Didn’t Hit Powerball? Try Working in Finance
Aside from winning Powerball, the surest route to becoming a multi-millionaire in America seems to be working on Wall Street and in financial services.
A new study from WealthInsight found that financial services produced more multi-millionaires than any other industry in 2011. It measured the number of people in the United States worth $ 30 million or moreand found that there are more than 30,000 such ultra-high-net-worth individuals in the United States.
Nearly one fifth of them – or more than 6,000 — made their money in financial services, according to the study. Not surprising, perhaps, given all the bankers, hedgefunders and private-equity guys who have made millions in over the past decade.
But the number two industry was less predictable – manufacturing. Manufacturing produced more than 6,000 of the country’s multi-millionaires. Next came transport and logistics, followed by tech and telecom and the media.
The industries that posted the fastest growth in millionaires were slightly different. Retail and fashion showed the largest growth in multi-millionaires. That was followed by energy and utilities and then tech and telecom.
All of which goes to show that while tech and finance may get all the attention for producing new millionaires and billionaires, the old-school businesses like clothing, manufacturing and utilities still produce a lot of new wealth in America.