While the technology industry has created many millionaires, more and more billionaires are making their money in the financial field, writes MarketWatch staffer Silvia Ascarelli.

Nearly 27% of all U.S. billionaires in 2014 worked in finance, according to a study by Caroline Freund, a senior fellow at the Peterson Institute for International Economics, and Sarah Oliver, a research analyst at the Washington, D.C.-based think tank.

By comparison, just under 12% did in 1996, they said.

“Over 40% of the growth in the total U.S. billionaire population is attributable to growth in financial-sector billionaires, as compared with 14% in Europe and 12% in other advanced economies,” they wrote.

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