In this article, we will look at the 10 best industries to work in according to billionaires. If you want to skip our detailed analysis, you can go directly to the 5 Best Industries to Work In According to Billionaires.
Tech Dominance and Surge in Billionaires’ Wealth in 2023
Billionaires contribute massively to the global economy through their companies and investments. Billionaires help build industries with their mindset, ambition, and capital, leading them to innovation and technological advancement. According to the UBS Billionaires Ambition Report, more than 68% of the billionaires with inherited wealth aim to expand the businesses and industries established by their forebears. While 60% of the billionaires want to innovate and empower future generations to gain from their wealth. The new generation of billionaires has ideas of their own and modern-day technologies are transforming the ideas of today’s billionaire heirs. Today’s billionaires think differently and are up against severe business challenges. First-generation billionaires are concerned about various business risks. Almost 66% of the first-generation billionaires are bothered about the US recession and 62% about geopolitical crises. Inflation, supply chains, and prices of raw materials remain another major concern for most billionaires.
Despite the challenges ahead, we have new emerging industries, where billionaires expect huge growth potential. The advancement in technologies is creating new opportunities for corporations. For instance, the practical implementation of Artificial intelligence (AI) has changed the dynamics of global business. Automation and robotics are among the emerging industries and we are experiencing increasing investments in the sector. Almost 65% of billionaires see AI creating the largest commercial opportunities for their operating businesses. Applied AI and generative AI remain the top tech trends in 2023. According to Precedence Research, the global AI market is worth $538.13 billion in 2023 and is expected to reach $2.57 trillion by 2032, at a compound annual growth rate of 19%.
Global tech spending is increasing every year. According to a report by Forrester Research, Inc. (NASDAQ:FORR), global tech spending is projected to reach $4.4 trillion in 2023. The Middle East and Africa (MEA) and Asia Pacific (APAC) will record the fastest regional tech spend growth rate at 5.6% and 5.4% through 2024 and 2027, respectively. These regions will be followed by North America and Europe with an expected tech spend growth of 5.1% and 3.6%, respectively.
The wealth of billionaires globally has increased in 2023 compared to a drop in 2022. Billionaires’ total wealth jumped by 9% from $11 trillion in 2022 to $12 trillion in 2023. The total number of billionaires increased by 7% from 2,376 in 2022 to 2,544 in 2023. Billionaires do not only make money themselves but also create employment and growth opportunities for other businesses.
Best Industries According to Billionaires
In 2023, we have seen how companies have adopted emerging technologies such as AI, Metaverse, Autonomous Systems, and Web3 – to name a few. AI has been the standout among all industries as companies are racing to release new AI features continuously. Tech giant Microsoft Corporation (NASDAQ:MSFT) is making huge strides in the AI space.
On October 31, Microsoft Corporation (NASDAQ:MSFT) announced its partnership with German multinational firm, Siemens AG (ETR:SIE), to expand cross-industry generative AI adoption worldwide. The companies are launching Siemens Industrial Copilot, a jointly developed AI assistant that will improve human-machine collaboration in manufacturing. On this collaboration, the CEO of Microsoft Corporation (NASDAQ:MSFT), Satya Nadella said:
“With this next generation of AI, we have a unique opportunity to accelerate innovation across the entire industrial sector. we’re building on our longstanding collaboration with Siemens and bringing together AI advances across the Microsoft Cloud with Siemens’ industrial domain expertise to empower both frontline and knowledge workers with new, AI-powered tools, starting with Siemens Industrial Copilot.”
On November 29, Microsoft Corporation (NASDAQ:MSFT) announced its collaboration with the United Nations to support the UNFCCC with a new AI platform and global climate data hub. Microsoft Corporation (NASDAQ:MSFT) will help the UNFCCC to measure and analyze global progress in reducing emissions through an AI-powered platform. Microsoft Corporation (NASDAQ:MSFT) will create Global Climate Dashboards for publication on UNFCCC website.
Automation and robotics is another fast-growing industry. Swedish-Swiss multinational corporation, ABB Ltd (OTC:ABBNY) is one of the biggest firms operating in the automation and robotics industry. ABB Ltd (OTC:ABBNY) is also one of the top robotics stocks billionaires are loading up on. On November 13, ABB Ltd (OTC:ABBNY) announced its agreement with Samsung C&T Corporation (KRX:028260) to expand building capabilities through holistic building automation. Both companies will integrate their technologies to enhance smart connectivity for multi-dwelling residents and provide them with a single-user interface for building automation. ABB Ltd (OTC:ABBNY) and Samsung C&T Corporation (KRX:028260) will create new opportunities in automation and energy management for commercial and residential property managers.
Cloud computing is another notable and innovative industry seeing increased interest and investment. Amazon.com, Inc.’s (NASDAQ:AMZN) cloud services business, AWS, is the industry leader in cloud computing. On November 30, Amazon.com, Inc. (NASDAQ:AMZN) announced its strategic collaboration with the leading global online travel provider, Trip.com Group Limited (NASDAQ:TCOM). AWS will be Trip.com Group Limited’s (NASDAQ:TCOM) strategic cloud provider to improve the travel experience for international travelers. On November 30, Amazon.com, Inc.’s (NASDAQ:AMZN) AWS announced Chinese EV giant, BYD Company Limited (OTC:BYDDF), to be its latest cloud service client. AWS will support BYD Company Limited (OTC:BYDDF) for its connected vehicle platform to expand its global operations.
These are some of the leading industries and companies where billionaires expect the biggest opportunities going forward. Data engineers, big data specialists, robotics engineers, fintech engineers, information security analysts, business intelligence analysts, sustainability specialists, and AI and machine learning specialists are some of the hot jobs that will be in demand in the next 5 years.
Now, let’s have a look at the best industries to work in according to billionaires.
10 Best Industries to Work In According to Billionaires
Our Methodology
To compile our list of the best industries to work in according to billionaires, we took data from the UBS Billionaires Ambition Report 2023. The list is ranked in ascending order of the technologies offering the biggest commercial opportunities for the operating businesses over the next 12 months according to billionaires.
Note: For the market projection and market size, we obtained our data from sources including MarketsandMarkets Research, Fortune Business Insights, Precedence Research, Next Move Strategy Consulting, and the Business Research Company.
10 Best Industries to Work In According to Billionaires
10. Metaverse
Commercial Opportunities as Per the Billionaires: 4%
Metaverse is one of the best industries to work in according to billionaires. The global metaverse market is projected to be worth $83.9 billion in 2023, as per MarketsandMarkets Research. The market is estimated to reach $1.30 trillion by 2030, growing at a compound annual growth rate of 48%. Metaverse is considered to be the next big thing in the internet world, driven by virtual and augmented reality.
9. Smart Agriculture
Commercial Opportunities as Per the Billionaires: 13%
Smart agriculture is managing farming with modern technologies through IoT, robotics, AI, and big data, among others. The purpose of this technology is to increase the efficiency and productivity of the agriculture industry. According to MarketsandMarkets Research, the smart agriculture market is expected to reach $25.4 billion by 2028 from $16.2 billion in 2023. Smart agriculture ranks ninth on our list of the best industries to work in according to billionaires.
8. Fintech
Commercial Opportunities as Per the Billionaires: 21%
Fintech is the integration of financial industry and technology, which involves financial institutions using modern technology to offer financial services. According to Fortune Business Insights, the fintech market is estimated to reach $882.30 billion by 2030, growing at a compound annual growth rate of 17% from 2023 to 2030. Fintech is one of the in-demand industries and makes it to our list of the best industries to work in according to billionaires.
7. Clean Energy
Commercial Opportunities as Per the Billionaires: 21%
Clean energy or renewable energy is the generation of power and energy through renewable and zero-emission resources. As per Next Move Strategy Consulting, the clean and renewable energy market is projected to reach $1.45 trillion by 2030, growing at a compound annual growth rate of 23.6% from 2022 to 2030. Clean energy is one of the best industries to work in according to billionaires.
6. Cybersecurity
Commercial Opportunities as Per the Billionaires: 29%
Cybersecurity is one of the fastest-growing technologies. With the increasing risks of digital security, the demand for cybersecurity analysts continues to rise. Cybersecurity plays a vital role in detecting and blocking malware attacks and saving highly classified data for organizations, governments, agencies, and individuals. The global cybersecurity market is projected to be worth $172.32 billion in 2023, as per Fortune Business Insights. The cybersecurity market is estimated to reach $424.97 billion by 2030, exhibiting a compound annual growth rate of 13.8% from 2023 to 2030. Cybersecurity ranks among the best industries to work in according to billionaires.
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Disclosure: None. 10 Best Industries to Work In According to Billionaires is originally published on Insider Monkey.
