Top Industries That Breed Millionaires
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Top 15 Industries That Breed Millionaires

  • Entrepreneurs are known to have many qualities—persistence, leadership skills and a never-say-die attitude, to name a few. But even with those skills, even the most successful entrepreneurs have made their share of mistakes—and sometimes catastrophically. Robert Jordan, author of How They Did It: Billion Dollar Insights from the Heart of America (RedFlash Press $24.95) spoke with 45 successful entrepreneurs to gain an understanding of what it takes to successfully launch and grow a business.
  • Among those featured is Joe Mansueto, founder of Morningstar, who sold the company for $2 billion, Raj Soin, who launched Modern Technologies Corporation (MTC) before selling it to BAE Systems for $425 million, and others who have taken their companies public in billion-dollar transactions. To be included in the book, they had to launch, grow and sell a company for approximately $100 million or go public for at least $300 million and had to be self-made, according to Jordan. “So the range ended up so that at the low end, Viresh Bhatia sold InstallShield for about $78 million and the high end was Dane Miller, who took Biomet private for $12 billion.”
  • But what mistakes did these multi-millionaires make along the way and what can be learned from them? Read on... —Alan Hughes
  • (Image: Shutterstock)

    We’ve all heard the phrase, “Work smart, not hard.”

    It turns out some industries are better suited to churning out millionaires than others. Some might argue that these days it doesn’t matter what you do, it’s where you do it. While the struggle continues for equal pay in offices across the country, it may be the right time to look into which industries actually offer a better chance of producing enormous wealth for the lucky few Americans that can get their foot in the door.

    RELATED: Check out breakdown charts below.

    So which industries create the most female millionaires and which ones mint the most male millionaires?

    The folks at leading wealth consultancy company WealthInsight provided the website Spear’s with exclusive data outlining the industries that currently breed the most male and female millionaires.

    According to their statistics and computations, the top industry for producing female millionaires is the media industry. That’s followed by the financial services and investments sector.

    Male millionaires? The financial services and investments sector leads, accounting for 16% of all male millionaires. It’s followed by the expanding tech industry and then manufacturing and retail.

    The point of this article is two-fold. To acknowledge the ever-increasing numbers of female millionaires globally and the fields and industries where they actually make their money. Female millionaires dominate newer industries, like media, retail, fashion, hotels, and restaurants and leisure. Industries such as basic materials – which covers mining and agriculture -and manufacturing remain the stomping grounds of male millionaires.

    RELATED: Maryland Home to Most Millionaire Families in USA; Tops in Black Families

    Here’s a chart breaking the industries down for females.

    Percentage of female millionaires per industry:

    (Image: WealthInSight)

     

    The chart for the industries that produce the most male millionaires is on the next page:


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