Manufacturing Creates the Most Billionaires

The United States was home to 30 percent of the world’s billionaires in 2024 and 40 percent of total billionaire wealth. This is according to The Wealth Report 2025 by Knight Frank, based on Forbes’ annual wealth list.

Of all sectors, finance and investment have produced the highest number of billionaires on Forbes’ 2024 roundup, accounting for 427 of the mega wealthy. In terms of total wealth, tech is the biggest generator, accounting for some $2.6 trillion across 342 billionaires.

However, this is changing, with new industries shaping the next generation of billionaires. As the following chart shows, manufacturing produced the highest number of new billionaires over the past decade. Since 2014, the sector has produced 509 billionaires in total, half of whom are in China. The field of tech has created the second highest number at 443 billionaires - again, with China taking the lead.

The profile of billionaires is evolving too. In 2024, the average billionaire age was 65.7, with men representing 87 percent of the total. By contrast, 82 percent of new billionaires were male, and of those under 30, nearly 47 percent were female. Knight Frank forecasts that not only will the share of female billionaires grow in the future, but also that the average billionaire will become younger, as older generations pass on their wealth. The concentration of billionaires will also become more global, reflecting a connected economy.