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What is the wealthiest industry in the world?

That's right, the financial industry is the largest industry in the world! Totalling $109 trillion, it dwarfs the competition. ¹ For comparison, real estate is worth $33 trillion and retail amounts to $26 trillion.

wealthwave.com - The Biggest Industry In The World? - Anthony Stephens, WealthWave

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What’s the biggest industry in the world?

It’s not Wal-Mart or Amazon or Apple; those are companies. The answer, while it might surprise you, actually makes perfect sense. It’s the industry that manages, stores and protects money for billionaires, conglomerates, companies—and you.

That’s right, the financial industry is the largest industry in the world!

Totalling $109 trillion, it dwarfs the competition.¹ For comparison, real estate is worth $33 trillion and retail amounts to $26 trillion. But what exactly is the financial industry? Here’s a quick look.

Financial services.

Technically, the financial industry is composed of companies that offer financial services. But what exactly is a financial service? The International Monetary Fund defines it as “how consumers and businesses acquire financial goods such as loans and insurance.”² The most obvious example of financial services are the services a bank offers. It offers a place for you to safely store your money. You can also get a loan from a bank if you need to make a big purchase like a home or car. Banks make money by charging interest on loans and adding fees to their services, and they can range in size from local, small-town establishments to massive nationwide banks. But there’s more to the financial industry than just holding and lending money. Investment is a huge part of this sector. Financial advisors and brokers help everyone from the middle class to the rich and powerful make and manage their investments. They can manage staggering amounts of money for huge businesses. Financial protection services, like insurance, is another major segment of the financial industry.

The foundation of the economy.

Modern economies are fueled by the financial sector. They’re the gatekeepers to prosperity. Anyone trying to start a business, save for their future, or protect their family has to go through banks, advisors, and agents. Economies thrive when the financial sector is healthy and melt down when it’s not! The financial industry might appear as conspicuous as other sectors. We don’t go to a financial advisor every week for groceries or fuel our car at the bank. But that doesn’t mean it’s not vital to every part of our lives.

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