The Most Favorable Industries for Earning Millions Are Named
By Marko Vidrih on The Capital
Published in
2 min readMay 26, 2020
People were able to turn many different ideas into a profitable business worth billions of dollars, but in some areas it is easier to do than in others.
As part of a new report, research firm Wealth-X analyzed a database of millionaires with a fortune of more than $5 million to track how they made their money.
Some areas create a much more favorable environment for the first million, others — on the contrary. The company has compiled a ranking of business segments that more than others contribute to the accumulation of wealth.
- Banking and finance. According to Wealth-X, most people with a fortune of more than $5 million earned their money in the banking or financial sectors — 22.6%.
- Consumer Services. More than 16% of rich people made their fortune in the field of consumer services.
- Non-profit and public organizations. Wealth-X reports that more than 7% of wealthy people work for free full time. However, many of them initially made their fortunes in other industries, such as Bill and Melinda Gates.
- Real estate. 5.4% of wealthy people work in this area.
- Healthcare. 4.9% of people with wealth over $5 million earned their money in the healthcare sector.
- Technology. Technology billionaires such as Bill Gates, Mark Zuckerberg and Larry Page are some of the most famous wealthy people in the world. However, a relatively small percentage of all wealthy people in the world earned their money on technology — 4.7%.
- Production. According to a new report, 4.1% of wealthy people made their money in the manufacturing sector.
- Hotel business and entertainment. The share of the richest people who earned on the hotel business and entertainment is 4.1%.
- Construction and manufacturing equipment. 3.9% of the richest people made their fortunes in this area.
- Food and drinks. According to Wealth-X, only 3.8% of businessmen were able to earn over $5 million in this industry.
Author: Marko Vidrih
Featured image credit: Unsplash
