Taxes are number one enemy of self-made billionaires


I am now writing "Zero to Billions: Anyone Can: 26 Canadian Self-made Billionaires, The Difficulties and the Surprises".

It is not a surprise that it is extremely difficult to become rich in Canada, let alone self-made billionaire.

The reason is simple: very high tax.  Consider you are Canadian and you live in Ontario,
and you make over $200,000 Canadian dollars a year.  Your federal income tax will be 33%, province tax 14%.   When you eat out in a restaurant, your tax will be 13% GST.   Now, a whopping 60% of your income goes to taxes.   




Now compare to a flat tax rate of 15%, and you can see how Hong Kong has twice as many self-made billionaires as Canada, with a population of 8.5 million vs a population of 36 million.
In other words, Hong Kong has 5 self-made billionaires per million population.  Canada has 0.72 per million population.   

The US, where the tax rate for high income individual is about 33%, stands in the middle between the extreme capitalism of Hong Kong and the mild socialism of United States.  Ayn Rand would not want to live in Canada.

I hope to finish my eBook #11 in June 2016.

Li Kashing is 10 times better businessman than Bill Gates

Here is  a picture of Li Kashing, often refers to as The Richest Man in Asia or Superman by people of Hong Kong

Now, why is he 10 times better as a businessman

He has a networth of $29.3B (I just checked Forbes) vs Bill Gates $76B

OK, Bill Gates is worth 2.5 times more than Li Kashing

Here are my TWO REASONS
Reason Number One: Let's do the Math

Population of Hong Kong = 8.5 millions
Population of US = 340 millions

US has 40+ times the population OF HK.  So if we normalize the data, Li Kashing makes 10 times more money than Bill Gates

Reason Number Two: Education
I have the highest respect for Bill Gates, as I have spent 10 years of my life getting a PhD.  I value education,

Now Bill Gates is a college dropout of Harvard University

Li Kashing, on the other hand, never went to High School. 
He was a refugee immigrant to HK.   At age 13, his dad died so he had to work to support his mother and his brother.

I have written about him in this eBook of mine, costing 99 cents only
The title is "Zero to Billions: Anyone Can, 50 High School Self-made Billionaires"

and yes, hundreds with high school or less educated have become self-made billionaires.
and so can you.