What is the best industry to become a billionaire?

Many of the billionaires come out of the same industry, so let's take a look at them. Finance. 15% of the world's billionaires work in finance. ... Manufacturing. The second most lucrative industry for billionaire production is manufacturing. ... Technology. ... Fashion and Retail. ... Health.

entrepreneurshandbook.co - The 5 Industries Responsible For Creating The Most Billionaires

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The 5 Industries Responsible For Creating The Most Billionaires

What entrepreneurs can learn from the latest Forbes billionaires list

For most people, Christmas falls on December 25. However, as a business writer and entrepreneur, Christmas occurs in mid-April for me.

That’s when Forbes releases its annual list of billionaires.

It’s the perfect gift as I review the list, delve into the stories of successful entrepreneurs and seek inspiration. This year 2,668 made it into the Billionaires Club, a decrease of 87 from last year. If you want to maximize your chances of making this list in the future, it may pay to follow the advice of those already there and look for any patterns or industries to target. Many of the billionaires come out of the same industry, so let’s take a look at them.

1. Finance

15% of the world’s billionaires work in finance.

This includes hedge funds and venture capitalists. As he has been for many years, Warren Buffett is at the top of the list. The Oracle of Omaha has a net worth of $125 billion. Many of the newcomers in recent years have been in the crypto space. If I were a betting man, I’d say that Changpeng Zhao (CZ) will overtake Buffett soon. Recently, Bloomberg calculated CZ’s net worth as $96 billion, ranking him the 11th wealthiest person globally. His true wealth is far higher than even that estimate, as it doesn’t include CZ’s personal holdings of Bitcoin or Binance. Including those investments, CZ could be worth as much as $135 billion- placing him on par with Bill Gates. One of the youngest billionaires on the list is Sam Bankman-Fried. He is only 29 and has founded two crypto firms — Alameda Research and FTX, giving him a net worth of $24 billion.

The billion-dollar tip

“Invest in as much of yourself as you can. You are your own biggest asset by far. Anything you do to improve your own talents and make yourself more valuable will get paid off in terms of appropriate real purchasing power.” Warren Buffett

2. Manufacturing

The second most lucrative industry for billionaire production is manufacturing. 12.6% of the world’s billionaires work in manufacturing as consumer demand for products continues to grow. It may not be the sexiest industry, but it can be very profitable, even with issues caused by supply chain problems and transportation issues. It does seem to attract more introverted entrepreneurs. Unfortunately, there aren't as many famous names on the list, and finding in-depth articles and advice on this sector is harder. Top of the manufacturing billionaires is He Xiangjian, with a net worth of $24 billion. He built Midea Group into one of the world’s largest appliance makers.

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The billion-dollar tip

“I walk a step or two behind rather than take half a wrong step.” He Xiangjian

3. Technology

I’m guessing many of you thought that technology would dominate the billionaire's list — that the quickest way to success is building an app and moving to Silicon Valley to strike it rich. Unfortunately, while tech billionaires abound — 332 in total — tech only comes in third. Although he lost his title as the world’s richest person this year, Jeff Bezos remains top of the tech tycoons. Also in the top ten are Google duo Larry Page and Sergey Brin, Microsoft pair Bill Gates and Steve Ballmer, and Oracle founder Larry Ellison.

The billion-dollar tip

“Long-term thinking levers our existing abilities and lets us do new things we couldn’t otherwise contemplate,” he wrote. “It supports the failure and iteration required for invention, and it frees us to pioneer in unexplored spaces. Seek instant gratification — or the elusive promise of it — and chances are you’ll find a crowd there ahead of you.” Jeff Bezos

4. Fashion and Retail

9% of billionaires made their fortunes in fashion and retail.

Bernard Arnault — net worth $167 billion — runs the LVMH empire, with 75 fashion and cosmetics brands, including Louis Vuitton and Sephora, and alcohol brands Hennessey and Veuve Cliquot. Despite LVMH having 75 different brands across six different sectors, they run quite autonomously. Each is run as a “house,” and employees are encouraged to show “true entrepreneurial spirit.” It also allows each brand to maintain its heritage and identity. Perhaps one of my favorite entrepreneurial stories of 2021 was that of former investment banker Falguni Nayar. She quit her lucrative job in 2012 to start retailing beauty products under the banner of Nykaa — which means “one in the spotlight.” She wanted to combine her passion for makeup with her interest in e-commerce. Her risk of launching a business at 49 paid off as she became a billionaire in 2021 when she took Nykaa public in November 2021.

The billion-dollar tip

“Make choices based on your passion, and choose an industry that you love, because success in entrepreneurship does not come quickly. Commit to it and be consistent in the wake of the challenges that will come your way. Don’t be afraid of the roller-coaster ride. The highs in business should not make you arrogant, and the lows should not demotivate you so much that you lose your energy” Falguni Nayar

5. Health

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There probably hasn't been a better time to have a business in the health industry than the last couple of years. People involved in vaccines, such as Stephane Bancel, the CEO of Moderna, and Ugur Şahin, the CEO and co-founder of BioNTech — partner of Pfizer, became billionaires in 2021, and 215 others are working in healthcare. Neither of them comes close to Cyrus Poonawalla, the founder of the Serum Institute of India. Founded in 1966, the Serum Institute is now the world’s largest vaccine maker by doses. It produces Covishield, the vaccine developed by Astra Zeneca. This helped Cyrus double his net worth over the last 12 months from 12 to 24 billion. Perhaps this is due to his belief in making the “cheapest vaccines in the world” — the polar view of pharma bro Martin Shkreli. He overcame obstacles to rise to the top — it was difficult for an entrepreneur from an underdeveloped country to excel in vaccine manufacturing dominated by companies from the western world. You don’t need to have a medical degree or be involved in research to profit in the health industry — just ask new billionaire Jeff Tagney. Tangney has made his fortune in developing tech for medical professionals. His first company, a mobile medical app, was sold for $293 million and has since co-founded Doximity, a social media platform for doctors valued at almost $10 billion. He saw an opportunity as “software is indeed eating the world but it kind of choked a little bit on health care.” It worked as with limited marketing spend, Doximity relied on word of mouth from doctors to push his product. Even though he raised $50 million, he left it untouched for seven years as his business was profitable, and he didnt see the need to spend.

The billion-dollar tip

“I did resist some of the Silicon Valley wisdom of, you need to go big, you need to hire 40 more salespeople and do all these things.” Jeff Tangney.

entrepreneurshandbook.co - The 5 Industries Responsible For Creating The Most Billionaires

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