Pavel Durov named youngest billionaire resident in UAE: 10 ways to join rich club by age 38

It's that time of the year again: Getting to know the richest of the rich from the data and documentation put together by American business magazine Forbes.

Besides sharing the numbers — those mind-blowing digits — that correspond to all the money these billionaires have, the list also features other backgrounders like their business interests, the conglomerates and empires they have built, and, for some of them, how wealth runs in the family.

Something is missing, however: Some hope. Is there something ordinary people can do differently to get rich? How can one build wealth and become a billionaire before the age of 40 — like the UAE's richest resident Pavel Durov, founder and owner of messaging app Telegram? At 38, he is the youngest billionaire in the country with a net worth of $11.5 billion.

Since Durov may be too busy to give a pep talk on getting rich, we decided to tap into the powers of artificial intelligence.

We asked ChatGPT for advice on building wealth — and the answer did not disappoint. From staying informed to taking risks, here's what the viral AI chatbot said:

Becoming a billionaire at a relatively young age like Pavel Durov is an extraordinary accomplishment that typically requires a combination of exceptional skills, hard work, persistence, and some luck. While there is no one-size-fits-all formula to achieve this level of success, here are some general steps you can follow as a UAE expat:

1.Identify your strengths and passions

Determine what you're good at and what genuinely interests you. Success is more likely when you're passionate about your work.

2. Invest in your education, both formal and informal

Stay informed about your field, market trends, and technologies to continuously develop your skills and knowledge.

3. Develop a unique idea or product

Focus on creating a groundbreaking product or service with a strong value proposition that addresses an unmet need in the market. This could be in technology, finance, or any other industry.

4. Build a strong network

Establish connections with like-minded individuals, potential mentors, investors, and other professionals. Networking can open doors to new opportunities and provide valuable advice.

5. Take calculated risks

Be willing to take risks and learn from failures. Many successful entrepreneurs have experienced setbacks, but they persevered and learned from their mistakes.

6. Start a business or join a promising startup

Once you have a solid idea, consider starting a business or joining a startup with high growth potential. This may require substantial upfront investment, but the rewards can be significant if the company succeeds.

7. Focus on scalability and growth

Work to expand your business or product rapidly by optimizing resources, leveraging technology, and reaching new markets. Aim for exponential growth, which can lead to a higher valuation and, eventually, billionaire status.

8. Create multiple income streams

Diversify your investments and income sources to increase your wealth and reduce risks.

9. Manage your finances wisely

Keep track of your expenses, minimise debt, and invest in assets that appreciate over time, such as real estate or stocks.

10. Be patient and persistent

Becoming a billionaire at a young age is not easy, and it takes time. Stay focused on your goals, and be prepared for setbacks and challenges.

Remember, the path to becoming a billionaire like Pavel Durov is unique to each individual. It's essential to stay adaptable, be open to learning from experiences, and maintain a growth mindset throughout your journey.

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