What industry produces the most millionaires? (2024)

FAQs

What industry produces the most millionaires? ›

The financial service industry has created the most number of millionaires since modern times, according to the Wealth Report. In the business of money, people make a lot of money. Behind the most successful ventures in the world are people and organizations skilled in deploying and growing money.

In broader terms, the finance and investment profession has the most millionaires.

427 billionaires amassed their fortunes in the finance sector, making it the industry that yields the most billionaires, followed by technology, manufacturing, retail, and food and beverage, according to Forbes.

Real estate investment has long been a cornerstone of financial success, with approximately 90% of millionaires attributing their wealth in part to real estate holdings. In this article, we delve into the reasons why real estate is a preferred vehicle for creating millionaires and how you can leverage its potential.

Engineer 2. Accountant (CPA) 3. Teacher 4. Management 5.

The Most Common Professions of Millionaires: Engineers, Accountants, Teachers, Managers, Lawyers. Discover the most common professions of millionaires based on a survey of 10,000 individuals. Join our community to learn how to achieve financial freedom and wealth. Sign up now!

This year, the industry with the most billionaires is finance and investments, with 393 billionaires, nearly 15% of the list. That's an increase from last year, when finance and investments was also the top industry, with 371 list members.

Fittingly, the most common subject matter for higher education was economics and finance, suggesting that when you know money, you know how to make money! Billionaires such as Warren Buffett, Alice Walton, and Elon Musk have degrees in economics. The college degrees studied by billionaires in the United States.

What industry will make you rich? ›

Highest-paying industries

Architecture and engineering, computer and information technology, legal, science, management and math occupations also pay well, with salaries well above $100,000 annually for the top jobs in each industry group.

Microsoft is the largest company in the world, with a market cap of $2.89 trillion. It's followed by Apple ($2.63 trillion), Nvidia ($2.16 trillion), Alphabet ($2.05 trillion), and Saudi Arabian Oil ($1.94 trillion).

However, even some ultra-rich people themselves believe the world's first trillionaire will come from the tech space.

Many wealthy would-be buyers can afford to wait to buy their dream home — so they're choosing to rent instead. Some may be waiting for lower rates and more homes on the market. Others may believe the housing market is overvalued, according to Realtor.com, and want to avoid overpaying for a property that may lose value.

Corley found that 41% of the 177 self-made millionaires he surveyed were reared in poor households.

Dave Ramsey, personal finance expert and founder of Ramsey Solutions, also found that the majority of millionaires – 79% – did not receive an inheritance from parents or other family members. Instead, they achieved millionaire status through hard work and smart financial choices.