Which industries yield the most billionaires?

By Minh Hieu April 30, 2024 | 05:00 am PT

427 billionaires amassed their fortunes in the finance sector, making it the industry that yields the most billionaires, followed by technology, manufacturing, retail, and food and beverage, according to Forbes.

1. Finance & Investment

Warren Buffett at a Berkshire Hathaway's shareholder meeting. Photo by Reuters

Out of the 2,781 billionaires featured in Forbes’ 2024 list, 427, or 15%, of them derived their wealth from the finance industry.

Of these, 37 individuals achieved a ten-figure net worth within the last year.

The biggest name in the sector is Warren Buffett, 93, who has a net worth of US$133.6 billion as of April 26.

Buffett is the chairman and CEO of holding company Berkshire Hathaway, which currently holds investments totaling $347 billion in 41 businesses, including renowned entities like Apple and Coca-Cola.

2. Technology

Amazon founder Jeff Bezos arrives at the Vanity Fair Oscar Party on March 12, 2023, in Beverly Hills, California. Photo by AP

The number of billionaires within the technology industry increased by 29 from the previous year to 342 this year, elevating it from the third to the second most popular sector for billionaires.

Tech billionaires now represent 12% of Forbes’ list, with Jeff Bezos, 60, founder of e-commerce giant Amazon and owner of The Washington Post and rocket company Blue Origin, leading the group.

He boasts a net worth of $192.1 billion as of April 26.

3. Manufacturing

Reinhold Wuerth, chairman of Wuerth Group. Photo courtesy of the company

The manufacturing industry welcomed 49 newcomers this year, the highest among all sectors.

This influx brought the sector’s billionaire headcount to 328, representing 12% of the Forbes list.

The wealthiest among them, with a $34.6 billion net worth as of April 26, is Reinhold Wuerth, 89, chairman of fastener and screw producer Wuerth Group.

Wuerth took over the family business in 1954 when he was just 19, according to the company’s website.

4. Fashion & Retail

LVMH chairman and CEO Bernard Arnault speaks at a press conference on Jan. 25, 2024. Photo by Reuters

The fashion and retail sector constitutes 10% of this year’s list with 285 billionaires, up 19 from 2023.

Bernard Arnault, 75, continues to be the most affluent individual in the sector, and in the world, thanks to his $212.3 billion net worth as of April 26.

Arnault serves as the chairman and CEO of French luxury behemoth LVMH, which owns 75 high-end brands spanning clothing, perfume, jewelry, watches, and wine.

5. Food & Beverage

Zhong Shanshan, founder and chairman of Nongfu Spring. Photo courtesy of the company

The food and beverage industry’s 210 billionaires make up 8% of the 2024 list.

The sector saw several newcomers, notably Todd Graves, founder of the fast-food chain Raising Cane's, whose net worth is estimated at $9.1 billion as of April 26.

Graves is the richest among the new American billionaires this year.

Zhong Shanshan, 69, founder and chairman of bottled water producer Nongfu Spring, took the top spot in the industry with a net worth of $65.6 billion as of April 26.

He is also China's wealthiest billionaire.