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When you think about the richest people on the planet, there are a few industries that produce a lot more ultrawealthy individuals than others.
Finance and investments is one of them. This industry is home to hedge fund and private equity tycoons, traditional bankers and fintech founders.
1. Finance and Investment
Finance and investment is a field where money is earned and accumulated over time. These funds are then channeled to economic entities that most need them or can put them to work for the highest return on investment.
Billionaires typically invest in various assets and industries to increase their wealth. These investments may include stocks, bonds, real estate, and private equity firms.
Cash is another common asset that billionaires keep on hand, but it’s important to consider the rate of inflation and how it affects the value of your cash. Also, it’s a good idea to diversify your money by investing in currencies other than the one you live in.
James Simons is a well-known investor who uses his mathematical skills to manage a quantitative hedge fund called Renaissance Technology. He also donates a large portion of his wealth to charity.
Healthcare is a huge industry that includes all goods and services necessary to treat the physical and mental health of individuals. It consists of medical care, vaccines, pharmaceutical companies, hospitals, insurance and more.
The largest number of billionaires is found in the healthcare industry. A recent report by Forbes revealed that 135 people are billionaires who have built their fortunes on the basis of healthcare.
These include Cyrus Poonawalla, the chairman and managing director of India’s Serum Institute of India (SII) and a co-founder of cancer drug Abraxane. Others include Reinhold Schmieding, founder of Arthrex and Judy Faulkner, CEO of Epic Systems.
3. Real Estate
Historically, investing in real estate has been the primary way that millionaires have accumulated and kept their wealth. They began by buying their own primary homes and eventually moved on to investing in other properties like commercial buildings, hotels and stadiums.
The best thing about investing in real estate is that it can be a very lucrative option, especially for those who are looking to generate passive income. You can also take advantage of tax benefits and other incentives when you buy an investment property.
Hong Kong tycoon Li Ka Shing and his conglomerate CK Hutchison have interests in retail, infrastructure, port services and telecommunications; as well as real estate development businesses. He has a net worth of US$9.5 billion and is ranked number nine on the list of Asia’s richest people.
A manufacturer is a business that produces finished goods from raw materials by using various tools, equipment and processes. They may sell them directly to consumers, wholesalers, distributors or retailers.
Many manufacturers are small and independent, but others operate under large corporate umbrellas. Whatever the case, manufacturing is a significant part of the economy.
The industry is also home to a surprising group of well-connected billionaires. They’re behind a nonprofit venture capital fund that is trying to bring more semiconductor manufacturing back to the United States.
Manufacturing isn’t the sexiest of industries, but it can be profitable. Smart people in any industry can apply new technology to their businesses, making them more efficient and even richer.
The world’s billionaires are most often tied to technology. This industry earned 15% of the world’s billionaire fortunes and ranks ahead of finance (9%), fashion (12%), and real estate (6%).
The term technology refers to tools and machines that can be used to solve real-world problems. These tools can be physical or virtual.
While the tech industry has enjoyed strong growth in recent years, it’s not immune to the challenges facing other sectors of the economy. This year, the Nasdaq Technology 100 Index has plummeted 12%, and investors are worried about inflation, Russia’s invasion of Ukraine, and other factors.
Despite these challenges, the world’s richest tech moguls have increased their net worth by $5 trillion in three years. This includes Jeff Bezos, Bill Gates, and Mark Zuckerberg.