If you are dreaming of becoming a millionaire, you might be wondering what industry makes the most millionaires. After all, choosing the right business to start can make a huge difference in your chances of success. Luckily, you don’t have to guess or rely on hearsay.
You can simply check out the Forbes and Bloomberg lists of the world’s wealthiest people. I don’t know about you but those websites are the first place I check to find out about “that super rich person” or “who owns that business? These authoritative sources regularly publish rankings of the richest individuals and families, as well as the industries where they made their fortunes. By analyzing these lists, you can get a clear picture of what sectors are the most lucrative and profitable in today’s economy.
1st Place: Finances and Investments – What Industry Makes The Most Millionaires?
If you want to join the ranks of the super-rich, you might want to consider a career in the financial and investment industry. This is the sector that produces the most millionaires and billionaires in the world, with 393 of them (or 15%) on the Forbes list. That’s more than any other industry, and it’s up from 371 last year.
What kind of jobs can you find in this lucrative industry? Well, here are some examples:
- Hedge fund managers and private equity investors who make big bets on the markets and companies
- Bankers who lend money, advise clients, and facilitate mergers and acquisitions
- Fintech entrepreneurs who create innovative solutions for payments, lending, investing, and more
- Wealth managers who help rich people manage their assets and plan their estates
- Venture capitalists who fund startups and help them grow
- Billionaire investors who diversify their portfolios across different sectors and regions
The richest person in this industry is none other than Warren Buffett, the legendary CEO of Berkshire Hathaway, a giant conglomerate that owns dozens of businesses. His net worth is estimated at a whopping $118 billion.
The financial and investment industry is not only the most profitable, but also the most dynamic and innovative. It’s constantly creating new opportunities for wealth creation in the modern economy. And that’s why it’s the ultimate industry for making millionaires.
Did you know that the preferred car of millionaires is a Ford? Cadillacs are second and Lincolns are third. Many millionaires avoid high-priced cars in favor of a more economical set of wheels because cars are investments with little return. funny fact from millionaire facts.
2nd Place: Production – What Industry Makes The Most Millionaires?
Another industry that is minting millionaires like crazy is the manufacturing industry. This is the sector that transforms raw materials into finished products, such as cars, electronics, appliances, and more. There are 337 billionaires in this industry, and many more millionaires who are not on the Forbes list. That’s an increase of 36 from last year, which shows how fast this industry is growing.
The richest person in this industry is He Xiangjian, the founder of Midea Group, a company that makes home appliances. He has a net worth of $28.3 billion, which is enough to buy a lot of fridges, microwaves, and air conditioners. Midea Group has over 200 subsidiaries and is listed on the Shenzhen Stock Exchange.
The manufacturing industry is not only lucrative, but also diverse and innovative. It covers a wide range of sectors, from aerospace to biotechnology, and from robotics to renewable energy. And that’s why it’s the second-best industry for making millionaires.
As Adam Smith wrote in his classic book The Wealth of Nations: “In short, the way to wealth, if you desire it, is as plain as the way to market. It depends chiefly on two words: industry and frugality. Waste neither time nor money but make the best use of both.”
3rd Place: Technologies – What Industry Makes The Most Millionaires?
The third-best industry for making millionaires and billionaires is the technology industry. This is the sector that creates and develops software, hardware, internet, and other digital products and services. There are 332 tech moguls (or 12%) on the Forbes list, and many more who are not as famous but still very rich. Most of these fortunes were built by the founders of Google, Oracle, and Microsoft, which are some of the oldest and most successful tech companies in the world.
The richest person in this industry is Jeff Bezos, the founder and CEO of Amazon, the online retail giant that also owns AWS, Kindle, Alexa, and more. His net worth is a staggering $171 billion, which is more than the GDP of some countries.
The technology industry is not only profitable, but also fast-paced and disruptive. You can make a fortune in this industry in a short time, if you have a great idea and a lot of luck. Just look at Zoom, the video conferencing company that was founded in 2011 and became more valuable than 7 of the largest US airlines in 2020 (some of which are over 50 years old).
Another advantage of the technology industry is its wide applicability and relevance. Technology is needed in almost every sector of the economy, such as medicine, finance, agriculture, and more. And if you can create a product that solves a common problem for all of them, you can make millions.
Did you know that the average millionaire goes bankrupt at least 3.5 times? Rich people don’t always enjoy the comfort. They earn millions but they also lose millions. For example, Henry Ford and Walt Disney both lost their wealth and went bankrupt. But they believed in themselves and built everything brick by brick.
4th Place: Fashion and Retail – What Industry Makes The Most Millionaires?
The fourth-best industry for making millionaires and billionaires is the fashion and retail industry. This is the sector that designs, produces, and sells clothing, accessories, footwear, and cosmetics. There are 250 fashionistas (or 9%) on the Forbes list, and many more who are not as famous but still very stylish.
Most of these fortunes were made by creating luxury brands and sports apparel that appeal to high-end consumers and celebrities. They also include the owners of large retail chains that sell a variety of products to the masses.
The richest person in this industry is Bernard Arnault, the chairman and CEO of LVMH, a conglomerate that owns some of the most prestigious brands in the world, such as Hennessy, Louis Vuitton, Dior, Fendi, and more. His net worth is a whopping $158 billion, which is enough to buy a lot of champagne, handbags, and perfumes.
The fashion and retail industry is not only lucrative, but also glamorous and creative. It’s constantly changing and evolving with new trends and styles. And that’s why it’s the fourth-best industry for making millionaires.
5th Place: Healthcare – What Industry Makes The Most Millionaires?
The fifth-best industry for making millionaires and billionaires is the healthcare industry. This is the sector that provides medical services, products, and research. There are 217 health moguls (or 8%) on the Forbes list, and many more who are not as famous but still very healthy.
The richest person in this industry is Cyrus B. Poonawalla, the founder of Serum Institute of India, the world’s largest vaccine manufacturer. He has a net worth of $24.3 billion, which is enough to buy a lot of syringes, vials, and needles.
The healthcare industry has seen a surge of interest and investment during the COVID-19 pandemic, as the demand for medicines, equipment, and vaccines skyrocketed. As a result, the global pharmaceutical industry is now worth more than one trillion dollars. The downside of this industry is that it is highly regulated and scrutinized for ethical and safety reasons. However, the healthcare industry also offers a lot of opportunities for saving lives and making money.
Which Are The Other Industries That Makes The Most Millionaires
The other industries that made it to the top ten of the most millionaire-producing sectors are:
- Food and beverages (8% of the Forbes list)
- Real estate (7%)
- Media and entertainment (4%)
- Energy (4%)
The list also includes some wealthy people who have diversified their fortunes across multiple industries, so they cannot be classified into one specific sector.
If we look at the top ten richest people in the world according to Forbes, we will see that six of them are from the technology industry and one from each of the following industries:
- Automotive (Elon Musk – 1st place)
- Fashion and retail (Bernard Arnault – 3rd place)
- Finance and investment (Warren Buffett – 5th place)
The last person on the top ten list is Mukesh Ambani, who owns companies in various sectors, such as petrochemicals, oil and gas, telecommunications, and retail. He is a true example of a multi-industry millionaire.
Before You Go
You got to read the: Insider Tips On Investing from Seasoned Investors. post, this will show you how you could reach 10% or more ROI in the stock market! So you can build your wealth in your 20s, 30s, or 40s+ to the moon! See you there!