The 16 industries most likely to make you a millionaire
Jul 26, 2021, 12:46 IST
16. Accommodation and Food Services. Just 4% of the experts surveyed thought these sectors were going to be in the top three growth industries to make people rich. Still, McDonald's won't mind: its share price has doubled over the past six years.
15. Utilities — Experts don't seem to have much faith in the power utilities either, with only 6.6% putting it in their top three growth industries. This could have something to do with the burgeoning renewable energy sector, which comes higher up this list.
14. Natural Resources — 13.5%. The oil and gas industries took a pummelling this year, and only 13.5% of experts put it in their top three industries for millionaire growth. Oil is still hovering under the $50 dollar a barrel mark and doesn't look like making a comeback anytime soon.
13. Transportation — This sector is concerned with the movement of goods, and 13.9% of experts saw it as one of the big growth industries. At the moment the sector is benefiting from the low oil price, but it's hard to say how long that will last.
12. Retail and Wholesale Trade — This sector is almost completely dependent on consumer spending power and confidence. Right now only 14% experts think it will drive millionaire growth over the next few years. Admittedly not every retail company can be Amazon.
11. Entertainment and Recreation — 15.2% of experts gave the thumbs up to this sector, perhaps aware the films, music and videogames are in a constant battle against piracy. But recent examples like Pokemon Go, which doubled Nintendo's share price, prove a big hit can make many people very rich.
10. Renewable Energy — Fossil fuels will be around for quite a while longer, but the world is starting to wake up to the fact that it will eventually need a replacement. Just over 17% of experts saw this as a top three growth industry, and anyone who gets in the game now could one day be very rich.
9. Aerospace and Air Transportation — Making planes and flying passengers is still a huge business. Just over 18.% of experts said this sector will be one of the big wealth creators over the next decade, though barriers to entry are high.
8. Agriculture and Mining — Much of this demand will be fuelled by emerging economies in Africa and Asia, and 18.9% of experts say if you want to get rich it's a good sector to go for if you can afford the high sunk costs.
7. Education — As wealth increases, more people get educated, which increases wealth. 19.8%of experts saw the education sector as a big millionaire creator, and anyone who's had to pay university fees recently probably won't be too surprised.
6. Communications — For a few years Carlos Slim, the Mexican CEO of Telmex, was the richest man in the world. So there's a lot of money in comms, and 20.2% of experts say it will make other people very rich in the next decade.
5. Real Estate and Construction — As the rampant explosion in the global population continues (India and China are expected to hit 1.5 billion each by 2030), more people need places to live. 20.2% of experts recommend getting into construction and real estate if you want to take advantage of all those people.
4. Manufacturing — It may have taken a battering with the Chinese economic slowdown in 2016, but people will always need things, which means they need manufacturing to make them. 22.3% of experts pegged this as one of the top three wealth creators, perhaps anticipating a bounce back for China.
3. Healthcare — The pharmaceutical industry will always be a money-maker as long as people care about staying alive, though R&D costs are also phenomenally high. 30.1% of experts saw this industry as one of the biggest wealth creators, and it comes in the top three overall.
2. Tech — Not just the usual tech like Google and Facebook but also Financial Technology and "disruptive" tech like Uber and Airbnb. 30.9% of experts saw this as one of the biggest money-making sectors as the success stories just keep on coming.
1. Financial Services — There's a reason bankers are generally very rich. 35.7% of respondents to the World Wealth Report said that finance was in their top three sectors most likely to create more millionaires. With senior bankers on Wall Street and the City of London paid well above £1 million ($1.3 million) on average according to the Guardian, it's still the best industry to get into if you want to make a lot of money — and are willing to work hard for it.