TradingPlatforms 70% of the Top 10 Billionaires Generated Wealth from the Tech Industry

70% of the Top 10 Billionaires Generated Wealth from the Tech Industry

Fact checked
Fact checked
Everything you read on our site is provided by expert writers who have many years of experience in the financial markets and have written for other top financial publications. Every piece of information here is fact-checked. We sometimes use affiliate links in our content, when clicking on those we might receive a commission - at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.

Although other sectors produce a fair share of billionaires, the number cannot match individuals who have minted their money by operating in the tech industry.

According to data researched by Trading platforms UK, 70% of the top ten richest people amassed their wealth from the technology industry as of March 1, 2021. Cumulatively, the top ten wealthy individuals control a fortune of $1.14 trillion, with tech players accounting for $855.9 billion.

Amazon founder Jeff Bezos from the tech sector ranks as the wealthiest person globally, followed by Tesla CEO Elon Musk at $174 billion. French businessman Bernard Arnault is the richest person outside the tech sector with a net worth of $115 billion.

The Trading Platforms analysis further indicates that overall, the tech industry has the highest number of billionaires globally at 84. Industrial ranks a distant second with 56 billionaires while entertainment has the least billionaires at 10.

Additionally, the United States has the highest number of billionaires globally at 156, while China ranks second at 86. The two countries, therefore, host 49% of the top 500 billionaires globally.

Technology sector set-up producing more billionaires

The ability of technology to produce more billionaires reflects the massive gains made by entrepreneurs in a sector with comparatively low entry barriers, a high capacity for innovation, and a rapidly increasing global demand. Tech has a cohort of disruptors who are pulling ahead of the pack and seeing their wealth grow at a faster pace.

The industry has also generated more billionaires based on its non-exhaustive nature. Tech cuts across other industries from finance to business through transportation. This attribute is bound to see tech continue to produce more billionaires.

The dominance of the rich list by the technology industry figures also points to the sector’s resilience in times of crisis. Technology rose to prominence due to its ability to offer solutions to help people cope with the coronavirus crisis. For instance, most billionaires in the sector like Amazon’s Jeff Bezos amassed more wealth during the health crisis as more people leveraged on e-Commerce platforms amid the lockdown and stay at home measures.

The billionaire gains during the crisis show how the pandemic rewarded the largest and most tech-focused companies despite the economy crashing, characterized by massive job losses.

American tax regime contributing to more billionaires

At the same, a boom in tech valuations and strong stock markets in China and the U.S. has seen the two countries rank higher in the number of billionaires.

The two countries have fared well in wealth creation despite the trade war. However, the U.S. billionaires have largely benefitted from tax cuts and robust corporate earnings for their respective companies. The American tax system’s design is in a manner that the rich only pay a portion in taxes as a share of their income than everyone else.

Justinas Baltrusaitis Finance Writer

Justinas Baltrusaitis Finance Writer

Justin is an editor, writer, and decentralized finance enthusiast. He spent many years writing about banking, finances, blockchain, and digital assets-related news. He strives to serve the untold stories for the readers. Justin's work has featured in a wide range of online publications, including Bankr,, Muck Rack, Inside Bitcoins, GlobalResearch, and Buyshares, and LearnBonds.

As well as writing content in the finance space, Justin is an active investor who is able to understand financial news and make predictions based upon his analysis of events. Justin has a good understanding of trading platforms and charting tools and has first-hand experience with many of the platforms that we cover on This enables him to write content that is based off of his own experiences as well as meticulous research.