Millennials are apparently more conscious about building wealth than their previous generations. That too, they want to make money fast, thanks to the illustrative list of their peers who have made millions, and even billions, at a very young age in industries ranging from technology, finance, fashion and healthcare to property.
Interestingly, there are just seven industry or sectors with at least one millennial billionaire, according to research by PhysicalGold.com. These seven industries are Technology, Finance and Investments, Automotive, Fashion & Retail, Healthcare, Metals and Mining, Property, Energy, Food and Beverage, and Service.
The largest number of millennial billionaires are in the technology sector (See chart below). The combined wealth of these 28 billionaires tops $254 billion (1 billion = 100 crore).
There are eight millennial billionaires in the finance and investment industry, followed by six each in automotive, fashion & retail and media and entertainment, Manufacturing, Metals & Mining, Property, Energy Food & beverage and Service industries account for 5,4,4,2,2,1 millennial billionaires respectively.
Interestingly, there is not a single millennial billionaire in industries like construction & engineering, gambling & casinos Logistics, sports and telecommunications. This also implies that millennials are not much into traditionally rich sectors like telecommunications, construction, logistics etc.
Overall, there are 78 millennial billionaires in the world and the collective net worth of these billionaires is a massive $418.6 billion!
These 78 millennial billionaires are from: United States (33.3%), China (20.5%), Germany (10.3%), Russia (5.1%), Brazil (5.1%), Hong Kong (5.1%), Denmark (3.8%), Australia (3.8%), Sweden (2.6%), Canada (2.6%), Ireland (2.6%), Norway (1.3%), United Kingdom (1.3%), India (1.3%) and Finland (1.3%)
For ranking the industries with the most number of millennial billionaires, PhysicalGold.com established, from a reputable source (Pew Research Center) the ages which fall under the category of millennials. As per the Pew Research Center, it’s stated that the 23 to 28 age range is to be considered a millennial. PhysicalGold.com then analysed the latest data from Forbes World’s Billionaires list to see how many billionaires aged between 23 to 38 were in the 17 different industries.