There are currently 2,755 billionaires in the world with a total net worth of $13.1 trillion. This elite group represents the richest of the rich globally and includes people from various industries ranging from fashion to technology to medicine.
As the world continues to evolve, so do money-making ideas. So if you’re aiming to be the next billionaire, here are the top industries where the next generation of billion-dollar ideas are most likely come from.
Fossil fuel has been in existence for over a century. During that time, it has powered the world’s economy and made many billionaires. But climate change and global warming mean the world is looking to replace it with something more sustainable.
Renewable energy has emerged as the next frontier, and the growth potential is substantial. Currently, most of the world still relies on fossil fuels for energy, but that will change in the future. In 2018, renewable energy was responsible for 26.2% of global electricity generation.
That number is projected to reach 45% by 2040. For this to happen, the sector will need a massive influx of ideas and investments. Thus, any idea that could optimize renewable energy production, make it more accessible, aid storage, or generally improve that sector is profitable.
This industry is an offshoot of the renewable energy sector. But it’s massive enough to stand on its own. The need for a sustainable environment has necessitated the need for greener products.
Therefore, vehicles which are among the largest producers of pollution in the environment, are also one of the first products opting for clean energy. So far, the global electric market is projected to be worth $2.495 trillion by 2027.
Already, the sector has produced several billionaires, most notably Elon Musk. But it’ll produce more in the coming years as the demand for electric and hybrid vehicles will continue to increase.
Artificial Intelligence and Robotics
Machine learning is an emerging field capable of improving how businesses operate. Already, businesses have started integrating artificial intelligence into their processes.
Whether automated vehicles, food delivery, or communication services, AI and robotics are becoming lucrative fields. Thus, there are several opportunities within the sector to innovate your way to billions.
Fintech and Cryptocurrencies
The traditional financial system is clearly in need of innovation, and in the past few years, it has seen that on a massive scale. Disruptive ideas and technology are changing how things work, and those responsible for these ideas are becoming billionaires as a result.
This year, we’ve seen the likes of Vitaly Buterin of Ethereum, Michael Saylor of Microstrategy, the Winklevoss twins, Sam Bankman-Fried of FTX, and Brian Armstrong of Coinbase become billionaires through crypto. All these people and the other crypto billionaires made their money either by investing in crypto or building products such as blockchain networks or exchanges.
Given that the crypto and fintech industries are still in their nascent stages, there’s room for more innovative ideas and potential billionaires.
Another new sector that will birth billion-dollar ideas in the coming years is space travel. For several years, space travel was solely a government enterprise. It’s now open to the private sector, and this year alone, we’ve seen the race among billionaire-owned companies create cheap and commercialized space travel.
At the forefront are Elon Musk’s SpaceX, Richard Branson’s Virgin Galactic, and Jeff Bezos’ Blue Origin. While the sector is currently dominated by some of the richest men in the world, it’ll become more open as technology improves. Since it’s still in developmental stages, there are several opportunities for anyone to make billions from the industry with revolutionary ideas, and we’ll likely see that in coming years.
With less than 3000 billionaires in the world, it takes more than ideas to become a billionaire. But if there’s one thing common to most self-made billionaires, it’s that they were either early entrants into a sector or found a way to revolutionize it. Doing this will require ideas, and the five sectors above represent industries where these potential billion-dollar ideas are like to come from.