It has become especially popular because it can potentially be a gateway to millionaire status. The famed wealthy entrepreneur Andrew Carnegie famously said more than a century ago, “Ninety percent of all millionaires become so through owning real estate.
Occupations that often produce many millionaires include entrepreneurship, finance and investment banking, technology, medicine, real estate, law, consulting, entertainment, sports, and high-level sales and marketing.
Roles in investment banking, hedge funds and private equity not only promise substantial financial rewards, but also present opportunities for career advancement in a dynamic industry. Finance jobs are highly competitive, with employers actively seeking talent from top-tier educational institutions.
Medicine comes out top. Half of doctors in the US earn over $200,000 per year, and the mean is actually higher than finance and law. That said, the very highest-earning people are in finance and law. The top 1% in finance earn over $2m per year.
A report by the World Economic Forum found that Americans think that a full 20% of earners make over $500,000, but this is starkly different from reality. The actual percentage of the U.S. population who earn more than $500,000 per year is less than 1%.
When it comes to how they amassed their wealth, almost eight in 10 millionaires consider themselves "self-made." By contrast, only 11% say they inherited their wealth, and 6% say they obtained it through a windfall event, like winning the lottery.
1. Engineering. Engineering has long been a top field for producing millionaires. This broad discipline encompasses various branches like electrical, mechanical, civil, and chemical engineering, each offering unique opportunities for innovation and high earning potential.
How do millionaires spend their day? Millionaires spend their time on the things they know will bring them more income and wealth. That could be nurturing a solid friendship, investing in education, or delegating busy work to spend time on the most revenue-generating tasks.
Ninety percent of all millionaires become so through owning real estate.
Topping the list, being a CEO gets you the highest paying job in the world, no matter where you work. A CEO is the highest-ranked position in any organisation's structure. Irrespective of the company's size, a CEO handles all its day-to-day corporate affairs, manages resources and handles all managerial processes.
The average millionaire in the United States is actually 61 years old.
THE TOP 5 CAREERS OF MILLIONAIRES: - Engineer - Accountant (CPA) - Teacher - Management - Attorney Some of those are surprising, huh? Nope, teacher isn't a typo. You see, it's not chance or inheritance that creates most millionaires. It's a PLAN.
Corporate Executive Corporate executives, such as CEOs and CFOs, oversee company operations, strategy, and financial performance. They need strong leadership, strategic thinking, and financial acumen. Most executives have advanced degrees and extensive managerial experience.
The top five careers for millionaires include engineer, accountant, teacher, management and attorney.
Another thing that may come as a shock to some people, myself included, was that only 31% of millionaires in this study averaged over $100,000 a year throughout their careers.
The middle class is commonly defined as households earning between two-thirds and double the median income, which is $128,151 in the San Francisco-Oakland-Berkeley, California metro area, the Census Bureau reports. That means middle class households there earn between $85,434 and $256,302 a year.