I met many guys who have a college degree and they are worse than me at programming. And I've met guys who have a college degree who are better than me. So I'm pretty sure this "college degree" stuff doesn't mean good or bad.
I think you said it perfectly.
Let's look at a simple statement below:
He/she has their own business and that person has a four year business degree....
*from that statement one can perhaps say and will likely say that, well, they have a business probably because they learned about business and how to survive from their business professors
but then I add more information to the statement
...They added another business after they tacked on graduate business school...
*from that somebody may think that the business owner expanded because they furthered their formal education
and then I add yet more information
...But they had their successful business three years before they got their first degree and five years before they got their second degree and made the most money in the years before they had a degree...
*and when you see more of the picture then it negates the college degree argument
Anyway, this hypothetical person is me and there are many friends I have who attended college and picked up little pieces of paper and sometimes they did better financially and other times they did worse.
Other friends of mine don't have college behind them and sometimes they fared well here and sometimes they didn't. But college was not a factor if we are talking your case of programming (and many high tech fields) and starting your own high tech business. The most successful software company near my house was founded by a gas station owner and a math teacher and they sell gas pump software.
If college were the key, then Apple would have never started. But what was a bigger factor, especially here in tech-heavy Silicon Valley, was if a business owner offered a service or product that was appreciated. I admit we are probably very unique in the world as it relates to high-tech and looking for talent only, but that's why we are Silicon Valley and we go by our own rules and thus the young millionaires and billionaires.
Other areas have people who get further in a company because of their education, age, and experience and the CEOs are largely older people. When I think CEO around me, it's Stanford dropout Jerry Yang, or dropout Shawn Fanning, or Jobs or Woz, or Mr. Gates. I don't know who the CEOs are of the big auto makers are or who the CEOs are of the east coast investment banks and I don't really care. Most people who live here and work around high tech are concerned about who is hiring locally and it's likely Microsoft's campus in Mountain View, Apple in Cupertino, Oracle in Redwood City, or some new startup. My first job was as a Dell warranty tech.
From what I can see, what I am saying relates to the area you plan to move to. The others on this thread mean well but they are coming either from a different field than high tech or are not in Silicon Valley.
Now if you were wanting to come to the US and work in Podunkville, Anywhere, USA, then I would say arm yourself with as much college as you can get before you come here. We are in a recession right now. But you mentioned the Bay Area and high tech and we are doing fine. The local news pretty much reports besides the depression favorite of alcohol sales being good, there are always positive reports in the tech sector in the valley. While we are not booming like dot.com at its height, the world's technology needs still look to San Jose and surrounding cities for answers. Just like Hollywood, Bollywood, and Toronto are big when it comes to film making, Silicon Valley is the heart of high tech.
So while we do things differently here, and are merit based vs. being concerned about age, suits, and degrees like the rest of the country, it's an exciting but often stressful rollercoaster of a ride. Yes, you can make a lot of money, but it can be a headache, too. You sound like a rebel/pirate/maverick type of person, and that's why a person like Steve Jobs or Larry Ellison do well here. In another country or even another city, people wouldn't give them the time of day had someone that young and "inexperienced" shown their business plan to anybody. Youth and innovation rule the day here, but don't make the mistake of thinking anywhere else it the world is like my neighborhood.