I’ve never met anyone who doesn’t want to earn more money; even when they pretend about it, their actions often give them away. You wanted higher education to make more money from your job. You look for scholarships to get a quality education with someone else paying the money. Your parent wanted you to go to school, get good grades and get a good job so that you can make good money and live a better life. The world system has been built around money. And those who try to deny this often fall victim to this system.
So what are some of the best ways to position yourself to attract more money? You can either choose to pursue a career in archaeology blindly, or you look for where there is a better opportunity to create wealth. And most times, the best way to identify opportunities is to follow the money. You ask the question which industries have produced the most wealth? Which industries are the fastest growing? Answering questions like these can point you in the right places to develop your underlying interests and passion. Let’s look at some industries that have created the most millionaires today.
1. Financial Services
According to the Wealth Report, the financial service industry has created the most number of millionaires since modern times. A lot of money is made in the business of money. People and organizations skilled in deploying and growing money are behind the most successful ventures in the world today.
Think about it, all the money people make in the world is managed by a financial institution; it could be a commercial bank, investment bank, a Hedge Fund, Insurance or a wealth portfolio. And when people transact their money, it’s usually through some financial institution. The foundation of the entire world’s economy is built on the finance industry. Most of the economic crises in history often originated from the finance industry, like the 2008 Global Financial Crisis. Likewise, most of the world’s economic prosperities are linked to the finance industry.
No wonder many fintech startups are springing up today like FlutterWave, Mpesa, Bamboo, CowryWise and many others. Finance technology startups attract the most investment funding in Africa than any other category.
The finance industry holds colossal opportunities to create wealth. And it employs millions of people across continents.
Technology comes next to financial services for creating the highest number of millionaires. Both industries are the catalyst to the other. The marriage between the financial service sector and technology has created massive wealth like nothing conceived before. And both industries are the engine of other sectors today.
Technology, in particular, has played out well in the hands of the younger generation. I can’t even imagine what the level of unemployment would have been in a world of over 7 billion people without technology. And if you think about the hatch economic environment in this part of the world, it would have been a disaster without the opportunities technology has provided for the younger generation. No other industry creates wealth as fast as the technology industry. Take, for instance, Zoom. Zoom was founded in 2011. Nine years later, it is worth more than the top 7 airlines in the United States combined and has made the founder a billionaire. Some of these airlines have been around for over 50 years. Look at the top valued companies in the world today. Six out of the top 10 are technology companies.
The exciting thing about the technology industry is that it cuts across every sector. The agric sector needs technology and the finance, media, health and retail industries.
It also has room for entrepreneurial, technical, sales and support personnel. There is a place for everyone in the technology space.
3. Real Estate and Construction
Real estate has been the oldest source of wealth throughout the ages. Shelter is a necessity of life, whether for private or commercial purposes. This makes real estate one of the oldest and most inclusive industries for creating wealth. By inclusive, I mean that it is open to as many people as are willing to be a part of it.
Most wealthy people either got rich from real estate or grew their wealth from real estate. The real estate industry has an extensive value chain from property acquisition to construction, maintenance, management, professional services, advanced security and other related activities. If you are looking to grow your wealth, you can’t go wrong with real estate.
4. Food and Beverages
The world has over 7 billion mouths to feed. By 2030, we’ll have an additional 1 billion. And by 2050, we’ll be looking at around 9.7 billion mouths to provide daily. We are not yet producing enough food to adequately feed everyone on the planet. As more people are pulled out of poverty, we’ll have more people demanding quality food and beverages to consume. It doesn’t take critical thinking to see the potential in the food and beverage industry. I’ve personally invested in agriculture for over three years now and can say that this industry holds enormous opportunities.
Regardless of whatever is going on in the world: pandemic, health or economic crisis, climate change, or natural disasters, there is one unassailable fact about humans. We must eat and drink. You won’t be wrong to build your career around the food and beverage industry.
We can all agree on one thing; health is wealth no matter where you live. This COVID-19 global pandemic has brought this truth to our attention more than anything else in recent times. If the health industry is threatened, everything else comes crumbling down. The global Pharmaceutical sector is worth over a trillion dollars. But that is just a part of the health sector. The downside is that the health sector is more regulated than most other sectors for good reasons. Notwithstanding, the health sector offers considerable opportunities to create enormous wealth.
6. Media and Entertainment Industry
Avengers: End game grossed over $2.79 billion from theatrical revenue alone. But you don’t have to be as big as Marvel studios to benefit from this industry. One of the biggest attractions of the media and entertainment industry is that it has about the lowest entry barrier than any other industry, thanks to digital media technology. And it doesn’t seem dependent on academic qualification. Even the worst student in school can make it big in this sector. But I’ll admit that these can be a disadvantage because the low entry barrier means higher competition and more difficulty standing out.
Regardless, there is a lot of money to be made in the media and entertainment industry. People will always want to be entertained or know what’s happening outside their environment. Films, music, video games, TV and the technologies that enable them are cash cows if you can be creative enough to stand out.
7. Renewable Energy
I use an inverter system at home and the office. But only about one in 15 or 20 people I meet use renewable energy. Many people believe it’s expensive. They may not realize that it is cheaper than running and maintaining a generator in the long run. If I were to start another business today, I would consider solar and inverter sales and installation; and focus my marketing on educating people on the difference in value between using a generator and an inverter. There is a huge market for renewable energy sources, especially in developing countries where unreliable national power supply.
This post does not encourage you to pursue a career or business simply because you believe it will make you the most money. Instead, find the balance between profitability and interest. Don’t just choose a field because of excitement or money. It’s smarter to consider commercial value as well as what interests you.