When it comes to business, you could get into nearly any industry and make money. But some industries are more lucrative than others. There is a clear leader when it comes to sheer earning power. Which industry makes the most money? There are a lot of things to consider when deciding on your career path.
But one important factor is how much you can earn. If earning a lot of money is your top priority, some industries will likely give you a better opportunity to earn than others. In this article, we’ll walk you through a list of the world’s top ten most profitable industries based on average revenue per employee. Let’s take a look!
10. Accounting and Tax Preparation Services
Accounting and tax preparation have improved their profitability this year, rising from an estimated 16.3% to 19.8%. Many people have found success in this industry by providing accounting services to small business owners who do not have the time or expertise to perform these tasks themselves. The accounting industry is highly regulated, making it difficult for new firms to enter the market.
9. Legal Services
The industry refers to any service that includes the practice of law, legal advice, or any other related activity that requires a license to practice. Legal services include criminal defense, real estate law, and patent prosecution. Last year, legal services ranked with a net profit of 18.3%, but this year they are in second place with a ratio of 17.8%. There is no need for large investments or major expenses since the demand for our product will remain steady.
8. Oil and Gas Production
Oil and gas extraction is the process of extracting crude oil, natural gas, and other petroleum products from the earth. It is one of the world’s largest industries. Oil and gas extraction remains the third largest industry in the world, as domestic oil production increases and energy supplies decrease. Profitability went from 15.1% to 16.4%.
7. Industrial and commercial machinery
The machinery and equipment rental industry comes back to the ranking in a partnership for third place, increasing from 13.4% to 16.4%. The industry may be expanding because of an increase in home development, as several global companies are linked to real estate.
6. Dentistry practices
Dentistry makes a comeback to the ranking this year as the facility that all people are invited to use twice a year. Revenue improved from 12.7% to 14.9%, possibly due to higher demand. According to the Affordable Care Act, more people are now covered by insurance.
5. Real Estate Industry
Real estate renting finished last year, ranking off with a 10.4% rise and jumping to a three-way record for sixth place with 14.1% growth. Landowners can start raising rents as vacancies drop in the real estate market, which generates more business for them.
4. Administration of Businesses and Enterprises
The most profitable industry in the world is the management of Companies and Enterprises. Privately owned management companies have increased their profitability to 12.6%. Their services include accounting, auditing, investment banking, management consulting, and more.
3. Education and Schools
Schools in this industry also teach fine arts, sports training, language study, exam preparation, driving, and other specialized courses. Operational costs seem to be one of the primary factors pushing it up the rankings.
The next industry that is among the most profitable in 2022 is e-commerce. Internet purchases have become increasingly popular over the past two years. E-commerce is valued at $4.5 trillion and is only anticipated to expand from there.
1. Tech Industry
The IT sector still ranks among the fastest-growing in the globe. The tech sector includes a number of Fortune 500 businesses with the biggest income, like Facebook’s Meta, Google’s Alphabet, Microsoft, and Apple. The market for computer software revenues is $588 billion. Aside from that, online casinos are also part of the tech industry. More people are willing to join and play online casino games. In 2022, the industry will generate $456.61 billion, up from $287.43 billion in 2021. If you are looking for a reliable gambling website in Malaysia, then you should consider Winbox.
The industries in this list are also counted as the most profitable industries in the world. They are managed well and effectively. There is a huge demand for these services, which means you are guaranteed to make money if you invest in these top 10 industries. Each of these industries tends to have a high revenue value to the company.