By Brian McKay
Before we kick off this post, it’s important to establish one important thing. If you have plans to start a business, you should never do so just to chase the money. Few successful business owners that went on to become billionaires never set out to make a fortune - they followed their passions and solved problems. It’s this that will make you rich - not dreaming of sipping cocktails on a yacht in the Caribbean.
That said, an inspiring idea that works for a particular sector of industry is likely to pay off a lot more than it will for others. And if you want to increase your percentage chances of joining the select few billionaires that inhabit the planet right now, it makes sense to follow their lead a little. With this in mind, let’s take a look at some of the industries that have made the most people filthy rich.
Got a great product idea? If so, perhaps it might help you join the ranks of the 157 billionaires that made their money from making stuff. You’ll need a lot of capital to get started, as there is a lot you need to invest in before you even turn on the power. Machinery, robotics, safety equipment, testing devices - the list is endless. And as JTC Inc. point out, even basic painting and decorating is a little more complicated when it comes to industrial businesses. However, if you can meet that investment, there are rewards to be had, and you could be the next Li Hejun or Georg and Maria-Elizabeth Schaeffer, who are worth almost $70 billion between them.
The real estate industry is huge. Really, really huge. Or, should that be ‘yuge?’ We all know one particular real estate billionaire who has even managed to put his feet up in the most influential and iconic properties in the world. But, the less said about that guy, the better. There are another 162 billionaires in real estate, and it’s the third largest source of wealth for the ultra-rich. Again, you will need a lot of capital to get started, as well as something of a ruthless streak. Investing in commercial properties is probably the most efficient way to go, although there are plenty of residential landlords who have large rosters of properties. If you can tap into the real estate market with a brilliant business idea, there is a lot of money to be made.
Finance and Investment
It makes sense that the people who deal with money make the most money. And finance and investment is by far and away the biggest industry for billionaires - there are currently 267 of them sitting pretty on Kilimanjaro-sized mountains of cash. It’s an exciting time to get involved with the world of finance these days, too, particularly if you are in the field of FinTech. Many up and coming companies are starting to arrive on the scene and disrupt the old guard, and the sector is open for many others, too.
So, there you have it - if you want success for your business, it’s more likely to happen in these fields, as that’s where the money is. Good luck!