10 Most Profitable Businesses in World Right Now
Highly profitable businesses play important roles in driving the economy forward. From oil and gas to tech giants, businesses are constantly striving to increase their profits and outdo their competitors.
These businesses are adapting and evolving to stay ahead of the curve, and their success is a testament to their ability to innovate and capitalize on emerging markets.
Are you an entrepreneur looking to start your own business or an investor seeking to diversify your portfolio, understanding the most profitable businesses in the world right now is the best place to start. Shall we?
Oil and Gas
The oil and gas business remains one of the largest and most profitable industries in the world, generating trillions of dollars in revenue each year. This is evident in the number of world billionaires taking advantage of this sector.
From Mukesh Ambani, chairman, and managing director of Reliance Industries, whose company refines petroleum refining, to Leonid Mikhelson, chairman of the management board of Russian oil and gas company, NOVATEK, this business continues to generate significant wealth for these billionaires making their wealth to run into hundreds of billions yearly.
While the oil and gas industry may face challenges and uncertainties, entrepreneurs must always identify opportunities for innovation and growth in this profitable business.
The mining business remains a key player in the global economy. From the mining of gold, silver, and iron ore to copper, the mining industry is very profitable as eight of the 100 richest people in the world are in it.
One of the mining billionaires, Australia’s Gina Rinehart, Executive Chairman of Hancock Prospecting is the only child of legendary explorer Lang Hancock, who discovered the world’s largest iron ore deposit in 1952. Gina once said, “If you’re jealous of those with more money, don’t just sit there and complain; do something to make more money yourself.” She became a billionaire by taking advantage of the iron ore boom.
Despite the loss suffered by the aviation industry during the COVID-19 pandemic, the aviation industry remains a crucial player in the global economy, facilitating business and leisure travel, and connecting people across the world.
According to the 2023 Hurun Global Rich List, Indigo co-founders Rakesh Gangwal and Rahul Bhatia have emerged as the wealthiest aviation billionaires with a wealth of US$ 3.6 billion and US$ 3.3 billion respectively. This shows that opportunities for innovation and growth abound in these industries, which is why it is one of the most profitable businesses in the world today.
Known as one of the largest and most profitable industries in the world, real estate is responsible for the buying, selling, and development of properties. A report by Grand View Research stated that the global real estate market size is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. The report explained that the market is expected to grow at a healthy pace during the forecast period, owing to the rising population and a desire for personal household space.
Franklin D. Roosevelt once said, “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
In 2021, retail e-commerce sales amounted to approximately $5.2 trillion worldwide. Reports say this figure is expected to grow by 56 per cent over the next few years, reaching about 8.1 trillion dollars by 2026. This explains why Jeff Bezos’s Amazon and Jack Ma’s Alibaba group continue to generate significant wealth for these billionaires.
E-commerce business offers a wealth of opportunities for entrepreneurs, but it requires careful planning and execution. According to Jeff Bezos, “If you’re not stubborn, you’ll give up on experiments too soon. And if you’re not flexible, you’ll pound your head against the wall and you won’t see a different solution to a problem you’re trying to solve.”
African billionaires like Aliko Dangote and Abdulsamad Rabiu are generating substantial profits from manufacturing through efficient production processes and economies of scale. From the production of cement, salt, and sugar, these billionaires are leading the African business space. The manufacturing industry which is responsible for the production of goods across a variety of sectors is expected to grow at a CAGR of 14.9% from 2023 to 2030.
This business has been described as one of the fastest-growing and most lucrative sectors in the world. This is closely linked to the rate at which successful tech companies disrupt entire industries and create new markets. Some of them include Companies that focus on artificial intelligence, cloud computing, and e-commerce.
Alan Kay said, “The best way to predict the future is to invent it.” This explains why billionaires like Mark Zuckerberg, Elon Musk, and Bill Gates are pouring billions into the tech space.
The fashion industry which involves design, manufacturing, retail, and marketing is constantly evolving to meet changing consumer trends and demands. As it evolves, it generates more revenue for billionaires making it a very profitable business in the world today.
World’s richest person, Bernard Arnault is the CEO of LVMH, the world’s largest luxury goods company, worth over $180 billion. His top brands such as Louis Vuitton, Christian Dior, and Fendi continue to bud as wealthy consumers are willing to pay huge dollars for exclusive designer goods.
The increasing demand for healthcare services and products, aging populations, and technological advancements have made the industry a very profitable one. Patrick Soon-Shiong – a biotech entrepreneur made his fortune in the pharmaceutical industry through the development of cancer drugs.
According to him, “the healthcare industry can be very daunting, but entrepreneurs need to focus on the fact that the business of healthcare is about caring for people, not just profits.”
Media and entertainment
Media mogul Oprah Winfrey made her fortune through her talk show, production company, and media empire. Many other billionaires are also exploring this industry which has become more profitable due to the increased demand for content and a rise in streaming services.
A comedian and an actor once said, “I believe entertainment can aspire to be art and can become art, but if you set out to make art you’re an idiot.” This means as much as you love art, make a profit from it.
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