25 Richest Billionaires in Manufacturing Industry

Ali Hassan
10 min read

In This Article:

In this article, we discuss the 25 richest billionaires in manufacturing industry. To skip our detailed analysis of the manufacturing industry, go directly to the 5 Richest Billionaires in Manufacturing Industry.

Global Manufacturing Industry: An Analysis

The global manufacturing industry contributes massively to the world’s GDP. As per the data from the World Bank, global manufacturing accounted for nearly 16% of the world’s GDP in 2022. Manufacturing is involved in almost every industry. The US and China are two of the largest manufacturing countries in the world. According to a report by Deloitte, more than 200 new clean technology manufacturing facilities have been announced since the passage of the Inflation Reduction Act (IRA) of 2022. Approximately an investment of $88 billion has been made into the 200 new clean technology manufacturing facilities across the US. In addition, the manufacturing industry is boosted by the US CHIPS and Science Act (CHIPS Act), which allocates almost $50 billion for the domestic semiconductor industry. Whereas, the Infrastructure Investment and Jobs Act (IIJA) sets aside $1.2 trillion for transportation and infrastructure in the US. Since the passing of the IRA, CHIPS ACT, and IIJA, annual construction spending has increased in the US. The annual construction spending in manufacturing was valued at $201 billion in the US, as of July 2023, reflecting a 70% increase year-over-year.

The changing trends in the manufacturing industry will have an impact on global manufacturing. According to a report by Oracle, the top industrial manufacturing trends in 2024 include technological investment, reskilling talent, reevaluating the supply chain, and building the factory for the future. Deloitte in its report mentions almost 86% of surveyed manufacturing executives believe that smart factory technologies will be the key drivers for competitiveness in the next five years.

According to a report by Markets and Markets, the global smart manufacturing market was valued at $108.9 billion in 2023 and is expected to reach $241 billion by 2028, growing at a compound annual growth rate of 17.2%. Whereas, the global general manufacturing market was estimated at $726.3 billion in 2022. The market is projected to grow to $944.6 billion by 2030, growing at a compound annual growth rate of 3.3%.

The manufacturing industry continues to face headwinds. According to data from the UN Industrial Development Organization, global manufacturing recorded a year-over-year growth of only 1.5% during the fourth quarter of 2023. Manufacturing in Asia and Oceania recorded the highest year-over-year growth rate of 3.4% in Q4 2023. In comparison, the manufacturing output in Africa and Northern America was negative during the last quarter of 2023, dropping by 0.7% and 0.5% year-over-year, respectively. Among countries, China, India, and Indonesia reported annual manufacturing year-over-year growth beyond 4% in Q4 2023.

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