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Other men find their fortunes in many-other fields, some of them surprising. Though the average age of the U.S. millionaire is about 60, a remarkable number of the men who create productive wealth—the doers, drivers and achievers—become millionaires before they reach 40, then go on during their 40s to build their businesses even bigger. The most imaginative innovator in discount retailing, Korvette's Eugene Ferkauf, became a millionaire in his early 30s and now, at 44, is worth $55 million. The young owners of National Football League franchises—notably the Philadelphia Eagles' Jerry Wolman, 38, and the Cleveland Browns' Art Modell, 41—have seen the value of their investments rise by more than $1,000,000 annually for the past several years. Even the typical Caterpillar Tractor dealer is a millionaire.
The most promising area for making money is still real estate, which offers larger returns for less effort than any other endeavor. The biggest key to wealth in real estate—and many other businesses—is "leverage," the ability to magnify the power and impact of a small initial investment by operating mostly on borrowed capital. A speculative builder can erect a building for 10% down, then get financing for the rest and boost his after-tax profits by deducting both his interest costs and heavy depreciation.
Land developers also do handsomely. In 1956 a former cotton picker named Michael Mungo began studying population trends in and around Columbia, S.C., saw that all signs pointed to rising growth in suburban areas. He bought up outlying land for $282.50 an acre, put in water lines and some other improvements; the land now sells for $11,000 an acre. Result: Mungo, at 37, is worth $2,000,000.
Fudge & Toys. Wall Street's world of investment and brokerage offers an unbounded potential for young men who are willing to put up with low pay and long hours at the start. Most of the senior partners in the nation's top investment banking houses are millionaires; their salaries run about three times as high as those of officers in competing commercial banks. Hundreds of young men have ridden to riches in the long postwar bull market. John F. Donahue, 41, a West Pointer and former SAC pilot, did so well selling mutual funds door-to-door that in 1955 he decided to form his own fund, Federated Plans. He is now worth $1,500,000.
Despite stiffening competition from large manufacturers, many small and nimble entrepreneurs have outmaneuvered the lumbering giants by marketing simple or highly specialized products. Atlanta's Alvin Weeks, 41, started out by whipping up divinity fudge on his mother-in-law's stove, got the idea of producing pastries in easy-to-heat foil pans; this year his Aunt Fanny's Baking Co. will sell $6,000,000 worth of sweet rolls. Cincinnati's Joseph McVicker, 35, who took a lump of wallpaper cleaner and made it into one of the nation's most popular toys, Play-Doh, is a millionaire. Recently he sold out his business and started a second career by entering the Harvard Divinity School.