- Some sectors produce a lot more ultrawealthy people than others.
- While some have become billionaires working in the food and beverage sector, a lot more people become extremely wealthy in healthcare.
- Nearly one in four people with a net worth over $5 million work in banking or finance.
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History is full of people who have turned different ideas into billion-dollar businesses. However, not all industries are made equal. Some sectors produce more billionaires than others.
As a part of its 2020 Decade of Wealth report, research firm Wealth-X analyzed its database of thousands of people across the globe with net worths over $5 million to see how these people made their fortune.
The top 10 industries that produced more ultrawealthy people are as follows, according to the Wealth-X report:
10. Food & Beverages
Based on the Wealth-X report, a mere 3.8% of wealthy people made their fortunes in food & beverage industry.
9. Construction & Engineering
Only 3.9% of ultrawealthy individuals built their wealth in the construction and engineering sectors.
8. Hospitality & Entertainment
The hospitality and entertainment sectors produced 4.1% of ultrawealthy individuals in the past decade according to the same report.
Manufacturing products also produced 4.1% of ultrawealthy people in the past decade based on the same report.
Although we often hear news about technology billionaires, the industry only produced 4.7% of ultrawealthy people in the past 10 years.
In the past decade, 4.9% of wealthy people came from the healthcare industry.
4. Real Estate
The real estate sector produced 5.4% of ultrawealthy individuals in the past 10 years.
3. Non-Profit & Social Organizations
Interestingly, non-profit and social organizations sit on the third spot of the list with 7.9% of ultrawealthy people coming from the said sectors.
2. Business & Consumer Services
16.3% of ultrawealthy individuals came from the business and consumer service industries, according to the Wealth-X report.
1. Banking & Finance
Sitting on top of the list, the banking & financial sectors produced 22.6% of ultrawealthy individuals in the past decade.
Although it will not guarantee success, turning an idea into a billion-dollar business in one of these industries could significantly increase your chances of making it.