There are several reasons why you may start your business in a particular industry. But if you’re seeking bigger opportunities, you may be wondering what industries make the most millionaires.
When I was about 10 years old, my dad and I would go fishing just about 30 minutes away from the city. This was when I was back in Hong Kong. He always got into this little boat, and I would ask my dad this question:
“Dad, why do I have to get on a boat to go to this area, why can’t we just fish where we were? Why do we have to make this trip?”
Then, my dad would say to me – “Because that’s where the fish is!” And because of this answer from my dad, I would always remember this lesson. Just like a reporter asked the famous bank robber – “Why did you rob the bank? – Because that’s where the money is!” – It’s the same idea.
So, as an entrepreneur, choosing the right industry is very crucial.
No one starts a business with the intention of failing it. There are many industries we can get into and sometimes, we are overconfident – we say we can go into any industry to sell any product, service or solution and be very successful doing that.
I think it’s simply not true.
Here’s a question many entrepreneurs ask – What industries make the most millionaires?
In this article, I’m going to share with you the industries that most likely to make you a millionaire – If that’s your goal.
Nevertheless, there are many industries you can get into and I’m not talking about gimmicks and tricks of cryptocurrency or winning the lottery.
I’m talking about legitimate proven industries that have created millionaires and billionaires.
Industry #1 – Financial Services
Companies that manage money – management of money or assets. Loan associations like banks, financial companies, brokerage, and insurance companies. You see, all these firms are very wealthy because there’s a lot of “money in money”.
One of those things I’ve learned from one of my mentors – Dan Peña. He said to me, “Dan, don’t ever forget – The Money Is In The Money.”
There’s a lot of money to be made by managing and investing money. Michael Bloomberg, former mayor of New York became a billionaire by providing financial data to the financial industry.
He began his career at a security brokerage before forming his own company in 1981 – Bloomberg L.P. – where he provides financial data in the financial service sector.
As of November 2019, he is the 9th richest person in the United States and the 14th richest person in the world. His net worth was estimated at $58 billion. So, he would have asked this question himself – what industries make the most millionaires?
But then again, he began his career with the brokerage before forming his own company. Like any other skill, it takes years to master, and what he had is definitely a high income skill.
Industry #2 – Technology
You know about Google, Facebook, and Apple but let’s talk about what’s beyond that. Think about what traditional industries that you can go into by using technology?
A business that you could do to disrupt the technology. And we refer to them as the disruptors. Some companies are true disruptors and are not a bad thing. It’s a process by which a simpler, more affordable product or service is relentlessly moving up the market from the root at the bottom – displacing established competitors.Disruption is not a bad thing, it’s a process by which a simpler and more affordable product or service is relentlessly moving up the market from the bottom. Click To Tweet
With that said, it isn’t a new phenomenon. It’s been happening for centuries. Hence for some companies or business owners being millionaires now. So, think about how you could use technology to make things more efficient.
Now, what’s beyond Google and Facebook?
I’m talking about robotics, artificial intelligence, automation and manufacturers of these technology products or even providing technology as services.
That would be billions in value that are going to be created in this particular sector. For instance, Netflix, for what they did to Blockbuster, and even the evolution of digital cameras from old film cameras.
One brilliant example, “Disney”. They broke a world record in box office sales in 2019 by remaking our all-time favorite childhood classics. Modern and engaging experiences were created by “Digital Animation Technology”
Are you a technology entrepreneur?
Industry #3 – Healthcare
The healthcare industry is incredibly varied. My mentor, Dan Peña, the Trillion Dollar man talks about this a lot – healthcare. Why? Because people are willing to spend a lot of money to live longer.
And when I say healthcare, what I’m referring to is, could be assisted living, senior homes, pharmaceutical, or any products and services that will help people live longer and stay healthier.
Now, that’s a very good industry to get into if you’re searching for what industries make the most millionaires.
The healthcare industry it’s providing good service and value to different patients that are seeking care. For this reason, there are many different paths to success if you can think of a product or service to serve the world.
Think about it, the world’s population has increased and will increase higher by 2050. And if technology and healthcare are integrated, a new opportunity for collaboration and innovation will drive the market forward.The Secret of Getting Ahead Is Getting Started. – Mark Twain Click To Tweet
So, healthcare is one sector that will never go. If anything, it will keep growing and growing to be billions.
Industry #4 – Real Estate And Construction
The world’s population will continue to grow. As of January 2020, the world’s population is at 7.8 billion. United Nations forecast and predict that by 2025, it will increase to almost 8 billion people and by 2050 – 10 billion people.
That will be billions of people on this little planet by 2050. What does that mean? Where’s the opportunity?The world’s population will continue to GROW! It’s predicted to increase to 8 billion people by 2025 and 10 billion people by 2050. Click To Tweet
So, if you ask me what industries make the most millionaires? This emerging sector has a very high potential.
The thing is, we all need a place to sleep, play, entertain, shopping malls and I can go on and on with places to go. Now, do you think that’s a high potential sector? Real estate and construction? Let’s say an investment in real estate. Wouldn’t it be a good idea?
This is the simplest way, buying a home is an income-producing asset.
On another note, in a recent article by Deloitte, real estate and construction is a growing preference for companies that invest in technologies to make buildings future-ready. Can you imagine this? “Technology” is a brilliant industry that can possibly make you a millionaire.
The changing nature of real estate has rapidly grown, and it has become urgent for commercial real estate companies to prioritize tenants’ and end-users’ needs.
Industry #5 – Education
With all the changes in technology, knowledge becomes critical. People want to learn new skills. They want to equip themselves with the skill sets that would enhance the opportunity in the education and software space.
With that said, these opportunities happening right now in front of us connect individuals, people, and professionals to 21st-century skills and job opportunities.
Within education, you can also have products and services, such as software, that help people in many different ways.
You see, there are two types of education. We have traditional education, and alternative education – which is education that is outside of the school system. This type of education doesn’t always have to be academic. Other types of education could also help people to lead a better life.
To some people, traditional education is boring and student engagement is difficult to achieve. I never believed in traditional education because it’s typically boring and demotivating.
On top of that, traditional education doesn’t teach you high income skills and usually focuses on outdated skills or hunting high-income jobs. And you probably despise a 9 to 5 job – there’s a difference between high income jobs vs high income skills.
Now, let’s talk about everybody’s favorite industry.
Industry #6 – Entertainment And Recreation
Beyond education, people want to be entertained. In fact, people demand entertainment.
All these big companies are getting into the entertainment industry. I’m talking about movies, animations, productions, and special effects. There are so many companies going into these industries. As the world becomes more connected and consumers’ options are expanded – entertainment and recreation continue to expand.
Look at Amazon Prime, Netflix, Hulu, and Disney, they are just some of the top media companies that are dominating movies, broadcasting and cable television. Don’t forget the amusement park industry as well.
This is where we are going with the rise of the world’s population in the next decades. Think about industries that help and facilitate this particular industry, influencing each other, like YouTube and Instagram.
And now, for the first time, we have people in those industries. For instance, a stand-up comedian or YouTuber could make millions in this industry now, when before they couldn’t compete with mega corporations.
Most of the time, they struggle but now, we are in the age of Entertainment-On-Demand.
The U.S media and entertainment industry contributes more than $690 billion in 2019 and in 2020, and is expected to be worth over $720 billion.
If you can find a way to create any product, service or company around this particular industry or demand – you could also make millions.The Media and Entertainment Sector is expected to be worth over $720.38 billion U.S. Click To Tweet
Industry #7 – Transportation
Now, this is going to be extremely huge globally as it’s expected to generate a combined revenue of around $872 billion U.S dollars in 2020.
People like to travel. And now, with the Internet, the more we see – the more we want to do it. We don’t always want to get stuck at home. We want to go out there to explore the world, visit places and experience different cultures.
So, air transportation – aerospace, is a huge opportunity. Not forgetting the travel agencies that are connecting everyone in this sector. In the United States, the travel agency industry is projected to generate $17.3 billion U.S. in revenue by 2020.
Apart from these, have you thought of the hidden opportunities in businesses involved with online shopping?
I’m not talking about FedEx or UPS or DHL. I’m talking about the companies who do the handling, shipping and packaging. With that said, establishing a business in the $872 billion industry of “Transportation” could be as simple as creating an inventory management software
A simple example is “Uber Eats”, because people like food and things to be delivered to them. As it is now, people shop more online and no doubt, this is also a huge industry.
By simply providing software to help companies manage their inventory, shipping, handling or service and product fulfillment – it can be easily a multimillion-dollar business.
Industry #8 – Energy
Not just Oil and Gas, let’s go beyond it – Solar, Wind, Hydroelectric, Biomass and Geothermal Power are able to provide energy without the effects of fossil fuels. With billions of people living on our planet, we need to drive more power to our devices and technology.
As the discussion around climate change arises, this tops the list of upcoming growth in the world. This can be implemented to expand energy access in developing countries. With billions of people globally, it’s also a huge industry where you can come up with creative solutions to solve global warming.
With that said, for this industry, not only can it make you millions, it could make you billions.
However, this is not as simple as all the other industries. You need to have a certain team and an absolute understanding of how this whole thing works. In order to execute such projects, you might need to work with the government when it comes to this sector.
A certain level of skill set is essential if you have an interest in this particular industry. So, if you have this question in mind – “what industries make the most millions?”
The Energy Industry is definitely one of them.
Industry #9 – Food
With the word population growing, not only do we need power, a place to live, we also need to eat. Therefore, the food industry is not going to go away. We need a more cost-effective and more efficient way to create and produce food.
With that said, this industry has to produce food to feed 10 billion people in 2050. What do we need to do? More food and beverage companies are integrating their processes with artificial intelligence so they can speed up their production process.
And I’m not talking about fast food. There are so many options now, with more people leaning towards healthier choices. Any health product that falls into this category that is consumable is also considered food.
If you could think of a solution that could penetrate this particular industry, you’re most likely going to be a millionaire.
The thing is, we all need to have a certain skill – a high income skill. So, if you’ve been following me for some time, you would be familiar with the three components of the Wealth Triangle.
Assuming you’ve watched the video, wouldn’t you want to know what the examples of high income skills are? High income skills that you can always rely on. Even if you’ve lost some money from making bad investments or other mistakes – you have your high income skills to fall back to.
Final Thoughts On What Industries Make The Most Millionaires
When it comes to figuring out the answer to the question, “what industries make the most millionaires”, those are the 9 industries that I believe are most likely to get you there.
Deciding on one specific path is not easy, and mastering one specific path takes time. And when you have many different interests, passions, and talents, you should embrace the moment once you have a strong sense of your skills and personality type.
Certain industries require you to have a team, competitive advantage and expertise. Therefore, it’s crucial to know your skills and talents. Over the years, I’ve acquired some high income skills that have resulted in my success.
So, if you want to discover your talents and which high income skill fits your personality, take the quiz here to find out.