There are many factors that contribute to wealth accumulation, and one’s chosen field of study is certainly one of them. A recent study by Fidelity Investments found that nearly half of millionaires have a college degree, and of those, 38% hold an advanced degree. So which degrees make the most millionaires?
Interestingly, the most common degrees held by millionaires are in business (19%), followed by engineering (11%), economics/finance (10%), and law (7%). These results are not surprising when we consider that many of the world’s wealthiest individuals have made their fortunes in businesses or finance. For example, Bill Gates, Warren Buffett, and Mark Zuckerberg all hold degrees in business or economics.
While it is certainly possible to become a millionaire without a college degree – as evidenced by self-made billionaires like Steve Jobs and Oprah Winfrey – it does seem that having a higher education gives one a better chance at achieving this level of wealth. So if your goal is to join the ranks of the world’s richest people, pursuing a degree in business or another related field may be your best bet.
Engineering
That’s more than any other type of degree, and it’s nearly double the percentage of billionaires with a business degree (20%). Engineering degrees also are overrepresented among tech billionaires and wealthy people under 40.
There are many reasons why engineering degrees tend to lead to riches. Engineers are in high demand and often command six-figure salaries even right out of college. They also tend to be very good at problem solving, which is a valuable skill in any field. And many engineers go on to start their own successful companies.
If you want to increase your chances of becoming a millionaire, getting an engineering degree is a good place to start!
Economics Finance
In a recent study, it was found that economics and finance are the degrees that make the most millionaires. The study looked at the net worth of individuals with various degrees and found that those with an economics or finance degree had a median net worth of $4.3 million. This is nearly double the median net worth of individuals with other types of degrees.
So what is it about these two fields that make them so lucrative? For one, both economics and finance deal with money – how to make it, how to invest it, and how to grow it. And as we all know, money is power. But beyond simply making money, those with economics and finance degrees also tend to be very good at managing money. They understand financial concepts like risk and return, which helps them make better investment decisions. And they are often very savvy when it comes to negotiating deals – another key skill for building wealth.
Of course, not everyone who graduates with an economics or finance degree goes on to become a millionaire (or even close). But if you’re looking to maximize your chances of achieving financial success, these are two great fields to consider pursuing.
Politics
In the United States, there are more millionaires than any other country in the world. In fact, according to a recent study by Wealth-X and UBS, there are over 4.8 million American households with a net worth of $1 million or more. That’s nearly one in every 200 homes!
So, what degrees make the most millionaires?
Interestingly, the answer may surprise you. While you might think that degrees in business or finance would be at the top of the list, that’s not necessarily the case. In fact, according to the Wealth-X study, nearly 30% of American millionaires hold a bachelor’s degree in arts or humanities.
So what does this mean? Well, it could suggest that many millionaires are self-made – meaning they didn’t necessarily have access to wealth or privileged backgrounds. Instead, they may have used their creativity and determination to build their own businesses or invest wisely in stocks and property.
Of course, this is just one study and it’s important to take these findings with a grain of salt. However, it does provide an interesting insight into how some people become very wealthy – it often has less to do with luck or connections and more to do with hard work and drive.
Mathematics
In fact, according to a recent study by Wealth-X, a global wealth intelligence and prospecting company, nearly 20% of self-made millionaires have a degree in mathematics. That’s more than any other discipline except for business (which tops the list at 35%).
Why is math such a popular choice among the wealthy? For one thing, it develops critical thinking skills that can be applied in a variety of situations. Math also teaches students how to identify patterns and relationships, which can be helpful in everything from investing to negotiating deals.
And while not everyone who studies math will become a millionaire, there’s no doubt that it can give you an edge in life.
Computer Science
Computer science graduates have some of the highest starting salaries out of any college major, and they also have one of the lowest unemployment rates. In addition, computer science majors have a good chance of eventually becoming millionaires. In fact, many billionaires actually started out with a computer science degree. Some examples include Bill Gates, co-founder of Microsoft; Larry Ellison, co-founder of Oracle; and Sergey Brin, co-founder of Google.
So why is a computer science degree so beneficial when it comes to building wealth? For one thing, computers and technology are only going to become more important in our increasingly digitized world. Those who are able to understand and work with computers will be in high demand in the years to come. Additionally, computer science majors tend to be very analytical and detail-oriented – two qualities that are essential for success in any field.
If you’re looking for a degree that will set you up for financial success, then earning a computer science degree may be the best choice for you. With its high starting salaries and low unemployment rate, a computer science degree is a great investment that is likely to pay off handsomely in the long run.
Law
If you want to join the ranks of these wealthy individuals, you’ll need to get a law degree from a top school. But it’s not just any law degree that will do – you’ll need to specialize in a field that is in high demand and has high earning potential. Here are some fields of law that are particularly lucrative:
Corporate Law
Corporate lawyers represent businesses in a variety of legal matters, such as mergers and acquisitions, securities regulation, and compliance with laws and regulations. They also draft and negotiate contracts. Corporate lawyers typically work for large law firms or corporations. Salaries for corporate lawyers vary widely depending on experience, location, and employer, but they tend to be high – starting salaries at large firms can exceed $160,000 per year.
Intellectual Property Law
Intellectual property lawyers deal with copyrights, patents, trademarks, and trade secrets. They help their clients protect their intellectual property rights and defend against infringement claims. Intellectual property law is a rapidly growing field due to the increasing importance of intellectual property in our economy. Salaries for intellectual property lawyers vary depending on experience and location but can start at over $100,000 per year at large firms..
MBA
MBA programs typically last two years, although some schools offer one-year or executive MBA programs for working professionals. The first year of an MBA program is dedicated to core coursework in business topics such as accounting, finance, marketing, and strategy. In the second year, students can choose from a variety of electives to customize their degree.
Most MBA programs require applicants to have at least three years of work experience before applying. Some schools also require GMAT or GRE scores as part of the admissions process.
Graduates of MBA programs often go on to careers in consulting, investment banking, or general management. Many large corporations recruit MBA graduates for leadership positions in their organizations.
