Manufacturing creates most billionaires in last decade

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Manufacturing creates most billionaires in last decade

•Tech billionaires lead in wealth value

By Yinka Kolawole

The manufacturing? sector created the highest number of billionaires in the last decade, according to a list sourced from the Knight Frank Wealth Report.

The list which highlights the top 10 industries that produced the highest number of new billionaires between 2014 and 2024 shows that Manufacturing leads with 509 new billionaires, fueled by global industrial expansion and an additional 277 in Food & Beverage based on shifting consumer preferences.

However, in total wealth value, billionaires in the Technology industry (totaling 443) saw the most significant surge, with their collective wealth tripling from $788.9 billion in 2015 to $2.4 trillion in 2024 boosted by AI, fintech, and e-commerce, with nine tech billionaires, notably, accumulating wealth exceeding $50 billion each, surpassing any other industry.

Other top 10 money-making industries that created billionaires during the period include: Finance & Investments (353) thriving on stock market gains and crypto;

Fashion & Retail (318) benefitting from e-commerce and luxury trends, while Healthcare (284) thrived on biotech and pharmaceutical innovations.

Others are Real Estate (228) which grew through urbanization and high-value properties; Diversified (206) billionaires profiting across multiple industries;

Media & Entertainment (110) surging with streaming and digital platforms, while Automotive (101) boomed with EVs and autonomous tech.

The report noted that rapid advancements in technology, evolving consumer behaviors, and global economic shifts have shaped the financial landscape, making certain sectors more lucrative than ever.

As industries continue to innovate and expand, the next decade may see new sectors emerging as dominant players in billionaire creation.

The post Manufacturing creates most billionaires in last decade appeared first on Vanguard News.

Source: Manufacturing creates most billionaires in last decade