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Which Industry Boasts the Most Billionaire Wealth?

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which industry boasts the most billionaire wealth

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The Briefing

  • In every single sector, billionaire wealth saw positive growth from 2019 to 2020
  • Billionaire wealth in technology reached $566 billion after growing 41%, while healthcare reached $548 billion, growing 36%

It’s a Billionaires World

During the pandemic, billionaire wealth has shot up an average of 27% across various industries. Concurrently, the middle and working class have struggled, U.S. unemployment reached record highs, and millions of Americans are worried about facing eviction or foreclosure in the near future.

Tech and Healthcare Pull Ahead of the Pack

The industries that historically promote wealth creation for billionaires have undergone a number of changes in recent times.

Technology and healthcare have surged ahead of the pack, as companies in these industries possess qualities that have made innovation a huge value and growth driver. Innovative factors include AI, big data analytics, and a digital and cloud footprint.

IndustryWealth Per Industry ($ Billions)Growth Rates between April-July 2020
Technology$565.741.1%
Health industries$548.036.3%
Industrials$376.944.4%
Real estate$342.512.9%
Consumer & retail$300.126%
Other/diversified$268.120.7%
Financial services$229.112.8%
Materials$206.129.6%
Entertainment & media$204.120.7%

The pandemic enabled those well equipped to pivot towards the new environment and business landscape, while those without these advancements were forced to haphazardly adjust.

As a result, billionaires in these two industries have reaped great rewards. Between April-July 2020 they generated $164.8 billion and $145.7 billion in wealth between technology and healthcare respectively.

Playing Catchup

The graphic shows the two leading industries building a considerable spread between them and those lagging behind. As these innovative technologies take the mainstream, it may suggest the other industries will have the chance to catch up.

In real estate for instance, the wave of innovation is least prevalent according to the original report, yet disruption and innovation are already on their way. Consider two stocks in Zillow and Redfin: the first operates in residential real estate services exclusively through web and mobile, while the latter is a digital real estate brokerage that has the potential to undercut real estate agents.

Could these industry wealth results in a post-pandemic world look very different?

Where does this data come from?

Source: PWC Billionaires Report.
Notes: This data was released in the summer of 2020

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Datastream

Charting the Rise of Cross-Border Money Transfers (2015-2023)

With over 280 million immigrants transferring billions of dollars annually, the remittance industry has become more valuable than ever.

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The Briefing

  • 79% of remittance payments in 2022 were made to low and middle-income countries.
  • Borderless, low-cost money transfer services like those provided by Wise can help immigrants support their families.

The Rise of Cross-Border Money Transfers

The remittance industry has experienced consistent growth recently, solidifying its position as a key component of the global financial landscape. Defined as the transfer of money from one country to another, usually to support a dependent, remittances play a pivotal role in providing food, healthcare, and education.

In this graphic, sponsored by Scottish Mortgage, we delve into the growth of the remittance industry, and the key factors propelling its success.

Powered by Immigration

With over 280 million immigrants worldwide, the remittance industry has an important place in our global society.

By exporting billions of dollars annually back to their starting nations, immigrants can greatly improve the livelihoods of their families and communities.

This is particularly true for low and middle-income countries, who in 2022 received, on average, 79% of remittance payments, according to Knomad, an initiative of the World Bank.

YearLow/Middle Income (US$ Billion)World Total (US$ Billion)
2015$447B$602B
2016$440B$596B
2017$477B$638B
2018$524B$694B
2019$546B$722B
2020$542B$711B
2021$597B$781B
2022$626B$794B
2023$639B$815B

India is one of the global leaders in receiving remittance payments. In 2022 alone, over $100 billion in remittances were sent to India, supporting many families. 

Enter Wise

As the global remittance industry continues to grow, it is important to acknowledge the role played by innovative money transfer operators like Wise.

With an inclusive, user-centric platform and competitive exchange rates, Wise makes it easy and cost-effective for millions of individuals to send money home, worldwide.

Connection Without Borders

But Wise doesn’t just offer remittance solutions, the company offers a host of account services and a payment infrastructure that has helped over 6.1 million active customers move over $30 billion in the first quarter of 2023 alone.

Want to invest in transformative companies like Wise?

Discover Scottish Mortgage Investment Trust, a portfolio of some of the world’s most exciting growth companies.

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