I experienced something that deeply affected me that I carry with me every single day,” he said. “And that is the scar and the shame of being a poor kid living in government-subsidized housing.”

Schultz said his father became a “broken man” after working in many dead-end jobs that offered neither money nor respect. But, this hardship seemed to motivate Schultz to become a success.

“I never dreamed I would be in a position one day to be part of a company where I would have authority — let alone build a company,” Schultz said. “What I’ve tried to do is build the kind of company that my father never got a chance to work for.”

Schultz joined Starbucks in 1981 and worked his way to the top. He retired from the company in 2018 but in April 2022, he returned as interim CEO and a member of the company’s board of directors.

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (4)

3. Ralph Lauren

Known for its polo shirts and high-end attire, the Ralph Lauren fashion brand is easily recognizable. But did you know that there was a time when the iconic fashion designer couldn’t even afford new clothes?

(Video) Oprah Winfrey: Born Into Poverty, Today Self Made BILLIONAIRE.

“As a kid, I was always into clothes, but I didn’t have the money to buy them,” Lauren told fellow billionaire Oprah Winfrey in a 2002 interview. “When I’d get my brothers’ hand-me-downs, there was an energy in me that made me say, ‘I want to get my own things, to make my own statement.’ Somewhere along the line, that energy — coupled with my exposure, through movies, to a world I hadn’t known — turned into something.”

That “something” is now a world-famous fashion brand, and he has a personal net worth of $6.9 billion.

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (5)

4. Larry Ellison

Oracle co-founder, chairman and chief technology officer Larry Ellison was born in New York City but grew up in a lower-middle-class community on the South Side of Chicago.

“I’ll never complain again about living in a bad neighborhood, after moving from the Lower East Side of Manhattan to a still-worse neighborhood on the South Side of Chicago,” said Ellison in an interview posted on the Academy of Achievement website. “After my ninth month, I kept my mouth shut about the neighborhood.”

A 1997 Vanity Fair profile on Ellison described his childhood home as a “cramped walk-up apartment.” According to the article, Ellison was raised by his great-aunt and great-uncle, who was once successful in real estate but lost everything in the Depression.

Although he came from modest beginnings, Ellison is now a multibillionaire worth $97.3 billion, per Forbes.

“Everyone who works hard, and maybe a little cleverly, has the opportunity to make almost anything possible,” said Ellison in the Academy of Achievement interview. “That’s the American Dream, that anything here is possible.”

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (6)

5. Kenneth Langone

Self-made billionaire businessman and investor Kenneth Langone, who helped create Home Depot, had humble beginnings.

In a 2013 interview with OneWire, posted on Business Insider, Langone said he had a “charmed life” as a child — but not because of his material possessions. In fact, his mother was a cafeteria worker. Still, Langone enjoyed unconditional love, which later helped him get over his failures and not let them bring him down.

“When you’re in the risk-taking business at the level that I am, not everything you’re going to do is going to work,” he said. “Where you really lose is when it doesn’t work, and you start being abusive to yourself in terms of your qualities and your abilities.”

Today, Langone has a net worth of $5.8 billion, according to Forbes. And, he’s proud of that fact, he said in an interview for “Street Smart” on Bloomberg.

“I worked like hell to become part of the 1%,” he said.

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (7)

(Video) 10 Billionaires Who Grew Up Poor

6. David Murdock

The former chairman of Dole Food Products, David Murdock was raised in Wayne, Ohio, the son of a traveling salesman father and a mother who did other people’s laundry and scrubbed their floors to bolster her husband’s unsteady income. Dyslexic and mocked at school because of his poor grades, he dropped out at 14 and set out on his own, he told The New York Times Magazine in 2011. He got a job at a gas station and lived in a room on site. While he couldn’t succeed in school, he decided to learn on his own, reading biographies of famous people, along with the works of William Shakespeare and Socrates.

He was drafted into the U.S. Army in 1943, and when he was discharged at age 22, he had no money and slept in a park in Detroit until he met a man who worked at a loan company who wanted to aid the homeless veteran. The man helped him acquire $1,200 to buy a diner, which Murdock sold 18 months later for a $700 profit. Murdock spent $75 on a car and headed west, landing in Phoenix, where he bought cheap land and built affordable homes for other westward migrants after World War II.

“I was building as fast as I could break ground,” he told The Times. “Bang, bang, bang: I could hardly get a house finished before it was sold.”

His construction business spread and he used the profits to buy stock, eventually parlaying his earnings into becoming the largest shareholder in Occidental Petroleum. He eventually took over Dole after acquiring its parent company in 1985.

Now 99, he left the board of Dole in 2021 as part of a merger. Forbes pegged his net worth at $2.2 billion.

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (8)

7. Alan Gerry

While he has a net worth of $1.5 billion today, Alan Gerry grew up in Liberty, New York, during the Depression. A frozen food distributor, Gerry’s father often struggled to feed the family on his salary.

Gerry later dropped out of high school to serve in the Marines during World War II. He used his GI Bill benefits to become trained in television repair and, in 1956, he invested $1,500 to start a cable company in his hometown. Decades later, his business evolved into 64 cable systems in 18 states. He sold the company to Time Warner in 1996 for a reported $2.7 billion — including $900 million in personal profit.

Gerry used the money to start his venture capital fund Granite Associates and has continued to give back to the community where he was raised, including building the Bethel Woods Center for the Arts.

“You grow up in a country and see that now so much has evaporated around you,” said Gerry in a 2011 interview with the Times Herald-Record. “So, you try to keep your eyes open and see what needs help.”

8. John Paul DeJoria

Founding high-end tequila company Patrón Spirits Co. and haircare company Paul Mitchell Systems turned John Paul DeJoria into a mogul with a net worth of $2.8 billion. In a 2011 interview with Forbes, DeJoria — who was once in foster care — discussed growing up poor in the Echo Park neighborhood of Los Angeles.

“We didn’t know that we were really going through tough times, because everybody was going through the same thing,” he said. “I remember once in junior high school, on a Friday, my mom came home from work and said to my brother and I, ‘You know, between us, we have only 27 cents, but we have food in the refrigerator, we have our little garden out back and we’re happy, so we are rich.'”

(Video) 10 Billionaires Who Grew Up Poor

A true rags-to-riches story, he was homeless twice before joining forces with Paul Mitchell in 1980 to create the billion-dollar haircare brand. He now uses his fortune to give back, and he even was named Variety’s 2017 Philanthropist of the Year.

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10 Billionaires Like Oprah Winfrey Who Grew Up Poor (10)

9. Harold Hamm

The youngest of 13 kids, Harold Hamm was raised by Oklahoma sharecroppers, who put him to work picking cotton barefoot as a child. The founder, chairman and CEO of oil company Continental Resources now has a net worth of $17.2 billion, but at age 16 he had to take a job at a gas station to support his loved ones.

Despite his family’s financial struggles, in a 2014 interview with Forbes, Hamm revealed that he drew inspiration from fellow Enid, Oklahoma, residents. One was a local potter who spoke to Hamm and his classmates at a school assembly.

“He had this lump of clay that he was slapping like a baby,” Hamm said. “It was clear that he did well because that was his passion, his art, and the message was that all of us could do well if we followed our passion in life.”

10 Billionaires Like Oprah Winfrey Who Grew Up Poor (11)

10. J.K. Rowling

In a 2013 interview with the London-based Daily Mail, J.K. Rowling shared her struggles as a single parent, before the Harry Potter books turned her into the world’s highest-paid author.

“I remember 20 years ago not eating so my daughter would eat,” she said. “I remember nights when there was literally no money.”

Those days are long past, as the author earned $95 million between June 2016 and June 2017, according to Forbes. Now a philanthropist, Rowling enjoys giving back so much that an estimated $160 million in charitable giving contributed to her fall from billionaire status in 2012.

Today, Rowling’s fortune is back up to $1 billion, according to Celebrity Net Worth.

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Jami Farkas and Sabah Karimi contributed to the reporting of this article.

Net worth figures are according to Forbes, unless otherwise noted.

About the Author

(Video) Billionaires That Grew Up Poor

Jennifer Taylor

Jennifer Taylor is a West Coast-based freelance writer with more than a decade of experience writing about anything and everything. Since earning her MBA, personal finance has been her favorite topic, as she’s passionate about writing stories that educate, inform and empower. Specifically, she specializes in budgeting, debt repayment, savings and retirement.

Read More


Are there any billionaires who were poor? ›

John Paul DeJoria

and haircare company Paul Mitchell Systems turned John Paul DeJoria into a mogul with a net worth of $2.8 billion. In a 2011 interview with Forbes, DeJoria — who was once in foster care — discussed growing up poor in the Echo Park neighborhood of Los Angeles.

How many millionaires grew up poor? ›

In fact, the majority of millionaires didn't even grow up around a lot of money. According to the survey, 8 out of 10 millionaires come from families at or below middle-income level. Only 2% of millionaires surveyed said they came from an upper-income family.

Did Oprah grow up poor? ›

Personal Life. Oprah Winfrey grew up in poverty and suffered sexual abuse as a child.

Who was the youngest billionaire? ›

Meet world's youngest self-made billionaire Alexandr Wang.

Who was poor then became rich? ›

Oprah Winfrey was born into a poor Mississippi family in 1954, but she's now worth an estimated $2.6 billion, according to Forbes.

What percent of billionaires grew up poor? ›

The proportion of those in the list who grew up poor or had little wealth remained constant at roughly 20 percent throughout the same period.

What is a millionaire's best friend? ›

Here's a little secret: compound interest is a millionaire's best friend.

Are most billionaires self made? ›

This year, only 118 people on The Forbes 400 scored a 1 through 5, which means that 70.5% of the list is self-made. It's a significant shift from 1984, when less than half of the list was self-made.

Does Oprah help the poor? ›

Oprah has said she values her financial success because it enables her to "make an important difference in people's lives" (Winfrey 1997, 242). The first recipient of the Academy of Television Arts and Science's Bob Hope Humanitarian Award, she donates at least 10 percent of her annual income to charity.

Why is Oprah so rich? ›

Real Time Net Worth

Oprah Winfrey has transitioned her hit talk show, which ran for 25 years, into a media and business empire. Reinvested, the profits from her show plus profits from films like The Color Purple, Beloved and Selma (which her Harpo Productions coproduced) add up to more than $2 billion.

How is Oprah Winfrey successful? ›

She was the first Black American woman to own her own production company. She was nominated for an Academy Award in her first movie, The Color Purple. Winfrey was once television's highest-paid entertainer as the successful host of a syndicated television talk show that reached 15 million people a day.

Who was the 1st billionaire? ›

The American business magazine Forbes produces a global list of known U.S. dollar billionaires every year and updates an Internet version of this list in real time. The American oil magnate John D. Rockefeller became the world's first confirmed U.S. dollar billionaire in 1916.

Is Rihanna billionaire? ›

Rihanna has become the youngest self-made female billionaire after hitting the $1.4 billion net worth mark. Rihanna, 34, appeared at number 21 on Forbes' annual self-made women list. The outlet estimated her net worth comes mostly from her music and cosmetics ventures.

Who is the youngest billionaire girl? ›

Synopsis. Rihanna becomes the youngest self-made billionaire in America, according to Forbes 2022. Her net worth stands at 1.4 billion as of today. At the age of 34, Rihanna has become the youngest self-made billionaire in America, with a staggering net worth of USD 1.4 billion.

What Jobs will make me rich? ›

There are certain career paths that tend to create wealth more so than most.
Top 10 Jobs That Make You Rich
  • Doctor. ...
  • Surgeon. ...
  • Investment Banker. ...
  • Corporate Executive. ...
  • Petroleum Engineer. ...
  • Psychiatrist. ...
  • Data Scientist. ...
  • Research & Development Manager.

How can I get rich fast for free? ›

How to Make Money Online for Free: 11 Best Ways in 2022
  1. Become a virtual assistant.
  2. Do research online.
  3. Transcribe audio and video files.
  4. Set up a Patreon.
  5. Review websites and apps.
  6. Join an affiliate program.
  7. Launch a YouTube channel.
  8. Participate in focus groups.
19 Apr 2022

How can I be rich in 5 years? ›

How to become wealthy in 5 years: 14 strategies
  1. Become Financially Literate Through Self-Education.
  2. Spend Less, Earn More, Invest the Difference.
  3. Do Something You Love.
  4. Invest in Properties.
  5. Build a Portfolio of Stocks and Shares.
  6. Focus on Contemporary Areas of Growth.
  7. Be An Innovator.
  8. Do Quarterly Goals & Reports.
1 day ago

How can I be rich? ›

6 Steps to Become a Millionaire by 30
  1. Start Saving Early.
  2. Avoid Unnecessary Spending and Debt.
  3. Save 15% of Your Income—or More.
  4. Make More Money.
  5. Don't Give in to Lifestyle Inflation.
  6. Get Help if You Need It.
  7. 401(k), 403(b), and Other Employer-Sponsored Retirement Plans.
  8. Traditional and Roth IRAs.

How can I be a billionaire? ›

Simply stated, a billionaire is a person who has a net worth of $1 billion or more. In other words, if you can sell all of your assets for cash, pay off your debts, and have $1 billion remaining in the bank afterward, you are a billionaire.

Who is the most famous billionaire? ›

No.NameNet worth (USD)
1Jeff Bezos$131 billion
2Bill Gates$96.5 billion
3Warren Buffett$82.5 billion
4Bernard Arnault$76 billion
6 more rows

How most billionaires made their money? ›

The job sectors where most billionaires make their money
RankIndustry/Job sector% of billionaires
1Financial Services9.3%
3Real Estate8.1%
6 more rows
18 Apr 2022

How many of billionaires are Self-made? ›

There are 7 self-made billionaires under 30 on Forbes' billionaires list this year, and more than half of them are Stanford dropouts. The letter F.

How did Self-made billionaires make their money? ›

Further, a second study by Fidelity Investments found that 88% of all millionaires are self-made, meaning they did not inherit their wealth. The Fidelity study also revealed that self-made millionaires' top sources of assets were investments/capital appreciation, compensation and employee stock options/profit sharing.

What should I invest at 18? ›

Best Short-Term Investments for Young Adults
  • High-Yield Savings Account. High-yield savings accounts are a type of federally-insured savings account which aim to earn interest rates much higher than the national average. ...
  • Money Market Accounts. ...
  • Certificates of Deposit (CDs) ...
  • Short-Term Bond Funds. ...
  • Alternative Investments.
5 days ago

Can a 15 year old invest? ›

If your child is under 18 years old, the most effective way to start investing for or with them is to open a custodial account. With this type of account, an adult "custodian" opens an account and can save and invest money on behalf of the child.

What should a 21 year old invest in? ›

The Best Investments For Young Adults
  • Invest in the S&P 500 Index Funds.
  • Invest in Real Estate Investment Trusts (REITs)
  • Invest Using Robo Advisors.
  • Buy Fractional Shares of a Stock or ETF.
  • Buy a Home.
  • Open a Retirement Plan — Any Retirement Plan.
  • Pay Off Your Debt.
  • Improve Your Skills.
14 Sept 2022

Where do billionaires keep their money? ›

Another common place where billionaires keep their money is in securities. Securities are financial investments and instruments with some value that can be traded, oftentimes on public markets. Common types of securities include bonds, stocks and funds (mutual and exchange-traded).

Who is the youngest billionaire in the world 2022? ›

Only one new youngster debuted on the list this year, Gary Wang, the 29-year-old cofounder and chief technology officer of Bahamas-based FTX, one of the leading exchanges for buying crypto derivatives which he started with fellow billionaire Sam Bankman-Fried in 2019.

Are billionaires intelligent? ›

About 45 percent of billionaires are in the top one percent of cognitive ability, the study states. Billionaires were generally smarter than Fortune 500 CEOs, where 38.6 percent were in the top 1 percent of brains. Senators ranked just below that, with 41 percent, along with federal judges 41 percent.

How did Oprah Winfrey escape poverty? ›

She attended college and pursued journalism. Her television career soon took off with a job as an anchor; after this, she hosted her own TV show. Through all of Winfrey's trials in life, somehow she was able to persevere and overcome poverty.

What are 3 interesting facts about Oprah Winfrey? ›

Interesting Facts about Oprah Winfrey

Oprah was crowned Miss Black Tennessee in 1972. She stopped doing beauty pageants when her career took off. She started her own production company called Harpo Productions. "Harpo" is Oprah spelled backwards.

How has Oprah impacted the world? ›

Oprah Winfrey was not the first person to host a talk show on television. But she revolutionized the genre. And with her grand personality, her multi-platform business plan and her relentless messages of positivity and self-improvement, she managed to infiltrate American life from all angles.

Who is richer Ellen or Oprah? ›

Oprah Winfreyhas a higher net worth than DeGeneres, clocking in at an estimated whopping $2.5 billion compared to DeGeneres' $500 million.

Who is first black billionaire? ›

He became the first African-American billionaire in 2001. Johnson's companies have counted among the most prominent African-American businesses in the late twentieth and early twenty-first centuries.
Robert L. Johnson
BornRobert Louis Johnson April 8, 1946 Hickory, Mississippi, U.S.
6 more rows

Who is the richest black woman? ›

Sarah Rector, America's richest Black girl, inspired racist news coverage - The Washington Post.

Why is Oprah so popular? ›

In the late 1990s, Oprah started a series of “Change Your Life” shows. She positioned herself as the embodiment of the American dream: a woman who overcame a difficult and abusive childhood and went on to craft an unprecedented career for herself as and became the world's first black self-made billionaire.

Why is Oprah Winfrey a role model? ›

Oprah Winfrey is considered a role model to many individuals because of her tough childhood, wonderful charity work, her schools, and the true relationships with her fans. Oprah stands out among many people on her ability to feel others' pain and help those people get through their troubling times.

How can I be like Oprah? ›

5 Ways to Make a Mark on the World Like Oprah Winfrey
  1. She's a trailblazer. Winfrey's career has had many firsts. ...
  2. She doesn't rest on her laurels. Winfrey is constantly stretching herself and trying new things. ...
  3. She's open. ...
  4. She invests in what matters to her. ...
  5. She's supportive.
29 Jan 2018

What percentage of billionaires were poor? ›

The proportion of those in the list who grew up poor or had little wealth remained constant at roughly 20 percent throughout the same period. Most individuals on the Forbes 400 list did not inherit the family business but rather made their own fortune.

Did Elon Musk grow up poor? ›

Musk's family was wealthy during his youth.

Did Jeff Bezos grow up poor? ›

Jeff Bezos was not born into a wealthy family. His parents were 17 and 18 years old when he was born, and he worked on his maternal grandparents' ranch in Cotulla, Texas, early in his life. He graduated summa cum laude from Princeton University in 1986, with degrees in electrical engineering and computer science.

Who is poor man in the world? ›

The world's poorest man Jerome Kerviel has handed himself in to French authorities. Jerome Kerviel, the ex-Societe Generale trader who has more debt than anyone else in the world, has turned himself in to French authorities to begin a three-year jail sentence.

How most billionaires made their money? ›

The job sectors where most billionaires make their money
RankIndustry/Job sector% of billionaires
1Financial Services9.3%
3Real Estate8.1%
6 more rows
18 Apr 2022

How do billionaires help the economy? ›

The findings support the intuitive sense that inventors and innovators who become billionaires tend to stimulate economic growth, while individuals who obtain wealth and often also monopoly power through political connections tend to hinder competition and hurt economic growth.

How many billionaires earned their money? ›

As of 2021, a majority of the world's billionaires had earned their wealth themselves. Over 2,000 of the total 3,311 billionaires worldwide that year had earned their fortune this way. Meanwhile, 338 billionaires had inherited their wealth.

Is Elon Musk even smart? ›

With a reported IQ of 160, Elon Musk is widely considered one of the smartest individuals in the world (Source). Elon Musk: There are those who love him, those who hate him, and those who would like to get a 1:1 hardcover to keep in front of their desk to feel inspired while working.

How did Elon Musk get rich so fast? ›

Unlike most other billionaires, Elon Musk made the bulk of his wealth through several successful business ventures rather with one big success. After selling Zip2, he went into online banking and payments with controversial businessman Peter Thiel - setting up what would eventually become PayPal.

Was Elon Musk born into riches? ›

Elon Musk was not born into wealth, unlike many fortunate businesspeople. He built himself up through his own innovations and determination. Although there have been rumors that Musk's father was a wealthy, emerald mine-owning man, that isn't true, and Musk has gained nothing from his father.

Who is No 1 richest person in the world? ›

2017. On the 30th anniversary of the Forbes list of the world's billionaires, for the fourth year in a row, Bill Gates was named the richest man in the world. In 2017, there was a record of 2,043 people on the list, which is the first time over 2,000 people were listed.

Where does most people's wealth come from? ›

Labor income is the most important determinant of wealth, except among the top 1%, where capital income and capital gains on financial assets become important. Inheritances and gifts are not an important determinant of wealth, even at the top of the wealth distribution.

Who is the richest woman in the world? ›

Most affluent women worldwide 2022, by net worth

The granddaughter of the L'Oréal founder, Francoise Bettencourt Meyers was the wealthiest woman in the world as of April 2022. Her and her family's net worth was estimated at 74.8 billion U.S. dollars.

Which state is very poor? ›

List of Indian states and union territories by poverty rate
State/UTState/UT specific poverty line% of population living below the national poverty percentage
Rural (Rs)
Arunachal Pradesh93034.67
36 more rows

Who is the poorest country on earth? ›

1. Niger. A combination of a GNI per capita of $906, life expectancy of 60.4 years, and a mean 2 years of schooling (against an expected 5.4) lead to Niger topping the UN's human development report as the world's poorest country.

Who is the poorest person in the world 2021? ›

If net worth is something to go by, then Jerome Kerviel is the poorest man alive in the 21st century, and he may hold this record for several more years.


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