There is no well-documented case of someone becoming a billionaire solely from treasure hunting, but there was one potential close call which is described below. While treasure hunting has made some individuals millionaires or wealthy—like the famous Forrest Fenn treasure which was valued in the millions and found after a decade-long hunt—billionaire-level wealth from treasure hunting alone is extremely rare or practically nonexistent in credible records. Most known treasure hunters who have struck significant finds have not reached billionaire status. Recent treasure hunts by wealthy individuals, such as Bitcoin millionaire Jon Collins-Black hiding $2 million worth of treasure across the U.S., also show that treasure-related wealth so far tends to be in the millions, not billions
In summary: despite the romantic allure, treasure hunting is generally not a documented or reliable path to becoming a billionaire. Billionaire wealth more commonly arises from large-scale entrepreneurship, investments, technology, finance, or inheritance.
Did a WWII shipwreck treasure almost make someone a billionaire? Here’s the story.
A Maine treasure hunter, Greg Brooks of Sub Sea Research, announced in 2008 that he had located the wreck of the British merchant ship SS Port Nicholson, sunk by a German U-boat in 1942 about 50 miles off the US Atlantic coast near Cape Cod. Brooks claimed the ship was carrying a secret cargo of approximately 71 tons of platinum bars—worth an estimated $3 billion today—along with gold and industrial diamonds. According to Brooks, documents including a US Treasury ledger support this claim, indicating the platinum was a wartime payment from the Soviet Union to the United States.
Brooks and his team have also captured underwater video footage showing what they believe are bullion boxes containing platinum bars weighing about 130 pounds each. Despite these assertions, authorities and historians expressed skepticism. Research into the ship’s manifest, including Lloyd’s War Losses records, suggests the Port Nicholson mainly carried machinery and military stores rather than precious metals. Anthony Shusta, representing the British government, has stated that official records show little indication of platinum aboard.
The story is further complicated by legal challenges related to salvage rights and ownership claims. Brooks obtained salvage rights through US courts by 2009, but salvage operations have been stalled by maritime legal disputes and doubts over cargo ownership involving multiple governments. In 2015, a federal judge ruled against Brooks’s attempts to proceed with salvage, effectively halting active recovery efforts. To date, no confirmed recovery of platinum or precious metals has taken place.
The saga highlights the complexity and uncertainty surrounding deep-sea treasure hunting. While the tale of secret wartime cargo worth billions excites imaginations, the reality involves historical ambiguities, international law, and technological challenges in deep-ocean salvage.
Proven Ways People Have Become Billionaires, with Examples
1. Founding or early investing in tech startups: Jeff Bezos founded Amazon in 1994, which grew to become the world’s largest online retailer and made him one of the richest people on the planet.
2. Building and scaling multinational corporations: Warren Buffett is the chairman of Berkshire Hathaway, a diversified multinational holding company, and has amassed a vast fortune.
3. Early investments in cryptocurrency or blockchain: Cameron and Tyler Winklevoss became billionaires by investing early in Bitcoin and other cryptocurrencies.
4. Real estate development and large-scale speculation: Donald Trump built much of his wealth through real estate development and property investments.
5. Owning or founding major finance and investment firms: Stephen Cohen founded Point72 Asset Management, a hedge fund managing billions of dollars.
6. Creating globally successful consumer or luxury brands: Bernard Arnault chairs LVMH, the world’s largest luxury goods empire.
7. Media and entertainment ownership and licensing: Reed Hastings co-founded Netflix, revolutionizing media consumption globally.
8. Pharmaceutical breakthroughs or biotech innovation: Patrick Soon-Shiong made billions in pharmaceuticals and biotech companies.
9. Owning key patents or intellectual property: Elon Musk holds important patents and leads innovative companies such as Tesla and SpaceX.
10. Inheriting large family businesses or estates: Alice Walton inherited significant wealth from Walmart, one of the largest retail empires.
11. Owning global sports teams or sports media rights: Steve Ballmer, former Microsoft CEO, purchased and owns the NBA’s Los Angeles Clippers.
12. Founding or investing in online marketplaces or platforms: Jack Ma created Alibaba, a massive global e-commerce company.
13. Creating breakthrough AI or software platforms: Sam Altman, CEO of OpenAI, is influential in AI technology development valued in the billions.
14. Winning large legal settlements or lotteries (rare): Though uncommon, some legal settlements or jackpots have produced billion-dollar fortunes.
15. Founding major energy or natural resource companies: Mukesh Ambani leads Reliance Industries, a conglomerate dominating energy and petrochemicals.
16. Launching disruptive transportation or infrastructure companies: Elon Musk again exemplifies this with Tesla and SpaceX revolutionizing transportation and space industries.
17. Creating massively successful gaming companies: Gabe Newell co-founded Valve Corporation, a giant in video games and digital game distribution.
18. Founding fintech or digital payment systems: Peter Thiel co-founded PayPal, a leading global online payment platform.
19. Launching dominant SaaS/subscription services: Marc Benioff founded Salesforce, a pioneer in cloud software solutions.
20. Raising and managing global private equity or venture capital firms: Ken Griffin founded Citadel LLC, a prominent global investment firm.
What are the Practical Differences Between Millionaires and Billionaires?
A few key differences between millionaires and billionaires include:
1. Wealth Scale: A millionaire has a net worth of at least $1 million, while a billionaire’s net worth starts at $1 billion—1000 times greater. This enormous gap means billionaires have far greater financial power and influence than millionaires[1].
2. Financial Impact and Influence: Millionaires typically achieve financial security and comfort, supporting themselves and often their communities. Billionaires possess the capacity to influence global industries, economies, and even politics by controlling major corporations and making large investments[1].
3. Lifestyle and Opportunities: While millionaires may enjoy luxury homes, cars, and vacations, billionaires live with near-limitless resources—owning multiple mansions, private jets, yachts, and the ability to launch ambitious projects like space exploration or owning entire companies[1].
4. Investment Power and Growth: Millionaires usually grow wealth through diversified investments and steady growth. Billionaires can deploy vast capital for massive investments, often generating returns that compound their wealth exponentially and create more billionaires[1].
5. Social and Political Reach: Billionaires can fund major philanthropic initiatives, influence public policy, and participate in political funding at a level inaccessible to most millionaires, thus shaping society and global developments[1].
In essence, what separates billionaires from millionaires is not just the numerical difference but the vast difference in scale of their wealth, power, influence, and opportunities.
Is it a Myth that Billionaires are Not Happy?
Yes. In general, billionaires tend to report higher levels of happiness and life satisfaction compared to millionaires, according to recent research. Studies led by Matthew Killingsworth at Wharton School show a positive and continuing correlation between income and well-being even at very high levels of wealth, including those earning above $500,000 annually and extending into billionaire status. The ultra-wealthy often experience greater happiness than millionaires, who themselves report higher happiness than lower-income earners. However, this relationship is nuanced—while money can meet important needs and provide comfort, it does not guarantee happiness for everyone, especially if other factors like personal relationships or mental health are poor. Moreover, wealthy individuals often face hedonic adaptation (getting used to their lifestyle) and social comparisons that can temper lasting happiness. Still, on average, billionaires appear statistically happier than millionaires, primarily due to their ability to afford stability, security, and opportunities unavailable to lesser wealth levels[9][10][14].
Read More
[1] https://www.itkmagazine.com/post/from-seconds-to-days-the-staggering-difference-between-millionaires-and-billionaires
[2] https://shoshonenewspress.com/news/2023/dec/08/rich-and-richer-big-difference-between-millionaires-and-billionaires/
[3] https://www.tiktok.com/@jamielaing/video/7288220557072403745?lang=en
[4] https://eattherichtextformat.github.io/1-pixel-wealth/
[5] https://www.youtube.com/shorts/4pMIwzTm3X4
[6] https://www.youtube.com/shorts/sxhyVMPz3C8
[7] https://www.reddit.com/r/Showerthoughts/comments/1bffuu4/1000_is_to_a_millionaire_what_1000000_is_to_a/
[8] https://www.ukhillwalking.com/forums/off_belay/difference_between_a_millionaire_and_a_billionaire-740231
[9] https://www.independent.co.uk/life-style/happiness-money-billionaires-study-b2583302.html
[10] https://money.com/rich-people-are-happier-study/
[11] https://www.youtube.com/watch?v=nw3rgae7bD0
[12] https://penntoday.upenn.edu/news/does-more-money-correlate-greater-happiness-Penn-Princeton-research
[13] https://www.nytimes.com/2022/05/14/opinion/sunday/rich-happiness-big-data.html
[14] https://www.psychologytoday.com/us/blog/psychology-money-and-happiness/202203/how-happy-are-millionaires
[15] https://ideas.repec.org/p/pra/mprapa/94081.html