Editor’s note: This article was first published in November 2015, against the background of Spain’s economic crisis; the description of law as one of the professions with the most unemployed graduates there reflects that time.
We always say that success is linked to the quality of the people we surround ourselves with. So when it comes to choosing a profession or a business, aiming it directly at millionaires (and aiming it the right way) increases your chances of success.
The number of millionaires has grown throughout this crisis, and it’s expected to keep growing exponentially. We’re not talking about celebrities or the owners of companies on the Ibex (Spain’s benchmark stock index), but about the luckiest part of society: the part Thomas J. Stanley wrote about in The Millionaire Next Door, people with a net worth of 1 million and a considerable annual income. Then again, why not, we can also talk about true multimillionaires.
So let this serve as a guide for young people thinking about which degree to study, or for freelancers and business owners who wonder why they barely earn peanuts despite all the hours they put in. As Stanley says in his book, it may simply be that your customers don’t have much money, which forces you to compete on price alongside lots of other competitors.
Now, although this part of the population (the upper class) tends to save, the truth is that they can be big spenders on certain necessary services. And then there are the big-spending millionaires who demand quality, image and brand regardless of price.
Stanley set out the most profitable business ideas and professions for providing services to millionaires. But before jumping in, you need to do a “count” of the millionaires, or upper-middle-class and upper-class people, living in your area of operation, because starting a business like this in certain areas would be about as successful as opening a ham shop in Iraq.
See also: 16 things that stop you from getting rich
1. Specialized lawyers
Law is one of the professions with the most unemployed graduates, but specializing in certain fields and using your social skills to build a portfolio of select clients can be very profitable.
For a start, millionaire business owners are almost always caught up in some legal mess, while many millionaires who are employees or self-employed will need you to keep them out of trouble.
Are there too many lawyers? Not really. What there are is a lot of people who studied law and have nothing but the degree. Good lawyers… I doubt it. And specialized ones, even fewer.
Among the specializations Stanley recommends are estate attorneys, which I suppose covers different areas, such as dealing with inheritances when a millionaire dies, acting as executor and advising on the best way to handle taxes.
2. Doctors and dental specialists
As the song says, “find yourself a prince or a dentist”. Millionaires know that skimping on dental care is the worst investment you can make. Cosmetic dentistry (teeth whitening, corrective chin surgery, braces) is also a service the upper middle class often asks for.
3. Plastic surgeons
Needless to say, these professionals are in demand today. Nose jobs, breast implants, wrinkle removal… Although more and more men are asking for these services, women are still the best clients.
Dermatologists and allergists would also make this ranking.
4. Psychologists and psychiatrists
As we carry on through the technological era, people will gradually lose their minds, and mental health problems will rise considerably. Likewise, we need to be ready for a future in which marriages don’t last long.
Still, let’s take it as given that most people in this social class are less prone to falling apart when problems come along. But they may well need a professional to help them deal with anxiety and stress before it becomes a problem, and a psychologist can also offer millionaires’ children career guidance, among other services. Which, of course, brings us to another kind of profession…
See also: 12 things millionaires know
5. Coaching
Coaching is starting to go the way of law. Many of the people who call themselves coaches could be gardeners or astronauts with the same effectiveness. But the truth is that a personal coach who knows what they’re doing can be a great help to a professional of this kind.
Remember that Tony Robbins has coached athletes, fund managers and heads of government. Having a good coach to help you keep your head and manage your emotions can be tremendous. And very profitable for the coach (just ask Tony Robbins).
Appraisers, auctioneers and professions related to property management would also be on our list of professions that can profit from millionaires.
Professional services companies
At this point we find both professions and some unusual business ideas. A while ago we shared 5 business ideas aimed at the rich, and among them were:
- Private chef for luxury dogs.
- Tanning butler.
- Gourmet food delivery.
- Specialized matchmaking agencies.
These ideas may sound absurd, but some entrepreneurs are already doing them, such as Virginia Sweetingham, a woman who, in the middle of the technological era, still offers her matchmaking service starting at $24,000. Needless to say, business is booming.
10. Accountants
Although we sometimes make jokes about accountants, they’re an important part of a millionaire’s life, since they’re often the ones who handle tax planning, tax deductions, trusts, asset valuations and so on.
Which also brings us to investment advisers and managers, because not all millionaires know how to find every investment opportunity, and sometimes they need protecting from themselves when it comes to investing.
11. Security systems
Millionaires are, obviously, the biggest spenders on all kinds of security systems. So it tends to be a very profitable business if you win over this market. If you’re curious, these are some of the most unusual security systems used by some of the mega-rich.
12. Contractors, builders, home renovators, real estate agents and interior design and decoration services
While many new companies are carving out a place in the low-cost interior design and decoration market, when millionaires hire these services they look for the person’s reputation and for quality.
13. Leisure companies
Leisure covers many areas, from travel and adventure tourism to extreme sports. The key is to specialize in something specific within leisure. This market really does demand these services.
See also: 7 businesses aimed at millionaires that you probably didn’t know existed
Featured image: Honoré Daumier, CC0 1.0, via Wikimedia Commons.
