“The Path to Riches: Discover Why 70% of Global Wealthy Individuals Shun Traditional Salary Jobs”

Have you ever wondered about the true source of wealth for the world’s richest individuals? It’s a common misconception that a high-paying salary is the ultimate path to riches. However, a startling truth reveals a different reality: a significant majority of the world’s affluent don’t earn a conventional paycheck. This insight forms the core of a compelling call to action for Nigerians to embrace entrepreneurship and strategic investment, delivered by Dr. Jibril Salaudeen, Director of Executive Education and Consulting at Nungu Business School.

Dr. Salaudeen recently addressed an engaged audience at the 2025 Zakat Disbursement Ceremony of the Lekki Muslim Ummah (LEMU), asserting that entrepreneurship is, in fact, the most reliable avenue to wealth accumulation. His assertion is backed by a powerful statistic: 70% of wealthy individuals globally do not hold traditional salaried jobs. This challenges the conventional wisdom and opens up a new perspective on wealth creation, particularly relevant for a dynamic economy like Nigeria’s.

Nigeria’s Untapped Potential: A Land of Opportunities

During his address, Dr. Salaudeen highlighted the immense, often overlooked, opportunities for entrepreneurial ventures within Nigeria. “We must keep looking around our environment to see where the opportunities are, and where we need to invest,” he advised. He powerfully connected opportunity with market gaps: “For opportunities to be there, it means there are gaps. These gaps are what result in businesses.”

He painted a vivid picture of Nigeria’s current economic landscape, drawing a fascinating parallel: “Nigeria today is like America in the ’70s – a lot of opportunities.” This analogy suggests a fertile ground for innovation and business growth, reminiscent of a period of significant entrepreneurial expansion in the United States. In an environment where the government primarily facilitates rather than builds businesses, the onus falls on the populace to identify and capitalize on these unmet needs.

Navigating the Entrepreneurial Journey: Keys to Startup Survival

While championing entrepreneurship, Dr. Salaudeen also offered a dose of sobering reality regarding the challenges faced by startups. He pointed out a stark global statistic: “50% of start-ups around the world don’t see their first anniversary,” and of the remaining half, “60% of them don’t see their second anniversary.” These figures underscore the critical importance of understanding fundamental business principles for longevity.

He attributed this high failure rate primarily to a lack of understanding in two crucial areas:

1. Driving Funding: Many entrepreneurs struggle to secure and manage the necessary capital for sustained growth. This isn’t just about initial investment but continuous access to funds as business dynamics evolve. Strategies for securing seed funding, angel investments, or navigating venture capital should be explored by aspiring entrepreneurs.
2. Maintaining Business Vigilance: New business owners often fail to differentiate between personal income and business revenue, leading to premature depletion of operational funds. “They think they can just continue to spend whatever they make from the business, they don’t understand that the business will continue to ask for more money,” he cautioned. This highlights the need for robust financial literacy, budgeting, and reinvestment strategies.

Furthermore, Dr. Salaudeen emphasized the vital need for entrepreneurs to cultivate and maintain strong relationships with their funders, especially banks. This ongoing rapport can be a lifeline for accessing additional capital as market conditions shift and business needs evolve, proving crucial for scaling operations and adapting to economic changes.

The Zakat Initiative: Fostering Economic Empowerment

Dr. Salaudeen’s inspiring address was delivered at a significant event for the Lekki Muslim Ummah (LEMU): its Annual Zakat Distribution Ceremony for 2025. This year, LEMU disbursed a remarkable N162 million to over 400 beneficiaries, marking a significant increase from the N105 million distributed in 2024. These funds were strategically allocated across various critical sectors, demonstrating Zakat’s multifaceted role in community development:

• Education: Supporting students in need to access quality schooling, thereby building future human capital.
• Economic Empowerment: Providing capital and resources for individuals to start or grow businesses, directly aligning with Dr. Salaudeen’s message of entrepreneurship and fostering self-sufficiency.
• Health: Assisting with medical expenses and improving access to essential healthcare services.
• Debt Relief: Helping individuals alleviate financial burdens, allowing them to rebuild their lives and contribute to the economy.

Dr. AbdulGaniy Labinjo, President of LEMU, expressed optimism for the beneficiaries, stating, “Our expectation from the beneficiaries is that they will be happy, that a lot of them will fix their debts. Students in need will be able to pay their fees. Business owners will grow their ventures and eventually become Zakat payers.” This highlights the sustainable vision behind the Zakat distribution – transforming recipients into future benefactors, creating a cycle of generosity and economic progress.

Alhaji Yunus Salisu, Chairman of the LEMU Zakat Committee, explained the rigorous selection process, revealing that 400 recipients were meticulously shortlisted from over 500 applications after a careful review by the committee. This thorough vetting ensures that funds reach those most deserving and capable of utilizing them effectively for long-term benefit.

Adding a crucial piece of financial wisdom, Dr. Ridwan Jamiu, Chief Imam of Lekki Central Mosque, advised beneficiaries to deploy the funds into profitable ventures rather than immediate consumption, such as purchasing rams for festivities. His counsel to “embrace prudent financial management” reinforces the message of strategic investment and responsible wealth creation, aligning with the broader theme of sustainable economic empowerment and financial discipline.

The Takeaway: Invest in Yourself, Invest in Opportunities

Dr. Salaudeen’s core message is clear: the traditional salaried job, while offering stability, is often not the primary engine of wealth for the globally rich. Instead, it’s the entrepreneurial spirit, the ability to identify gaps, and the strategic investment in those opportunities that truly build fortunes. With 70% of the world’s wealthy being entrepreneurs (and another 10% from inherited funds, leaving a smaller portion relying solely on salaries), the blueprint for financial success is evident.

For Nigerians, this isn’t just a global statistic; it’s a direct invitation to look beyond conventional employment. The “gaps” in the Nigerian economy are not deficits but opportunities waiting to be transformed into thriving businesses that address local needs and create value. Coupled with the crucial support from organizations like LEMU through Zakat, and sound financial advice, the path to sustained wealth and economic independence for many Nigerians lies firmly in the realm of entrepreneurship and astute investment. Embracing this mindset could unlock unprecedented growth and prosperity for individuals and the nation as a whole.