The 9 Industries Most Likely to Make You A Millionaire
As an entrepreneur, choosing the right industry is very, very critical. And there are many industries that we could get into, right? And sometimes I think we are overconfident as an entrepreneur, and we say we could go into any industry, sell any product, offer any service and provide solution and we could be very successful in doing that. I think that’s simply not true. So today I’m going to share with you nine industries that are most likely to make you a millionaire. And if that’s your goal, there are many industries that you can get into. Now, I’m not talking about, like, gimmicks and tricks like cryptocurrency or winning the lottery, I’m talking about the legitimate, proven industries, that have created millionaires and billionaires.
Industry number one that is most likely that will make you a millionaire and that is financial services. Now, when I say financial services, I’m talking about the management of money, money lending or management of assets. We’re talking about the loan associations, banks, financial companies, insurance companies, brokerage. A lot of those firms are very, very wealthy because there’s a lot of money in money. One of the things I learned from one of my mentors, he said to me, “don’t ever forget, “the money is in the money.” There’s a lot of money to be made just by managing, handling, investing money. Michael Bloomberg, former mayor of New York, became a billionaire by providing financial data to the financial industry.
Industry number two, technology. Now, you know the Google, the Facebook, the Apple, but we’re talking beyond that. Think about traditional industries that you could go into, maybe by using technology, what you could do to disrupt that industry. And you can see that a lot. Now we call that disruptors, right? How you could use technology to make things more efficient? We’re talking about robotics, we’re talking about AI, we’re talking about automation, we’re talking about manufacture of these technology products or even providing technology as service. Billions and billions and billions of dollars worth of value are going to be created in this particular sector. So, are you a technology entrepreneur?
Industry number three, health care. So, health care, I’m referring to, could be assisted living, senior homes, pharmaceutical, any products or services that’ll help people to live longer life and stay healthier, that’s very, very good industry to get into.
Industry number four, real estate and construction. United Nations forecast predicts, by 2025, the world’s population will increase to almost eight billion people, eight billion people, by 2050, it would be almost 10 billion people. That’s 10 million people on this little planet by 2050. Now, what does that mean? Where’s the opportunity? We all need a place to sleep in, to play in, to entertain, to go to, to shop. Real estate and construction.
Industry number five, education. With all the changes, all the technological changes that are happening, knowledge becomes very, very critical. People want to learn, they want to equip themselves with skill sets, and that’s the space that I am in, the education and software space, because I can see the opportunity happening right now in front of us to connect individuals, people, professionals, to 21st century skills and job opportunities. Now, within education, you could also have products and services and software that helps people in many different ways. So, we have traditional education, but we also have alternative education, education outside of the school systems, right? And it doesn’t always have to be academic, it could be other types of education that can help people to lead a better life. Education, huge business.
Industry number six, entertainment and recreation. Beyond than just education, people want to be entertained. In fact, people demand entertainment. You look at all these big companies are getting into the entertainment industry. Now, what am I talking about? Movies, animations, productions, special effects. There are so many companies going into that industry. Amazon Prime, of course, you have Netflix, Hulu, Disney Plus, I could go on and on and on. Why? Because this is where we are going. Now on the other hand, thinking about industries who help and facilitate this particular industry, but also, we talking about influencers, YouTubers, Instagrammers, right? Now for the first time, you have people in that industry. Stand-up comedians could make millions doing that, before you couldn’t, most of time they struggle, but now we are in this age of people want entertainment. So, if you can find a way to create a product or service or company around this to service this particular industry or to service this demand, you could also make millions.
Insurtech
“It was only a matter of time before the world of insurance welcomed its own wave of technological disruption and it’s arrived with its own contraction; Insurtech (insurance technology),” writes Henry Williams for Startups.co.uk. “In a similar way to fintech and proptech firms, many of the new start-ups in the insurtech space aim to introduce some transparency into the market and reconnect with disenchanted customers.” Investors have already poured 5000.65bn into insurtech and customers are demanding “a more transparent and equal relationship with their insurer.” Both of these are good signs that this is a solid business opportunity.
Mobile Restaurant/Food Delivery
This industry has been booming the last couple of years. Customers are looking for affordable and quality food while on the go or delivered to their home or office. For those who have always wanted to start their own restaurant, this is a more profitable business since it eliminates the high cost of starting and maintaining a restaurant. FYI, the average food truck can generate close to $300,000 in one year.
As mentioned previously, we live in a global marketplace where you can purchase goods or services from anywhere in the world. Add to that fact the low-cost of building an online storefront the decreasing cost of transaction rates, and you can easily see why eCommerce websites are thriving. Pixpa’s e-commerce store builder gives you everything you need to sell online.
Finance And Investment Service
Of course financial and investment services are among the top industries with billionaires. The financial industry accounts for 14% of the world’s billionaires. Individuals who have skills in deploying and growing money, are those who are behind some of the most prosperous worldwide ventures.
If you think about it all the money in the world is managed by financial institutions, the majority of people also transact their money through a form of financial institution. Most of history’s economic crisis often begins with the financial industry such as the 2008 global financial crisis. By the same token, the majority of the world’s economic affluence also comes from the same industry that’s, why it’s not unusual that a lot of fun tech startups are being established all over the world such as Flutter Wave, Bamboo, and Pesa in Africa.
I hope I have encouraged you to pursue a business not only because it makes the most money, but also because it interests you. If you can opt for an industry that gets you excited to wake up, work, and make lots of money, you’ve hit the jackpot.
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Sources:
https://gh.opera.news/gh/en/business/7788fc247f6cbf5a5a0e42305a84ca54
https://due.com/blog/25-businesses-will-make-millionaire-5-years/
https://bontinel.com/index.php/2022/04/12/9-industries-that-will-most-likely-make-you-a-millionaire/