Most Profitable Industries in the US in 2024

1. Retirement & Pension Plans in the US

Total Profit for 2024: $231.6B

The Retirement & Pension Plans industry plays a crucial role in providing financial security and stability to individuals in their retirement years. Shifting demographics, government regulations and advancements in technology is changing the industry. In response to these changes the industry is focusing on offering more flexible and personalized retirement plans to meet the unique needs of different segments of the population.

In the past five years, industry revenue has been growing at an average annualized 2.5% to $937.4 billion, including an estimated 1.1% in 2023 alone, when profit is expected to drop to 9.6%. The industry experienced growth as the... Learn More

2. Portfolio Management & Investment Advice in the US

Total Profit for 2024: $182.7B

Portfolio Management industry operators manage asset portfolios for a fee or commission. In the last five years, the industry has experienced countervailing trends. For the majority of the period, rising assets under management (AUM) as a result of rising asset prices and growing disposable income have increased the base of assets industry operators charge fees on. Increased investor preference for passive asset management, including through exchange-traded funds (ETFs), has driven expenses charged for the management of assets down during the period.

Financial markets play an integral role in AUM growth and, consequently, base and performance fees earned by managers. Growth in... Learn More

3. Trusts & Estates in the US

Total Profit for 2024: $156.9B

The Trusts and Estates industry comprises trusts, estates and agency accounts administered on behalf of beneficiaries under the terms established in a fiduciary contract. Industry revenue, composed primarily of capital gains on trusted assets and ordinary dividends, exhibited an increase over the past five years. The industry benefited from substantial yields in equity markets and appreciation in house prices during the current period. Over the past five years, revenue has climbed at a CAGR of 2.8% to $221.4 billion, including an expected 4.2% increase in 2023. Profit is expected to dip to 50.5% of revenue in 2023 from 51.1% in... Learn More

4. Private Equity, Hedge Funds & Investment Vehicles in the US

Total Profit for 2024: $152.6B

The industry consists of funds that raise capital to invest in various asset classes. Industry assets have become increasingly integral to institutional investors' portfolios and the larger asset-management market in recent years. Institutional investors are individuals or organizations that trade securities in such substantial volumes that they qualify for lower commissions and fewer protective regulations, since it's assumed that they're knowledgeable enough to protect themselves. Increasing demand from institutional investors has contributed to the surge in the industry's assets under management (AUM) and revenue during the current period.

In recent years, the industry has continued to enmesh itself more deeply within... Learn More

5. Commercial Leasing in the US

Total Profit for 2024: $131.7B

Operators in the Commercial Leasing industry serve as lessors of buildings for nonresidential purposes. Industry participants include owner-lessors of nonresidential buildings, establishments that rent real estate and then act as lessors in subleasing it, and establishments that provide full-service office space. Over the five years to 2023, rising per capita disposable income encouraged more businesses to enter the market. Moreover, incumbent businesses are inclined to increase their production and inventory levels to tap into the growing consumer demand, thus demanding more space. However, declining corporate profit in 2020 partially dampened demand for commercial leasing due to lower confidence in their... Learn More

6. Oil Drilling & Gas Extraction in the US

Total Profit for 2024: $97.0B

The Oil Drilling and Gas Extraction Industry includes companies that profit from extracting and selling fossil fuels. Producers have experienced a high degree of volatility in recent years. Steady growth was ripped away when COVID-19 halted the economy, as restrictions limited the need for oil and gas. The conflict in Ukraine added to the uncertainty, as the reliance on Russian oil and gas was distributed between domestic producers and other sources. Although, as the economy recovered demand shot up quicker than supply could match, causing prices to surge and generate substantial returns. Revenue has grown at a CAGR of 10.6%... Learn More

7. Apartment Rental in the US

Total Profit for 2024: $94.0B

Apartment lessors provide housing to renters either in a property that they own or in a property that they rent themselves. Lessors have enjoyed a period of success recently, although the pandemic and general economic shifts have disrupted the industry and slowed growth. The economic recession brought on by the pandemic resulted in falling rent prices in line with rising unemployment. Also, those that could afford to largely chose to leave cities as the pandemic incentivized people to focus on their living situations. According to the Apartment List National Rent Report, rent prices shot up following the end of pandemic-related... Learn More

8. Investment Banking & Securities Intermediation in the US

Total Profit for 2024: $91.1B

Strong returns in various financial markets and increased trading volumes have benefited businesses in the industry. Companies provide underwriting, brokering and market-making services for a range of financial instruments, including bonds, stocks and derivatives. Businesses benefited from improving macroeconomic conditions and interest rates remaining below historical averages. Overall, industry revenue has been growing at a CAGR of 11.5% over the past five years and is expected to total $492.1 billion in 2023, when revenue will jump by an estimated 22.3%.

While many industries struggled in 2020 as a result of COVID-19, businesses benefited from the volatility caused by the pandemic. Primarily,... Learn More

9. Law Firms in the US

Total Profit for 2024: $86.0B

Operators in the Law Firms industry range from sole practitioners to large, full-service legal firms mostly serving corporate clients. Industry revenue growth has been modest over the past five years. The industry benefited from economic growth through most of the period but was negatively affected by the coronavirus. Overall, industry revenue increased at a CAGR of 1.6% to $397.1 billion over the past five years, including an increase of 0.7% in 2023 alone.

Greater demand for practices tied to high-growth sectors has boosted industry revenue over the past five years. Revenue growth has been caused by demand for litigation, intellectual property... Learn More

10. Credit Card Issuing in the US

Total Profit for 2024: $66.5B

The Credit Card Issuing industry in the US provides transaction and credit services to consumers and businesses by issuing credit cards with available credit lines that must be repaid in full to the issuer, often in installments. Commercial banks are excluded from this industry since credit card issuance is not a primary business activity. Industry operators generate revenue from cardholders primarily through fees and interest earned on revolving credit. Companies compete by offering customers lower interest rates, flexible and secure payment options and rewards programs based on spending levels.

Industry revenue is set to increase an annualized 1.6% over the years... Learn More