Every single person in the world wants to make money, who wouldn’t want to live a life of luxury, and who doesn’t want to be able to afford anything and everything? Most of us go to school to get a degree with the sole intent of being able to earn a lot of money once we start working.
The fact that a lot of people have been able to turn their ideas into billion-dollar businesses, is very encouraging. There’s the chance that you can also make it big. If your goal is to become a millionaire, you should seek out fields that will increase your chances of becoming one.
In this article, we’re going to talk about the industries that produce the most billionaires so you have a clear idea of what industry to venture into.
Let’s start our list with the,
Fashion Industry
We are talking about textiles, apparel, and luxury goods. Although most people don’t think of billionaires when they think of fashion, those who have succeeded in the fashion industry have become extraordinarily wealthy. Just take a look at LVMH group owner and chairman Bernard Arnault, although he lost a substantial amount of money during the global health situation, he still has a net worth of $113 billion and is the fourth richest person in the world.
There’s also kylie Jenner who’s reported to be worth a billion. There may be a lot of contention with that claim, but it’s undeniable that she has made a huge amount of money. Thanks primarily to her lip kit line. According to Forbes the fashion industry has the second most billionaires and accounts for a little over 11% of the world’s billionaires.
If you find the right formula there’s a huge potential to make big bucks. Successful designers can make huge markups because fashion items are priced by their perceived value and not their actual value.
Next on the list is
Technology
Technology accounts for 10% of the world’s billionaires technology rank high in the industries that make billionaires according to Forbes, and it’s often married to the financial sector. Technology has played out well in the hands of the younger generation, think Mark Zuckerberg, the CEO of Facebook.
The level of unemployment all over the world would be unimaginable without technology. Several economic sectors rely on tech to transact businesses, communicate messages, as well as distribute their products.
Our private lives also depend on tech, because without it we can’t chat, shop, hail a ride or be entertained. New software and hardware are constantly being developed every day, and previous versions of software are made obsolete faster than ever.
Some of the world’s most famous tech billionaires aside from Zuckerberg are Elon Musk, Bill Gates, and Jeff Bezos.
For people who love computers tech is a good avenue to venture into, if you can just find out a way to facilitate a process with a piece of software, then you’re on your way to becoming the next tech millionaire. Am talking about facilitating transactions, processes, etc in all sectors of the economy.
Real Estate
There’s also a lot of money to be made in the real estate industry. The real estate industry fulfills everyone’s need for shelter, and as the population grows the demand for properties has become higher. According to Forbes, 10% of the world’s billionaires make their fortunes from the real estate industry.
The wealthiest real estate developer in the united states is Donal Bren, another prominent person in the real estate industry is former U.S president Donald Trump. However, five of the highest players in the real estate industry come from China and Hong Kong.
There are several paths into the industry, but you can start as a real estate agent, you can also be a supplier of construction materials, or set up a construction firm if you have the money. Wherever you’re from, with business savvy and luck along the way, you could make a great fortune. As some of the biggest markups in recent years have been in this industry.
This industry will definitely see a rise in demand as the population of the world grows.
Food And Beverage Industry
There’s also the food and beverage industry which accounts for 8% of the world’s billionaires according to Forbes.
No matter what happens in the world people need to eat, the stock market may crash, and people may lose jobs but life goes on and we all need sustenance. This is what makes the food and beverage industry one of the strongest. If you want to be among those making it in this industry, you’ll have to figure out a novel way to produce, prepare or distribute food.
People who are on this list include heirs to food empires such as Heineken beer and Daniel Libetsky that created the Kind Bar after he tried a snack made with whole nuts and fruits on a flight to Australia. He has since built a $1.2 billion empire.
There are a few self-made billionaires on this list such as the founders of McDonald’s and KFC.
Health Care
Healthcare is also worth a lot of money and it accounts for 6%t of the world’s billionaires. The global health situation that has seen millions of people losing their jobs, and companies closing left and right showcases the importance of the healthcare industry.
No matter where you live, your age, race, or social status, you need health care services. This is especially true of sick people. The global health situation has shown us that if the health industry is threatened, everything can come crumbling down.
One small part of the health sector the global pharmaceutical industry is worth more than a trillion dollars, however, before you think of putting millions of dollars in the health industry, you must note that it’s one of the most regulated sectors and for good reasons. Mostly because it deals with the lives of people, nonetheless it still offers plenty of opportunities to create vast amounts of wealth in any sector of healthcare. It could be assisted living or senior homes.
Media And Entertainment
The media and entertainment industries also make a lot of money. Entertainment is always going to be a part of our lives youtube movies, Netflix tv shows, and computer games are just some of the many ways we amuse ourselves.
The media and entertainment industries account for 3% of the world’s billionaires. Today it’s a lot easier for entertainers to get a piece of the entertainment pie, thanks to the many platforms that are
available to the public nowadays.
A few inspirational figures in the entertainment industry who have made a brand for themselves and created empires are Jay-Z and Oprah Winfrey, and they are a testament to the fact that
entertainers can also become billionaires. It helps a lot when you don’t limit yourself to entertainment and branch out to other things. Oprah started in entertainment but went on to publishing, just as Jay-Z has branched out of music into fashion.
Energy
The energy industry accounts for 4% of the world’s billionaires. For a long time, the surefire way to amass wealth was to get involved in the energy industry. Many of the super-rich made billions in energy such as oil tycoon John D. Rockefeller.
We consume energy on a daily basis and this isn’t going to change, the only thing that’s going to change
is the type of energy we use. Lately, there has been a clamor for renewable energy not only do we need to be greener, but the majority of people all over the world also want to be greener.
A few other things that make renewable energy more appealing are that it’s cheaper and it has an
infinite supply. It’s not just referred to as a renewable for nothing, one of the fastest-growing energy source is solar energy. Although renewable energy only supplies one percent of the world’s needs today, it’s expected to increase tenfold in years.
One famous personality that has heavily invested in solar energy is Elon Musk the CEO of tesla. There’s a huge potential for people who can come up with innovative solutions in other renewable sources.
Retail Industry
There’s also the retail industry which accounts for 6.5% of the world’s billionaires. We all need to buy stuff whether online or in old-fashioned brick-and-mortar shops, and this is where retail comes in. However, most of the billionaires in this industry are heirs to the fortunes that were built up decades ago, so it may only produce fewer billionaires.
In the future, however, this doesn’t mean that there’s no money to be made in this industry anymore, there is a great challenge but if you’re going to be a millionaire you have to be ready to take on the challenges.
A few prominent names in this industry are the Walton family who owns Walmart, and the Albrecht family who owns Aldi business empire. Nowadays, retail is moving more into the online space, and although there are online retail giants such as Amazon, they are not class retail rather they are categorized as a tech and business service.
Finance And Investment Service
Of course financial and investment services are among the top industries with billionaires. The financial industry accounts for 14% of the world’s billionaires. Individuals who have skills in deploying and growing money, are those who are behind some of the most prosperous worldwide ventures.
If you think about it all the money in the world is managed by financial institutions, the majority of people also transact their money through a form of financial institution. Most of history’s economic crisis often begins with the financial industry such as the 2008 global financial crisis. By the same token, the majority of the world’s economic affluence also comes from the same industry that’s, why it’s not unusual that a lot of fun tech startups are being established all over the world such as Flutter Wave, Bamboo, and Pesa in Africa.
Fintech startups attract the most investment funding there is a huge opportunity to create wealth in the finance industry.
I hope I have encouraged you to pursue a business not only because it makes the most money, but also because it interests you. If you can opt for an industry that gets you excited to wake up, work, and make lots of money, you’ve hit the jackpot.
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Related: How To Achieve Financial Freedom
