Want to become a billionaire? Here are the industries that produce the most ultrawealthy people
Taylor Nicole Rogers
- Some industries 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 rich in real estate.
- Nearly one in four people with a net worth over $5 million work in banking or finance.
People have been able to turn lots of different ideas into billion-dollar businesses, but it's easier in some fields 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 they made their money.
Keep reading to learn which career fields are most common among the ultrawealthy, according to research firm Wealth-X.
Read the original article on Business Insider10. Food and beverages
A mere 3.8% of wealthy people made their fortunes in food service, according to Wealth-X. Daniel Lubetzky created the first KIND bar after trying a snack bar made with whole fruits and nuts while on a business trip in Australia and has since built a $1.2 billion fortune selling the bars and other snacks, according to Forbes.
9. Construction and engineering
James Dyson is one of only 3.9% of wealthy people who made in their fortune in construction or engineering, Wealth-X reports. Despite lacking a formal engineering degree, Dyson invented the world's first bagless vacuum cleaner in 1986 and has since branched out into other appliances, earning him a net worth of $6.1 billion, according to Forbes.
8. Hospitality and entertainment
Only 4.1% of high net worth individuals got rich working in hospitality and entertainment, Wealth-X reports. Former street performer Guy Laliberté built a $1.2 billion fortune after growing his Montreal-based circus troupe into the multibillion-dollar entertainment empire known as Cirque du Soleil, starting with only a $1 million arts grant, Business Insider previously reported.
7. Manufacturing
6. Technology
Tech billionaires such as Bill Gates, Mark Zuckerberg, and Larry Page might be some of the most famous members of the three comma club in the world, but relatively few wealthy people made their money from technology. Only 4.7% of people with net worths over $5 million made their fortunes in tech, according to Wealth-X.
5. Healthcare
4. Real estate
According to Wealth-X, 5.4% of wealthy people made their money in real estate. With a net worth of $7.6 billion, Stephen Ross is the wealthiest real estate developer in America, The Real Deal reported in 2019.
3. Non-profit and social organizations
Over 7% of wealthy people work for nonprofits full time, according to Wealth-X. However, many of them initially made their fortunes elsewhere, like Bill and Melinda Gates.
2. Business and consumer services
More than 16% of wealthy people made their fortunes working in business and consumer services, according to Wealth-X.
David Steward founded World Wide Technology, an IT services company that has generated over $11 billion in sales, and earned himself a $3.5 billion fortune in the process, Forbes reports.
1. Banking and finance
More wealthy people work in banking and finance than any other industry, according to Wealth-X. JPMorgan Chase CEO Jamie Dimon is among the 22.6% of wealthy people worth over $5 million who made their money in the financial sector.
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