What can you buy with an 8-figure net worth? Anything you want, basically. From luxurious mansions and private jets to million-dollar art collections and sprawling estates, the sky’s the limit when it comes to spending your hard-earned cash.
But how much is an 8-figure net worth, exactly? And what kind of lifestyle can you afford with that kind of money? Read on to find out!
How Much is 8 Figures?
Eight figures, or 8-digit numbers, range from $10,000,000 to $99,999,999 million. Eight figures are often used as a benchmark for 8 figure salary jobs, meaning that earning eight figures or more in annual income is considered a high-paying and prestigious career.
However, most individuals with this type of income come from more than just an 8 figure salary job.
Eight wealth figures may also come from other sources such as stocks, bonds, mutual funds, cryptocurrency trading, real estate, and other investments.
8-Figure Salary Jobs
Although 8 figure jobs are relatively rare, they do exist. Here are some 8-figure salary jobs that can help you achieve an 8-figure net worth:
CEOs of Fortune 500 Companies
Chief Executive Officers of major companies like Apple, Microsoft, and Amazon can easily make 8-figure salaries.
In fact, according to the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the average compensation for them in 2021 was $18.3 million, with the highest being Tesla’s CEO Elon Musk at a whopping $10 billion.
Stars such as actors, musicians, and directors regularly make 8-figure salaries. The Celebrity Net Worth website lists Jay-Z’s net worth as $1 billion, while film singer and businesswoman Rihanna has $1.7 billion, and director Steven Spielberg has $8 billion.
Starting and growing a business from the ground up is no easy feat. But those who have achieved 8-figure success in their ventures, such as Facebook co-founder and CEO Mark Zuckerburg, Amazon founder Jeff Bezos, and Instagram co-founder Kevin Systrom, have made 8-figure salaries for their efforts. Think $40.7 billion, $116.8 billion, and $1.2 billion, respectively.
Learn how Robert Kiyosaki made his millions here.
Hedge Fund Managers
Top hedge fund managers such as Ken Griffin and David Tepper can reap 8-figure salaries if their investments are successful.
According to The Richest, Griffin, the founder of Citadel LLC, has a net worth of $29 billion in 2021, while the founder of Appaloosa Management, David Tepper, is worth an estimated $12 billion.
At the top of their game, professional athletes can easily earn 8-figure salaries. According to ESPN, 8 NBA players have 8-figure contracts, including James Harden ($33 million), Stephen Curry ($48 million), and Russell Westbrook ($47 million).
On the other hand, footballers such as Lionel Messi and Cristiano Ronaldo also have 8-figure contracts, with Messi’s at $673 million for four seasons with Barcelona and Ronaldo’s at $64 million over two years with Manchester United.
These 8-figure salary jobs are just a few examples that can help you achieve eight figures in net worth. Other 8 figure jobs include venture capitalists, real estate developers, and tech moguls.
Related: Read Peyton Manning’s net worth as one of the richest NFL players.
How Can You Earn 8 Figures?
Making eight figures requires hard work, dedication, and luck. You’ll need to have an entrepreneurial mindset and be willing to take risks to enjoy such a bankroll.
You’ll also need a unique skill set or idea and scale it up quickly to make eight figures. It’s also important to network with the right people and find mentors to help you reach this goal.
Finally, you’ll need to be patient and disciplined to earn such a large amount of money. 8 figure salaries are not generated overnight.
There are no shortcuts or easy methods, so you’ll need to stay focused and consistent with your efforts.
What is an 8-Figure Lifestyle Like?
Living an 8-figure lifestyle means enjoying the finer things in life. It could involve living in a luxurious home, traveling to exotic locations, and even buying expensive cars and jewelry.
An 8-figure lifestyle also means having financial freedom and the ability to do whatever you want with your money. It could include investing in real estate, starting a business, or donating to charity.
Living 8 figures also means having more time to pursue your passions and giving yourself the freedom to focus on what truly matters.
You’ll no longer be stressed about money and instead enjoy a life of abundance and security.
In other words, having this bankroll is not just about money, it’s also about enjoying life to its fullest.
Do You Need 8 Figures Salary to Build Wealth?
No, it is not necessary to earn 8 figures in order to build wealth. It is particularly true for individuals who inherit wealth, win the lottery, or make savvy investments.
For those who do not have such luck, many other ways can help you become financially secure. Some of these include:
- Investing in stocks, real estate, and mutual funds
- Starting a side business or freelance gig
- Creating passive income streams
- Paying off debt and living frugally
- Saving for retirement and having a solid financial plan
These methods can help you build wealth, even if you don’t make eight figures. The key is to plan and stay disciplined with your investments.
Conversely, it is also important to take calculated risks that can help you reach your financial goals.
Regardless of how much money you make, there are many ways to build wealth and ultimately enjoy a life of abundance. You only need to commit, work hard, and stay smart to achieve it.
What are Six and Seven-Figure Salaries?
Six-figure salaries are those that range between $100,000 and $999,999. Similarly, seven-figure salaries refer to those that range from one million to nine million dollars.
Both of these salaries are considered high-earning, and it takes a combination of hard work and dedication to reach these income levels.
However, eight figures salaries are considered even higher and require greater risk-taking and entrepreneurial skills to achieve.