All that article is saying is that the best strategy is buy and hold. That's nice but nobody is going to get rich off that advice or accumulate any significant share of the market.
There are two ways to get rich: (1) be smart and work your tail off, or (2) get lucky.
Path #1 involves a bit of #2, but not as much as some people might believe. Also, "working hard" doesn't mean going to work and putting in a lot of time/effort day after day; it has more to do with constantly seeking to improve skills that are of value to the world, expanding your network, and doing more with less.
That last bit is important: too many people do improve their earning potential significantly over time, but never feel "rich" because they imperceptibly scale their lifestyle and spending patterns to match (or surpass) their increased earnings.
At the end of the day, investing should be regarded as a way to simply stretch the money you do make farther (on a long-term scale). That's not to say it can't significantly contribute to one's wealth over time, but without extraordinary luck, investment returns are usually more of a slow and steady multiplier to your own earnings.
If you're investing to become rich, you might as well play the lottery.
I am smart and work my tail off, and most of my net worth today is traceable to the following three factors:
1. A solid, strong income from technology work; no gaps in employment.
2. Spending less than I make. http://www.mrmoneymustache.com/2012/01/13/the-shockingly-sim...
3. Investment returns on the surplus that #2 and #1 make available.
It's a three-legged stool. Take any of the legs away and it fails to work.
I'm at the point now where most years I make more gains in net worth from the market (#3) than I do from #1 and #2 combined. If I had held all of the surplus in cash and bonds, I'd have way less than half of my current net worth. Way less.
Of course, you're absolutely right that net worth that high is exceedingly rare. This is much smaller than "the 1%".
One anecdote was when one of these guys went on a UK game show. People in the market who knew him were laughing their heads off at the thought of him doing word and number puzzles.
Also, I think they can be approachable. Often they're looking for investments to make, or charities to donate to. Or they have political opinions they want heard.
What they don't want so much though is yet another guy who wants their money, so if you do have something to bring to them, it had better be good.
In realistic terms, you don't get rich in an acceptable timeframe by any means. You could found a billion dollar business or you could lose your shirt. You could win the lottery or waste a few bucks. You could marry or inherit money, or you more likely could not.
There is no reliable path to wealth except investment long term. And even that is infeasible if you aren't fairly high income.
It is also likely available for $1.50 in late charges at the public library...
The used paperback version is $0.25
If your goal is to get rich or a significant share of the market then just be like Buffett: brilliant at risk estimation and a real eye for spotting value in the market. Of course, that experience takes years to acquire.
http://www.nytimes.com/interactive/2011/01/02/business/20110...
Suppose a long now charity whoes goal is interplanetary colonies once it hits 10% world resources it starts spending dividends.
I know lower middle class people that have, if by rich meaning their stocks are well into 7 figures. Few, however, have the patience to stay the course for decades, and fortitude to gut out the various crashes.