Wealth and power often go hand in hand, with billionaires wielding immense influence in the global economy.
These ultra-wealthy individuals accumulate their fortunes across various industries, with some sectors proving to be more lucrative than others.
As of November 2024, Forbes compiled a list of the top five industries that have produced the highest number of billionaires. At the forefront is the finance and investments sector, home to nearly one in six billionaires, or just over 15% of the list.
1. Finance & Investments
The finance and investments industry remains the strongest wealth-generating sector, boasting 427 billionaires—representing 15% of the global billionaire population. This sector includes individuals who have made their fortunes through investment management, banking, and capital markets.
A notable figure in this category is Warren Buffett, chairman and CEO of Berkshire Hathaway, whose net worth stands at $147.6 billion. Buffett saw his wealth rise by $27 billion, thanks to the surge in Berkshire Hathaway’s stock and his expertise in value investing.
New entrants to the billionaire ranks in this sector include Ben Navarro of Sherman Financial Group and Cristina Junqueira of Nubank. Collectively, finance billionaires hold a staggering $2.17 trillion in wealth.
2. Technology
The technology industry follows closely, ranking second with 342 billionaires—12% of the total list. This sector is home to the wealthiest individuals, with a combined net worth of $2.6 trillion.
Amazon founder Jeff Bezos continues to dominate, alongside Mark Zuckerberg, whose wealth saw a significant $116.2 billion increase in just one year. The tech sector is fueled by innovations in software, internet services, and hardware development.
Among these industry giants, Oracle co-founder Larry Ellison leads with a net worth of $231.3 billion, making him the wealthiest in the technology space.
3. Manufacturing
With 328 billionaires, also representing 12% of the list, the manufacturing sector holds the third spot. This industry saw the highest number of new billionaires in 2024, including the Chao family of Westlake Corporation and Don Levin of D.R.L. Enterprises.
Manufacturing billionaires have built their fortunes in industrial production, machinery, and consumer goods. The richest individual in this sector is Reinhold Wuerth, chairman of Wuerth Group, a leading producer of screws and fasteners, with a net worth of $35.9 billion.
4. Fashion & Retail
The fashion and retail industry ranks fourth, producing 285 billionaires—10% of the list. This category includes renowned designers and retail magnates, such as Christian Louboutin, famous for his signature red-sole shoes.
The sector’s wealthiest individual is Bernard Arnault, chairman and CEO of LVMH, with a net worth of $157.6 billion. LVMH, a global leader in luxury goods, oversees prestigious brands like Louis Vuitton, Christian Dior, and Moët & Chandon.
5. Food & Beverage
Rounding out the top five is the food and beverage industry, which has produced 210 billionaires, accounting for 8% of the list. This sector spans everything from bottled water to large-scale food production.
The richest person in this industry is Zhong Shanshan, chairman of Nongfu Spring, with a net worth of $51.2 billion. His company dominates the bottled water market and has expanded into pharmaceuticals through Beijing Wantai Biological Pharmacy.
This sector also features newcomers like Todd Graves, founder of Raising Cane’s, and notable figures like Aliko Dangote, the world’s richest black man, whose investments in sugar and flour have significantly contributed to his wealth.
Conclusion
While billionaires emerge from various industries, finance, technology, manufacturing, fashion, and food remain the dominant wealth generators. These sectors not only shape the global economy but also reflect evolving market trends and investment opportunities.
