There are several reasons why you may start your business in a special industry. But if you’re seeking bigger opportunities, you may be wondering what industries make the most millionaires.
No one starts a business to fail it. There are many industries we can get into and sometimes, we are careless – we say we can go into any industry to sell any product, service or solution and be very successful doing that.
Industries That Can Make You A Billionaire.
There are many industries you can get into and I’m not talking about tricks and illusions of cryptocurrency or winning the lottery.
In this article, I’m going to dispense with you the industries that most likely to make you a millionaire – If that’s your goal.
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 is 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.
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.
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.
The healthcare industry is incredibly varied. And when I say healthcare, what I’m referring to is, could be assisted living, senior homes, pharmaceuticals, 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 reform will drive the market forward.
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?
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 a 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 for high-income jobs. And you probably despise a 9 to 5 job – there’s a difference between high-income jobs vs high-income skills.
Beyond education, people want to be entertained. 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 recreation 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.
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 fulfilment – it can be easily a multimillion-dollar business.
Not just Oil and Gas, let’s go beyond it – Solar, Wind, Hydroelectric, Biomass and Geothermal Power can 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 the world 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 consumable category 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.
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
Here is an article I recommend you read to help you get started with any business Idea.