Financial Services might make the most millionaires, but it’s not the only way.
There are other industries where people are making big money. Let’s explore these fields and see where else millionaires are coming from!
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Financial Services
Almost any higher management position in financial services has the potential to make you a millionaire. The average salary for a Bank CEO in the US is $391,000 per year but in the 20 largest banks, it is around $18 million.
Besides CEOs, other high-level roles in this sector also offer substantial earning potential.
Financial Services Managers, for example, earn an average salary of around $73,756 annually, with their earnings ranging between $48,000 and $116,000. And when you consider the whole industry, the average base salary is approximately $88,000 per year.
Medical filed
Professionals in the medical sector, especially those in specialized roles or high-demand areas, earn multiple six figures.
For example, anesthesiologists, one of the highest-paid professions in medicine, earn an average annual salary of $302,970. Surgeons and physicians also earn high salaries, with average earnings of $229,300 per year. Even in nursing, specialized roles like Nurse Anesthetists (CRNA) bring in an average of $203,090 annually.
The earning potential varies widely depending on the specific medical profession and level of specialization. For instance, a Pediatrician earns around $190,350 per year, while a Chief Nursing Officer makes about $140,763 annually.
Top practitioners and leaders in the medical field, such as successful surgeons and hospital executives, can earn significantly more, often reaching into the millions.
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Energy
The energy sector is intertwined with every aspect of the global economy. From traditional resources like oil and gas to renewables like solar and wind, this industry taps into a constant demand for power.
People working in energy, especially in higher-level positions or in profitable niches like oil exploration, renewable energy technology, or energy trading, often earn high salaries. For instance, the median pay for renewable energy jobs in the United States is around $106,030 per year, with additional earnings potentially reaching $66,587 per year.
Top executives and successful entrepreneurs in this field can earn millions.
Technology Industry
Over the past few decades, the Tech industry has progressed rapidly, emerging today as one of the biggest industries to excel as a millionaire.
The tech industry thrives due to its constantly changing nature and creates new opportunities for creative thinkers and entrepreneurs.
Employees working in the tech industry have an average annual income between $60K-362K, exceeding pay structures in other industries by a margin.
Sports
In sports, top athletes can earn millions from salaries, endorsements, and sponsorships. This high earning potential extends to roles like sports managers and agents.
However, the path to financial success in sports is challenging and not guaranteed, with a small percentage of athletes making it to the professional level.
Careers in sports are typically short, and while the industry produces many millionaires, the success rate is relatively low compared to other fields.
Pharmaceutical Industry
In the pharmaceutical industry, professionals can earn high salaries, especially in roles related to drug development, research, and executive management.
Pharmaceutical Scientists, for example, have an average salary of about $80,974 per year, while roles in major cities have higher wages, such as $125,805 in San Francisco. Executives, like Pharmaceutical CEOs, can earn up to $427,875.
Pharmaceutical Sales Managers also see significant earnings, with an estimated total pay of around $147,748, especially when dealing with specialized or high-cost medications.
Media & Entertainment
Successful individuals in this field, such as top actors, directors, producers, musicians, and media executives, can earn significant wealth through salaries, royalties, and profit-sharing from successful projects.
The industry’s influence is amplified by digital media, streaming services, and global distribution networks, which have expanded revenue streams.
While there are high-earning opportunities, just like in sports, your odds of being broke are much higher in this field than in some other fields.
Consulting and Professional Services
As expected, this industry produces a lot of millionaires, as becoming a consultant typically requires being a proven expert in the field, and many have likely reached millionaire status before transitioning into consultancy.
In this sector, a Professional Services Consultant earns an average salary of $82,870 per year, while a Professional Consultant can make around $110,435 annually.
Specialized roles like Consulting Managers and Directors have even higher salaries, averaging $120,000 and $140,000, respectively.
Real Estate
Property moguls have been making millions for centuries, largely through constructing, owning, and renting out real estate. This industry is a powerful wealth generator, particularly in Europe, where a substantial portion of generational wealth is often tied to property assets.
Individuals involved in property development, real estate investment, and large-scale property management often accumulate significant wealth. Their success typically stems from strategic investments in good locations, profitable management of rental properties, and smart development projects.
Unlike typical salaried positions, the wealth in real estate is usually built through capital gains, rental income, and the increasing value of property over time, contributing to the creation of millionaires and the sustainment of generational wealth.
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Hi, I’m Ashley a freelance writer who’s passionate about personal finance. Ever since I was young, I’ve been fascinated by the power of money and how it can shape our lives. I’ve spent years learning everything I can about budgeting, saving, investing and retirement planning. So if you are looking for tips, advice, or just a little bit of inspiration to help you on your financial journey, you have come to the right place. I am always here to help, and I am excited to share my passion for personal finance with you.