25 Best Jobs That Can Make You a Millionaire Before Retirement (2024)

In this article, we will look at the 25 best jobs that can make you a millionaire before retirement. We have also discussed some tips and lessons on how to become a millionaire at a young age. If you want to skip our detailed analysis, head straight to the 10 Best Jobs That Can Make You a Millionaire Before Retirement.

On Monday, the title of the world's richest person seemed to play a game of musical chairs between Elon Musk and Bernard Arnault. Bloomberg crowned Musk in the morning, while Forbes bestowed the title upon Arnault. The billionaire seesaw continued throughout the day, with Musk regaining the top spot after a $5 billion wealth increase, only to be unseated again by Arnault.

Recently, a Delaware judge ruled against Elon Musk's $56 billion Tesla Inc (NASDAQ:TSLA) pay package, deeming it excessive and improperly set by the company's board. The judge's decision highlighted that Musk's compensation is six times larger than the combined pay of the 200 highest-paid executives in 2021. The ruling requires Tesla Inc (NASDAQ:TSLA)’s board to create a new compensation package for Musk.

Speaking of Tesla Inc (NASDAQ:TSLA), it is one of the most valuable companies globally. In October 2021, Tesla Inc (NASDAQ:TSLA) briefly attained a market capitalization of $1 trillion, making it the sixth company in US history to reach this milestone. As of 2023, Tesla Inc (NASDAQ:TSLA) holds the title of the world's most valuable automaker. Additionally, in 2022, the company dominated the battery electric vehicle market, with an 18% share.

Inspiring Millionaires and Leaders Through the Story of Jeff Bezos

Jeff Bezos' unconventional leadership style definitely played a role in bringing Amazon.com, Inc (NASDAQ:AMZN) to a $1.6 trillion valuation, according to current CEO Andy Jassy. Bezos is described as "arguably the most unusual business leader of our era". First, he focused on thinking big, a principle embedded in Amazon.com, Inc (NASDAQ:AMZN) leadership principles. Moreover, Bezos would hold exceptionally high standards, inspiring employees to exceed expectations, even if the feedback seemed initially unreasonable. He maintained a long-term vision for the company while making swift decisions when necessary. Lastly, Bezos's leadership embraced an "open and curious" mindset.

In 2023, Bezos witnessed a staggering increase in his net worth, increasing from $107 billion to $177 billion within a year. This $70 billion gain translates to a daily increase of $191,780,822, equivalent to an hourly income of approximately $7,990,868. To put this financial feat into perspective, Bezos earned in just under 13 minutes what the average US worker would accumulate over an entire career, with their median lifetime earnings pegged at $1.7 million in 2023. The primary driver behind Bezos's wealth increase is his ownership of Amazon.com, Inc (NASDAQ:AMZN) stock. Despite criticisms regarding his philanthropic efforts compared to his immense net worth, Bezos has started to increase charitable contributions, committing $10 billion to the Bezos Earth Fund in 2020 to combat climate change and supporting various causes, including education and homelessness.

How Can One Become a Millionaire and Retire Early?

It is true that achieving early retirement as a millionaire requires consistent effort and financial acumen. Thus, to become a millionaire and retire early, one must prioritize consistent saving and strategic investing. Living below means, avoiding unnecessary debt, and creating a budget are equally important. It is also advised to diversify assets through stocks and real estate as they help build wealth. To read more such tips, see How to Become a Millionaire by Age 30: 12 Tips from Experts.

Moreover, it is interesting to note that high-level executive positions, such as CEOs of major corporations or successful entrepreneurs have jobs that pay $1 million a month. With the growing popularity of social media influencers, blogging is often considered one of the easiest jobs that can make you a millionaire. On the other hand, video-game-design is one of the fun jobs that make you rich.

25 Best Jobs That Can Make You a Millionaire Before Retirement (1)

Copyright: sifotography / 123RF Stock Photo

Our Methodology

To identify the best jobs that can make you a millionaire before retirement, we established a benchmark annual salary of $160,000. This figure is justfied by anticipating a 6% yearly salary increase which exceeds the 3% inflation rate, ensuring actual income growth. We also factor-in a 10% average annual return on investments in equity markets further supporting wealth accumulation. However, this is still too much but since we wanted to narrow down on 'best' jobs for the purpose, we also accounted for luxury-spending. By focusing on jobs that allow for a luxurious lifestyle with an annual cost of living set at $36,000, we assume that a meaningful surplus income is allocated to savings and investments.

Here is a list of the best jobs that can make you a millionaire before retirement

25. Machine Learning Engineer

Average Salary: $161,382

Machine learning is experiencing unprecedented demand in 2023, with job postings for machine learning engineers projected to grow by 40% from 2023 to 2027 in US alone. The average annual salary for these engineers is $161,382, making it one of the highest-paying jobs in the world. This high demand and excellent earning potential have also increased freelancing opportunities in this area of expertise. In today’s day and age, it is one of the jobs that make you rich fast.

24. Lawyer

Average Salary: $163,770

Whether working in private firms, public interest organizations, government agencies, or as in-house counsel for corporations, a legal career in the US offers a platform for making an impact on society while enjoying both personal and professional growth. It is worth mentioning that Colorado, North Carolina, and Georgia are the states that need lawyers the most. According to BLS, the top 1% of lawyers make over $500K in the US.

Lawyers have one of the jobs that make you rich in your 20s.

23. Dentist

Average Salary: $172,290

In the year 2022, the United States was home to a total of 202,536 actively practicing dentists. This translated to a ratio of 60.77 dentists per 100,000 individuals in the US population, which, is quite low. Therefore, there exists a pressing demand for an additional 11,909 dental practitioners to address the issue of dentist shortage in the US.

It is one of the most in-demand professions in the US, which also explains why the job comes with a high salary.

22. Computer and Information Systems Managers

Average Salary: $173,670

In 2022, there were 557,400 positions for the role, and the job outlook from 2022 to 2032 indicates a 15% growth rate with an estimated employment change of 86,000 during this period.

21. Pediatrician, General

Average Salary: $203,240

New York employs the highest number of Pediatricians, General, with 4,940 positions and an annual mean wage of $191,970. California follows with 3,130 jobs and an annual mean wage of $217,480. Alaska, on the other hand, is the top-paying state for pediatricians with an annual mean wage of $257,230.

20. Nurse Anesthetists

Average Salary: $205,770

Michigan is the state with the highest employment levels for Nurse Anesthetists with 3,590 positions and an annual mean wage of $199,690. California is the highest paying state for nurse anesthetists with an annual mean wage of $246,510.

19. Orthodontist

Average Salary: $216,320

The Bureau of Labor Statistics forecasts a 4.5% increase in employment for orthodontists from 2022 to 2032, translating to approximately 300 new job opportunities during this period. It is one of the best jobs for millionaires.

18. Airline Pilots, Copilots, and Flight Engineers

Average Salary: $225,740

Airline and commercial pilots had a median pay of $148,900 in 2022. There were 142,600 jobs in 2022, and the profession is expected to grow 4% from 2022 to 2032, with an employment change of 5,600.

To read more about airline pilots and their salaries, see highest paying countries for pilots.

17. Gastroenterologist

Average Salary: $228,619

Mayo Clinic, renowned for its comprehensive medical care, and Cleveland Clinic, a leading healthcare provider, hire gastroenterologists. These professionals perform procedures like endoscopies and colonoscopies.

16. Family Medicine, Physician

Average Salary: $235,930

Pennsylvania has the highest employment level for Family Medicine Physicians, with 8,900 positions and a location quotient of 2.24, indicating a concentration largely above the national average.

15. Chief Executive

Average Salayry: $246,440

Chief executives focus on managerial and supervisory tasks, steering the company's direction rather than executing day-to-day operations. Hence, it is one of the jobs that make a lot of money with little work. One example of a chief executive is Jeff Befoz, the founder of Amazon.com Inc (NASDAQ:AMZN), making it one of the top 5 careers of millionaires.

It is also one of the top ten jobs that can make you a billionaire.

14. Psychiatrists

Average Salary: $247,350

In May 2022, Psychiatrists in the United States found the highest employment in Offices of Physicians (8,770), General Medical and Surgical Hospitals (4,550), and Outpatient Care Centers (3,280), with respective mean annual wages of $273,440, $207,600, and $276,570.

Geographically, California led in employment with 5,630 psychiatrists and offered the highest mean wage at $311,950.

13. Physician

Average Salary: $247,360

Johns Hopkins Medicine and the Massachusetts General Hospital, affiliated with Harvard Medical School, are both two of of the top medical hospitals paying lucrative salaries to physicians in the US. It is one of the jobs that produce the most millionaires.

12. Pathologists

Average Salary: $252,850

Rhode Island has the highest concentration of Physicians and Pathologists, with a location quotient of 4.87. The highest-paying state for pathologists is Minnesota with an annual mean wage of $355,570. Arizona, Missouri, Indiana, and Arkansas also offer competitive mean wages in this specialized medical field.

11. Ophthalmologists

Average Salary: $267,450

Ophthalmologists specialize in diagnosing and treating eye-related conditions, performing surgeries, and prescribing corrective measures. Their extensive education, specialized skills, and the critical nature of eye care explain their high salaries.

Click here to see the 10 Best Jobs That Can Make You a Millionaire Before Retirement.

Suggested Articles:

  • 15 Reasons Why Millionaires Think They’re Middle Class

  • 15 States With The Most Millionaires Per Capita In the US

  • 16 Richest Hedge Fund Managers in the World

Disclosure: None. 25 Best Jobs That Can Make You a Millionaire Before Retirement is originally published on Insider Monkey.

25 Best Jobs That Can Make You a Millionaire Before Retirement (2024)


What jobs pay $1million a year? ›

  • 8 High-Paying Jobs That Can Earn You Over $1 Million USD per Year. Sadman Sakib. ...
  • Surgeon. Being a surgeon is not only a highly respected profession but also one of the most well-compensated ones. ...
  • Investment Banker. ...
  • Corporate Executive. ...
  • Attorney. ...
  • Professional Athlete. ...
  • Tech Entrepreneur. ...
  • Real Estate Developer.
Aug 2, 2023

What job creates the most millionaires? ›

Careers That Make The Most Millionaires
  • Engineer.
  • Accountant.
  • Teacher.
  • Executive management.
  • Attorney.
Mar 1, 2024

Which job is best for millionaires? ›

Highest-paying industries

Architecture and engineering, computer and information technology, legal, science, management and math occupations also pay well, with salaries well above $100,000 annually for the top jobs in each industry group.

How to become a millionaire in 5 years? ›

Here are seven proven steps to get you wealthy in five years:
  1. Build your financial literacy skills. ...
  2. Take control of your finances. ...
  3. Get in the wealthy mindset. ...
  4. Create a budget and live within your means. ...
  5. Step 5: Save to invest. ...
  6. Create multiple income sources. ...
  7. Surround yourself with other wealthy people.
Mar 21, 2024

How to make 500k a year? ›

13 jobs that can pay over $500k a year
  1. Actor.
  2. Author.
  3. Accountant.
  4. Insurance agent.
  5. Investment banker.
  6. Professional athlete.
  7. Entrepreneur.
  8. Hedge fund manager.
Apr 18, 2024

What is the world's highest paying job? ›

  • Chief Executive Officer(CEO) The top position in the hierarchy of any organization is that of the CEO. ...
  • Anesthesiologist. Being the highest paying job in the USA, an Anesthesiologist is among the best-paid jobs in the world. ...
  • General Surgeons. ...
  • Psychiatrist. ...
  • Data Scientists.
Apr 16, 2024

What degree do most millionaires have? ›

Top 7 degrees that make the most millionaires
  • Engineering.
  • Economics/Finance.
  • Politics.
  • Mathematics.
  • Computer Science.
  • Law.
  • MBA.
Apr 4, 2024

What is the best degree to get rich? ›

A recent study published in the American Educational Research Journal found that engineering and computer science majors provide the highest returns in lifetime earnings, followed by business, health, and math and science majors.

What career makes a lot of money? ›

What job would make a lot of money? A career in medicine, such as a surgeon or physician, could yield a high income. So too could a job in tech, like a software engineer or data scientist, given the high demand in these fields. Other high-paying jobs include lawyers, investment bankers, or corporate executives.

How to get rich without a job? ›

Here are some of the ways you can make more money outside of traditional employment:
  1. Launch an ecommerce store. ...
  2. Sell stuff you already own. ...
  3. Start a blog. ...
  4. Pick up odd jobs. ...
  5. Produce online courses. ...
  6. Sell print-on-demand products. ...
  7. Write an ebook. ...
  8. Rent out unused space.
Jan 17, 2024

What is the most common job for billionaires? ›

Finance and investments remains the surest way to get ultra-rich. It's the industry with the highest number of billionaires, 372, including hedge fund and private equity tycoons, bankers, venture capitalists and fintech founders.

How to become wealthy fast? ›

How To Get Rich
  1. Start saving early.
  2. Avoid unnecessary spending and debt.
  3. Save 15% or more of every paycheck.
  4. Increase the money that you earn.
  5. Resist the desire to spend more as you make more money.
  6. Work with a financial professional with the expertise and experience to keep you on track.
Apr 11, 2024

How to become a trillionaire? ›

Once you have a successful business model, scale it up aggressively. Expand into new markets, leverage technology, and continuously innovate to stay ahead of the competition. Think long-term and be patient. Building vast wealth takes time, perseverance, and resilience in the face of challenges and setbacks.

How to start from zero to millionaire? ›

Getting out of debt, investing consistently for retirement, and getting your home paid off quickly are the three keys to going from zero to millionaire in two decades or less. That's the formula that has worked for thousands of millionaires all over the country—and it can work for you too!

Can a doctor make $1 million a year? ›

Doctors in the top 10 percent averaged $1.3 million. And those in the top 1 percent averaged an astounding $4 million, though most of that (85 percent) came from business income or capital gains.

How much is 1 million a year monthly? ›

How Much Do You Earn Monthly?
Annual IncomeMonthly Pretax IncomeMonthly Post-tax Income
13 more rows

What are the top 5 paying jobs in the US that don't require a 4 year degree? ›

Here are the highest paying jobs without a college degree:
  • Executive Assistant.
  • Patrol Officer.
  • Flight Attendant.
  • Sales Representative.
  • Sound Engineering Technician.
  • Structural Iron and Steelworker.
  • Electrician.

How much is 6 figures? ›

"Six figures"

This typically refers to an amount of money that is in the range of $100,000 to $999,999. It is used to describe a level of income or a financial transaction that is above the range of five figures (between $10,000 and $99,999) but below the range of seven figures (over $1 million).

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