Retail and technology main sources of new wealth.

Here in Australia the BRW magazine publishes an annual 'Young Rich' list. It's fascinating reading. One of the most interesting comments from a BRW writer says:

Retail and technology are still the principal sources of Young Rich fortunes. While these sectors are extremely crowded, they also have relatively low barriers to entry - anyone with a computer can start a web-based business, and budding fashion moguls can start building their empires by designing T-shirts in their bedroom. That said, the businesses that survive and prosper need robust processes and systems plus good marketing and distribution.

This goes to show that a good idea is only the start. Businesses grow from hard work and the right strategy and systems.

Data from the report shows that the Retail and Technology sectors account for 20% each of the Young Rich list. Services (other) makes up only 4%, and just 1% of the rich list comes from the Transport sector.

Geographically, New South Wales has 35% of the Young Rich, with Victoria claiming 29%. Queensland has 18%... with a surprising 11% residing overseas.

And it's good to see that 'marketing' gets mentioned as a key success factor. Need help with your marketing?