The job sectors where most billionaires make their money (2023)

FAQs

What sector are most billionaires in? ›

In 2021, banking and finance was the industry to which the highest share of the world's billionaires devoted most of their time. Over 20 percent of the billionaires devoted most of their time to this industry. Industrial conglomerates followed in second at 9.4 percent, with real estate activities in third.

Billionaires generally derive most of their income from asset appreciation, rather than salaries or bonuses. Unlike ordinary income, asset appreciation is not taxed until a gain is realized through the sale of the asset.

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.

The top five careers for millionaires include engineer, accountant, teacher, management and attorney. 79% of millionaires did not receive any inheritance at all from their parents or other family members.

Have multiple streams of income. Many self-made millionaires have money coming in from several places, including their salaries, dividends from investments, income from rental properties, and investments they have made in other business enterprises, to name a few examples.

What industry produces most millionaires? ›

The financial service industry has created the most millionaires in modern times. The financial system manages the money of people worldwide. Behind the most successful ventures in the world are people developing and growing money.

Where do millionaires keep their money? High net worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. There were 24.5 million millionaires in the U.S. in 2022. And only 21% of them inherited money.

However, although the S&P 500 is in bear territory, there are some sectors which are performing better than the others. In 2022, safe haven assets and defensive market sectors like utilities, healthcare, consumer staples, and gold have outperformed relative to the overall US market.

The 4 different sectors of the economy are primary sector, secondary sector, tertiary sector and quaternary sector.

The stock market is one of the primary sources of income for the rich. Many wealthy individuals invest in stocks and bonds as a way to generate passive income. According to one of the largest studies of millionaires ever conducted, millionaires did not build a net worth of a million dollars or more through inheritance.

But there are plenty of CEO positions at smaller companies that also pay over $1 million per year. And along with CEOs, there are also company presidents, chief financial officers (CFOs), chief information officers (CIOs), and even a fair number of vice presidents who earn seven figures per year.

What is the highest paying fun job? ›

It was named for the bible passage Matthew 25:29: “For to everyone who has, more will be given, and he will have abundance; but from him who does not have, even what he has will be taken away.” The loose transition popularized today is "The rich get richer and the poor get poorer”.

“90% of all millionaires become so through owning real estate.” This famous quote from Andrew Carnegie, one of the wealthiest entrepreneurs of all time, is just as relevant today as it was more than a century ago. Some of the most successful entrepreneurs in the world have built their wealth through real estate.

Industries that will never go away are those that cater to basic human needs and thus have continued high demand. Food is considered one of the safest industries for investment and is comprised of diverse sectors including agriculture, ranching, processing, preservation, preparation, and packaging.

Pay off debt

One of the best things you can do for your finances is to pay off all of your debt. To get started, focus on your most expensive debt—the credit cards and loans that charge you the highest interest. Once you have paid off all of these debts, focus on paying off your mortgage.

Bank of America, Citibank, Union Bank, and HSBC, among others, have created accounts that come with special perquisites for the ultrarich, such as personal bankers, waived fees, and the option of placing trades. The ultrarich are considered to be those with more than $30 million in assets.

So why did wages surge? At least half is because financial firms' profits are up and bankers can capture a load of them. That might be because they're protected from competition from other workers who find it hard to move across into finance later in careers.

What jobs pay $1 million a year? ›

If you want to earn the big bucks, you may want to consider practicing medicine or law. According to a recent report by Glassdoor, doctors and lawyers are still the nation's top-earning professionals.