Are you familiar with the game show Who Wants To Be A Millionaire? The popularity of the game show and numerous other shows where people win money for their participation shows you just how desperate people are to make money.
However, did you know that the shows that reward people for participating in whatever challenges they set up make far more money than they give away? You would actually have a better chance of making a million by starting your own show as opposed to participating in one, which is how millionaires think.
The only people in the world who do not want to be millionaires are the billionaires, since a million dollars to such people is just pocket change. However, for the rest of us, making a million dollars is a dream that we would all want to wake up to one day, and the great news is that it is actually possible.
The biggest obstacle to becoming a millionaire or even a billionaire is fear. Fear will never let you quit that low-paying and highly stressful nine-to-five job that gives you just enough money to make it through to the end of the month.
If you truly want to become a millionaire you have to take the first step towards getting there and finding out how numerous other people have gotten there is a reasonable first step. This article lists down the top 15 businesses that make the most millionaires and billionaires in the world.
Do not expect to make a million dollars in your first month of starting a business in any of the industries below, but you can be sure that persistence, innovation, and a bunch of other good qualities will get you a million and even more in time.
Which business here below can you actually start?
15. Sports Businesses
One of the highlights of the weekends as well as some weeknights is that people, especially men, get the opportunity to watch their favorite teams, as well as individuals, battling for glory. Sports is a big deal in all regions of the world, making it a lucrative business not only for sportsmen and women, but more so for promoters, managers, owners of teams, betting agencies, and everyone else involved in the industry. You probably aren’t surprised to know the millions of dollars top sportsmen and women make every year, amounts that most people will hardly ever get their hands on. Sports is, therefore, one of the businesses you can make millions, whether you can play or not.
14. Renewable Energy Businesses
Although fossil fuels still command the lion’s share in the energy business, the use of renewable energy is growing so fast that it will soon surpass the fossil fuel dominance. Clean and renewable energy are the future of the world, and some entrepreneurs have begun reaping huge profits by investing in them. The current trend of businesses going green in as many operations as possible is a great sign that the renewable energy industry is and will continue to be one of the fastest growing industries in the world. Furthermore, renewable energy sources will win over the market because they are likely to be cheaper and are definitely friendlier to the environment in comparison to fossil fuel.
13. Communications Businesses
It is likely that everyone you know above the age of 15 years old owns a phone. Think about how terrible it would be if you found yourself in a place without any network coverage for a few days; it makes you wonder how people survived without the smartphones we have today. This dependence on phones opens up a huge market for communication businesses, since everyone needs to communicate. Communication companies might make a few dollars from an individual in a day, but when you multiply the few dollars with each company’s customer base of millions of subscribers, you get to understand how these companies make billions of dollars in profits and millions and billions for their owners.
12. Transportation businesses
Transportation plays a vital role in every economy, because it makes it possible for people, goods, and services to move to the desired destination and to facilitate trade. Transportation is a part of almost every business process, making it extremely important to the economy and the actualization of business and commerce. The various means of transport that people invest in include boats, different types of vehicles, trains, and planes. Although you can make millions from investing in any of those means of transportation, most people consider investing in air travel as a sure winner. Business persons will not mind parting with a lot of money to fly conveniently to a meeting halfway across the world and back in a private jet.
11. Agriculture Businesses
A country can survive without some of the top businesses on this list, but it will not survive without agriculture. Agriculture is a country’s source of food and since everyone eats at least a meal a day, agriculture is a business with a ready market regardless of where you are. Even though most millionaires and billionaires who make their money from agriculture invest in large-scale production, they all had to start somewhere. Agriculture has a ready market and everyone interested in it can make millions, especially with the use of modern tools, equipment, and methods. Some of the leading agriculture businesses in the world include Bernard Matthews Farms, BASF, and AVEBE.
10. Natural Resources And Mining Businesses
You must have noticed that the countries that exploit their minerals and make use of their natural resources are either incredibly rich or are constantly at war. The main reason for that is because minerals are incredibly precious and their demand far outweighs their supply, making the mining and natural resource extraction businesses very lucrative. If oil and mineral rich countries make billions of dollars from taxing the companies that engage in mining and natural resource extraction, then how much more do the business owners make. Although venturing into this kind of business requires a lot of capital, the returns are enough to make the owners millionaires.
9. Healthcare Businesses
The healthcare industry is one of the fastest growing sectors of most economies the world over, since more than any other time in history, people are going out of their way to attain or maintain good health. Businesses in healthcare include hospitals, health maintenance organizations, biotechnology firms, and the like. Aside from seeking treatment for some of the deadliest diseases out there, people are willing to pay anything to lose weight, to enhance their appearance, and even to live longer. The beneficiaries of these needs and desires that people have are the healthcare businesses, a sector that is making millionaires and billionaires every year.
8. Manufacturing Businesses
Many people fear getting into the manufacturing business because someone needs a lot of capital to set up a manufacturing plant and all the equipment and labor that comes with it. However, regardless of how capital intensive this line of business might be, the profits that come flooding in are enough to make the bosses millionaires and billionaires. Manufacturing businesses use a combination of raw materials to come up with finished products, products that they sell at the current market rate or at whatever price they want. Some of the biggest and most profitable manufacturing businesses include Toyota, Volkswagen, Samsung, and General Electric among others. Even smaller manufacturing companies have produced numerous millionaires.
7. Real Estate And Construction Businesses
Real estate and construction are some of the most profitable businesses to venture into, because the demand for land, housing, and office space far surpasses the supply. Land appreciates exponentially over a short period and this makes it a very attractive investment especially for people with the financial muscle to buy huge chunks of land. Furthermore, individuals or companies with enough money to purchase land, construct housing units or office space, and then sell or rent it out to the public are sure to smile all the way to the bank as soon as the project is complete. Although some people claim that this line of business is only for the wealthy, many people have moved from rags to riches through investing in real estate and construction.
6. Accommodation And Food Services Businesses
Everyone knows the traditional and immediate basic needs of every individual are food, shelter, and clothing, although the list is slowly growing to include technology. One way to become a millionaire is to start a business that provides for basic human needs, which is the reason why the accommodation and food services businesses rank so highly. Business establishments that provide customers with accommodation, meals, and snacks for immediate consumption such as hotels, and restaurants make a lot of money. 5-star hotels and the best restaurants make the most money in this line of business, and consequently make the most millionaires. The owners and managers of these businesses take home the millions, while the workers at the bottom earn just a small fraction.
5. Entertainment And Recreation Businesses
You must have heard the saying “All work and no play makes Jack a dull boy.” Most people around the world live by that code, and it contributes to making them even more productive in their work. The entertainment and recreation businesses out there tap into the desire for people to take a break from their regular schedules and have some fun. The great thing about this line of business is that even the business owners have a lot of fun in the process of making money, a kind of a win-win situation for the business owners and entertainers. People hardly ever complain about the cost that they have to pay for quality entertainment and recreation, one of the reasons why numerous people have become millionaires and even billionaires by investing here.
The best gift that a parent can give to his or her children is an education, because education opens up doors that hardly anything else can. Furthermore, for people to find employment or advance to the next pay grade, they have to go back to school to further their education. A good number of the education millionaires are the lecturers and professors in universities and colleges, but the filthy rich are the owners of private schools and private universities and colleges, who take advantage of the high demand for education, which they offer at a fee. Education is profitable all round since you can acquire skills that can make you millions or you can own a school and make millions.
3. Technology Businesses
Gone are the days we used to think that technology was the future, because whether we want to admit it or not, technology is the present. Hardly will an individual spend a few hours during the day without interacting with technology, especially the communication technology type. Whether you are thinking along the lines of Fortune 500 technology companies such as Google, Apple, Microsoft, and Amazon, or lesser known technology companies and IT providers, there is no denying that technology breeds millionaires and billionaires. Furthermore, technology keeps advancing and the consumers, who are the bigger percentage of the human race, want to keep up with the trends without minding so much about the cost.
2. Wholesale, Retail, and Fashion Businesses
The first thing that people do when they receive their salaries is to buy stuff. Although financial advisers encourage everyone to save and invest first, eventually every income earner has to come to the point where he or she will spend, and here is where the wholesale, retail, and fashion industries come in. Individuals buy whatever they need in retail stores, which in turn buy everything in bulk from wholesalers. People, who understand just how important the sale of goods is, make millions beyond most people’s wildest dreams. The fashion industry, whether in wholesale or retail makes money in that way, where everyone involved between the manufacturer and the consumer makes so much money from the slightest value addition.
1. Financial Services Businesses
Do you want a sure way to becoming a millionaire or a billionaire? Start a Bank. Financial services businesses are undoubtedly the leader when it comes to making millionaires and even billionaires. The businesses that provide financial services include banks, stock brokerages, insurance companies, credit unions, consumer finance companies, credit-card companies, accountancy companies, and the like. Financial service businesses hold almost all the money in any economy and in addition to charging fees for their services, these have the advantage of investing and making more money using other people’s money. Examples of well-known financial services companies with the largest revenues include Berkshire Hathaway (USA), AXA (France), American Express (USA), Allianz (Germany), ICBC (China), and HSBC (UK).