T
he finance sector is fueling the rise of U.S. billionaires, according to a new study.
Findings from a study conducted by researchers at the Peterson Institute for International Economics showed that more than 40 percent of the growth in billionaires in the U.S. was caused by the finance sector, MarketWatch reported.
Almost 27 percent of all billionaires in the country in 2014 held finance and investment positions such as hedge fund managers. This compares to less than 12 percent of billionaires in 1996 working in finance.
According to Forbes, the top five billionaire-producing industries in the U.S. are finance and investments, technology, food and beverage, fashion and retail and real estate. Worldwide, the top five are finance and investments, fashion and retail, real estate, technology and manufacturing.
The study also revealed that there are a greater number of billionaires with connections in politics or in the resources and energy sector, MarketWatch reported. Some 4 percent of billionaires in 2014 made their money from these sources, while there were no such billionaires in 1996.
Additionally, the study showed that the share of billionaires who amassed their fortunes from inherited wealth has gone down, while the number of billionaires who are or were company founders has risen.