The world is changing rapidly with new technologies and innovations coming out every day.
The global economy has shifted from manufacturing to service-based jobs, which has led to an increase in the number of millionaires.
Even the top 3 sectors amount to more than 25% of millionaires in the world.
This article will list the top 13 industries most likely to make you a millionaire.
Let’s down right into it.
The emergence of the craze among youth to earn more gave a boost to the finance sector.
In recent years, most of the billionaires come from the Fintech industry specifically from companies that focus on retail investors.
One of the major reasons for producing most millionaires is the skill of management of money. Various fintech startups have emerged in association with the financial institution for wealth management.
The financial service sector has shown tremendous growth with the development of financial technology that investors are looking for.
Not even the businesses jobs in the financial institution pay millions such as hedge fund manager
According to World Wealth Report, 35.7% of experts consider the finance industry as a top-three growth industry in the next decade.
Due to these reasons, the finance industry is considered to be the best industry if you want to make money.
If you have a look at the top 10 richest people in the world, 6 out of 10 are from the technology industry.
The internet boom gives rise to the development of many software-based companies. However, most of them get closed in 2003 when the dot-com bubble burst.
The Tech industry had created jobs like Cyber security specialists, full stack developers, and cloud engineers which pay more than $100K per year.
It will be no shock with innovations and technological development leads to more millionaires in the world.
Along with that 30.9% of experts saw it as one of the biggest money-making sectors.
Jeff Bezos, Bill Gates, and Mark Zuckerberg are familiar names in the Tech industry.
The pandemic due to the coronavirus had given an advanced boost to the healthcare sector. Demand for doctors has increased since the first case of the corona.
A lot of venture capitalists had jumped into the health sector which gives an extra pump to the salaries of doctors.
The average salary of a medical doctor is $183K per annum in the USA based on the data collected by Glassdoor.
On average, a Cardiologist earns an average of $386K per annum and it can potentially rise to $600K per annum.
The pharmaceutical industry will be going to flourish as people want to live longer
Even further 8.7% of billionaires come from the healthcare sector and as mentioned by Business insider 30.1% of experts saw it as the biggest wealth creator in the next decade.
The manufacturing industry is being underrated since 2016 just after the economic slowdown in China.
Despite this, more than 22% of experts believe that the manufacturing sector can be one of the top three wealth creators because we are going to need things whatever the situation will.
While this sector had faced a little volatility during Covid but slowly recovering from it and till now had produced more than 300 billionaires.
Real estate being the second most popular investment among millionaires gives evidence of creating many millionaires.
Real estate is constantly changing. It has undergone several changes in the past few decades includes Housing Bubble.
The increasing population creates a continuous demand for housing real estate and emerging business trends gives a boost to commercial properties.
The real estate industry is constantly evolving with new technologies and innovations making it one of the most profitable investments which generate passive income.
20.2% of experts recommended getting into real estate and construction to take advantage of the increasing population.
The hospitality market includes accommodation and related goods. It also includes the food and beverage industry. Why does it make sense to be on the list?
Let me explain!
The global market size of the hospitality industry is $3,952.87 billion in the year 2021 which is expected to grow to $4,548.42 billion by the year 2022 with an average CAGR of 15.1%.
Even further it is expected to reach $6,715.27 billion in the next five years with an average CAGR of 10.2%.
The hospitality market is supported by balanced economic growth forecasted by many developed and developing countries.
Moat for the industry is people love comfort which this industry offers at a whole different level.
While the major drawback is just 4% of experts believe it going to be in the top 3 industries to produce most millionaires.
We all have learned in our school that the world is working on renewable energy and the sustainable development of the human race due to the limited availability of fossil fuels.
In recent times the way climate has turned its back makes it more important to develop affordable renewable sources.
As of 2022, renewable energy contributes to 22% of the total US generation of energy and has huge scope left to be achieved in the next decade.
The affordability factor will be a major factor in the growth of this industry. There will be no sense in developing new technologies if they are only available to the upper class of society.
The most fascinating thing about the renewable energy sector is that it delivers more than 180 billionaires to the world and the world’s richest person “Elon Musk”.
Media and Entertainment
What’s common among all people we are all connected with the media and entertainment industry.
Covid-19 has given a major trend diversion in the entertainment industry shifting the focus of people to home-based entertainment.
Unlike previous days people are no longer considering going to watch a movie and prefer it to be streamed on Netflix, Amazon prime, etc.
New concepts like Metaverse and NFTs can completely change the industry outlook with innovations and business models.
Social media had played a major role in the growth of the entertainment industry and had created many jobs in a very short period of time.
As of 2020, the media and entertainment industry is valued at $2 Trillion to which the US contributes $660 Billion.
This industry has created more than 95 billionaires including Michael Bloomberg.
The market size of unified communications worldwide is worth $78.33 Billion in 2020 and is expected to grow at a CAGR of 20% from the year 2021 to 2028.
Unified communications have been growing over the last decade and are expected to grow in the future as well.
As people are shifting from desktops to mobile devices for effective and efficient communication.
Due to the Covid-19 impacts, large organizations get a chance to leverage unified communication technology to ensure effective communication between team members.
And more than 20% of experts consider the communication sector will make many people millionaires in the next decade.
Education develops a Virtuos cycle in which more people get educated more they earn and the more they build their wealth.
Due to Covid-19, people are shifting to online coaching rather than going outside for tuition. A wide range of startups has been started to provide online education to students.
The cost of learning is way cheaper than compared in the last decade to cost efficiency due to the internet.
19.8% of experts think that the education sector will be going to create the most multi-millionaires. You won’t be surprised by this if you had paid your university fees recently.
Agriculture and Mining
Energy requirements have increased day by day. And to produce the energy we need resources.
Due to this mining sector is going to be a boom for emerging Asian and African economies.
The increasing conflict with Russia inflates the price of crude oil in the USA and European countries to an all-time high.
That agricultural sector has also been a headache for western countries as most of the grains have been exported.
It will create opportunities for agricultural-dependent economies to produce more and export at higher prices.
18.9% of experts say that this sector can be a go-to option for people who can afford the sunk associated with it.
The transportation industry deals with the movement of people and goods and includes airlines, shipping, and trucking companies.
The most important segment of the transportation industry is trucking. In the year 2019, 72.5% of freight transported in the USA was hauled by the trucking industry.
According to Glassdoor, the average salary of a truck driver is $56.6K per annum compared to $42.2 for other drivers.
The market size of transport services in the US is estimated at $1.7 Trillion in 2020.
Gas industries had faced recent ups and downs. During Covid-19 crude oil prices were down to $11.26 in April 2020 while as of now trading at $120.89.
Due to the super volatile prices, people are shifting to other options. Now people are more preferring to buy electric cars.
No wonder how people become millionaires from natural resources while it doesn’t look bright compares to records.
Making a decision only based on the past track record of industries might be a little foolish.
Considering your growth potential and interest in a specific industry is what you should look for. However, being in top industries will benefit as well.
Did I miss out any industry you are looking for? Let me know in the comments.
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