If you want to get rich, try to go to work on Wall Street or in a related area such as investment banking or hedge funds. Finance related businesses still offer the best ticket to get wealthy.
The industry that produces the most billionaires is financials, which includes stocks, hedge funds, banking and related fields. Over one fifth, or 148 of billionaires on the Forbes list got their money through investing. That includes such luminaries as Warren Buffett, George Soros, Carl Icahn, and Seth Klarman.
Men that like to laugh at the fashionista ladies might think again. Fashion is the second most common industry that elevated working folk to the billionaires’ club.
Kevin Plank amassed a $1.2 billion fortune by making Under Armour t-shirts. Tory Burch became a billionaire selling “preppy Bohemian” women’s wear. If you look at the Forbes list, fashion and retail were right behind investments in the billionaire creation category. One hundred forty-six of those on the list got rich through fashion and other means.
However, there are still other top businesses to get wealthy. It seems old fashioned, but the real estate business is still also a really good means of making fortune. Of the 500 people on Forbes’ ranking, 129 made their billions through real estate. If you like buying and selling property and you have the resources and ability, flipping or developing properties can still make you a fortune.
A degree from the Culinary Institute of America could be just as valuable as a degree from Harvard Business School or Stanford to get wealthy in business. Around 100 of the Forbes 500 made their wealth by creating tasty foods and drinks.
Hamdi Ulukaya made his fortune by introducing Greek yogurt to American refrigerators in the form of Chobani. People love to eat, and the success of Chipotle shows they’re still willing to pay extra for tasty treats even in a very lousy economy.
An interesting discovery is that the technology business is not automatically a key to wealth. Only 95 of the world’s billionaires worked in the technology business. Yet as individuals as diverse as Steve Jobs, Bill Gates, Elon Musk, and Oracle’s Larry Ellison have proved, you can make a fortune introducing the right technology at the right time.
The good news is that you can still make billions without having to know a thing about computers or software. You can also make billions by knowing a lot about computers or software.
Finally, all of the Forbes 500 billionaires have one thing in common. They all know a lot about the industries that they work in. Anybody can get rich in almost any industry if they understand it well and have a lot of knowledge about the field.
If you want to get wealthy, get to know as much about a particular industry as you can. Understanding a particular business well is more important than knowing which industries produce the big bucks.