By Adegboyega Adeleye
Wealth and affluence are notable source of global power and influence and for the billionaires who command huge respect in the global economy, their fortune and luxury is often characterized by a variety of dominant industries.
Leading the way is the finance and investments sector, with nearly one in six billionaires, or just over 15%, amassing their wealth in the sector.
Here are the top 5 biggest industries for billionaires in 2024 as of November, compiled by Forbes.
1. Finance & Investments
The finance and investment sector is regarded as the powerhouse for wealth creation, with 427 billionaires, representing 15% of the list. The list includes a stellar cast of individuals who made their wealth by managing investments, operating financial institutions, and leveraging capital markets. Leading this sector is the chairman and CEO of Berkshire Hathaway, Warren Buffett, with a net worth of $147.6 billion. The billionaire added $27 billion to his wealth thanks to a surge in Berkshire Hathaway’s stock prices as well as his expertise in value investing and his long-standing leadership in the financial world.
The list also includes newcomers like Ben Navarro of Sherman Financial Group and Cristina Junqueira of Nubank. Collectively, these billionaires are worth $2.17 trillion, with Warren Buffett leading the charge.
2. Technology
The technology industry is regarded as the second industry with the most billionaires, with 342 billionaires, making up 12% of the list. Tech billionaires are the wealthiest of all sectors, with a combined net worth of $2.6 trillion. Jeff Bezos, founder of Amazon and owner of the Washington Post and rocket company Blue Origin, remains the richest in this group. Bezoz is followed by Mark Zuckerberg, whose wealth saw a massive $116.2 billion jump in just one year.
The fast-growing sector features billionaires rising from their involvement in software development, internet services, and technology hardware. Larry Ellison, co-founder of Oracle, is the richest individual in this industry, valued at $231.3 billion.
3. Manufacturing
The manufacturing industry ranks third, producing 328 billionaires, also at 12% of the list. The sector produced the most newcomers this year which include the Chao family of Westlake Corporation and Don Levin of D.R.L. Enterprises. As a major source of wealth, many of these billionaires have made their fortunes through industrial products, machinery, and the production of consumer goods.
Top on the list of billionaires in the manufacturing sector is Reinhold Wuerth, chairman of screw and fastener maker Wuerth Group, leading the category with a net worth of $35.9 billion.
4. Fashion & Retail
Fashion and retail is the fourth largest industry, with 285 billionaires, accounting for 10% of the list. The billionaires who make up this list include Christian Louboutin, the creator of the iconic red-sole shoes.
Bernard Arnault, the chairman and CEO of LVMH, is the wealthiest individual in this sector, valued at $157.6 billion. LVMH is a global powerhouse in luxury goods, managing iconic brands such as Louis Vuitton, Christian Dior, and Moët & Chandon.
5. Food & Beverage
The fifth on the list is the food and beverage sector which accounts for 210 billionaires, representing 8% of the list. The billionaire investors are involved in everything from bottled water to food production.
The richest person in this industry is Zhong Shanshan, the chairman of Nongfu Spring, with a net worth of $51.2 billion. His company’s dominance in the bottled water market, along with its expansion into pharmaceuticals, has placed him as a leading figure in the sector. He also controls the publicly-listed Beijing Wantai Biological Pharmacy.
The food and beverage industry billionaires features new faces like Todd Graves, founder of Raising Cane’s and we can also note the world’s richest black man, Aliko Dangote, who also invested in sugar and flour along his business journey.
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