Ever wondered where the world’s millionaire CEOs are hiding? Well, we’ve found out. New research conducted by Compelo has found that America is actually the country with the most millionaire CEOs.
Nearly half ― 48% ― of all millionaire CEOs reside in the US. This is followed by the UK and France, with 8% and 4% respectively. When broken down by city, however, London has the most, followed by San Francisco and New York.
Elon Musk, the CEO of SpaceX, is worth an estimated $13.9 billion, and Google’s CEO Sundar Pichai is worth an estimated $650 million. Both CEOs live and work in America.
|Rank||City||Percentage of total|
Who is a typical millionaire CEO?
The average millionaire CEO is a 58-year-old male with a wealth ranging between $5m and $30m. Surprisingly though, 50% of millionaire CEOs are self-made, meaning that they created their own business of which they now hold the post of CEO. Only 38% of millionaire CEOs made their wealth from a salaried position. A small 7% acquired their wealth through family money. The most shocking find is that only 5% acquired their wealth from inheritance.
What industries do they work in?
|Industry||Percentage of Millionaire CEOs|
|1||Tech & Telecoms||18%|
|2||Financial Services & Investments||15%|
|3||Retail, Fashion & Luxury Goods||8%|
|8||Energy & Utilities||5%|
|10||Transport & Logistics||4%|
|12||Hotels, Restaurants & Leisure||3%|
|13||Construction & Engineering||3%|
Despite employing the highest volume of millionaire CEOs, tech and telecoms is actually the worst industry for their wealth. CEOs working in tech and telecoms have an average wealth between $1m and $5m, despite the sector seeing explosive growth globally.
The industry that has the least CEOs at 2% but has the wealthiest is ‘diversified’. These are companies that are active in multiple sectors such as Koch Industries, run the billionaire CEO Charles Koch, or Virgin whose former CEO Richard Branson is worth an estimated $5.5 billion.
This research was conducted by Compelo and Wealth Insight. Read insider insights from top CEOs below…