What industry produces the most millionaires? (2024)

FAQs

What industry produces the most millionaires? ›

Financial Services

427 billionaires amassed their fortunes in the finance sector, making it the industry that yields the most billionaires, followed by technology, manufacturing, retail, and food and beverage, according to Forbes.

Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined.

The media and entertainment industry is globally known as the billionaire-producing powerhouse due to its multifaceted nature and global reach. Giants like Disney, Comcast, and Netflix have capitalized on their innovative content creation, distribution platforms, and strategic acquisitions to amass vast fortunes.

In broader terms, the finance and investment profession has the most millionaires. It also has the most billionaires, with 371. Here's a list of the seven best careers if you want to be a millionaire.

The net worths are accurate as of November 20, 2023. Key Findings: The most common college degrees among billionaires are business (22), economics (12) and engineering (11).

The top 1% of household net worth in the U.S. was just shy of $13.7 million in 2023. An individual would have to earn an average of $407,500 per year to join the top 1%. A household would need an income of $591,550. The median household income was $74,580 in 2023 and $45,440 for individuals.

Why do millionaires rent? ›

Many wealthy would-be buyers can afford to wait to buy their dream home — so they're choosing to rent instead. Some may be waiting for lower rates and more homes on the market. Others may believe the housing market is overvalued, according to Realtor.com, and want to avoid overpaying for a property that may lose value.

“Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.” Just look at the story of former custodian Ronald Read for a perfect example.

Dave Ramsey on X: "Top 5 Careers of Millionaires: 1. Engineer 2. Accountant (CPA) 3. Teacher 4.

Billionaires (usually) don't sell valuable stock. So how do they afford the daily expenses of life, whether it's a new pleasure boat or a social media company? They borrow against their stock. This revolving door of credit allows them to buy what they want without incurring a capital gains tax.

1. Chief Executive Officer (CEO) Topping the list, being a CEO gets you the highest paying job in the world, no matter where you work. A CEO is the highest-ranked position in any organisation's structure.

United States. The U.S. is home to the most millionaires of any country by a large margin. In fact, nearly 9% of U.S. adults are millionaires today. This makes sense, as the United States has the world's largest domestic economy.