I don't know how you could ever determine this decisively. Obviously owning or running your own shop, whether that's a brokerage shop, a development shop, or a private equity shop, is how you make the most, and obviously very few people get to the point of owning their own shop, even fewer succeed, and even fewer succeed so dramatically that they get into the stratosphere.

For someone looking to get into the business, the most important thing is following the route that is interesting to you and that you're good at. That is the best way to find success, which is the best way to make a ton of money.

Commercial Real Estate Developer
 

Yes, the second part of this is not something you should underweight. As dumb as it sounds, when you're genuinely passionate about something, you'll be willing to put in ALL the hours it takes to make it work and naturally become one of the best people at whatever it is you're passionate about.

I'm sure we all know that "one" guy with a weirdly niche job making like $800k a year doing something absurd but it's usually the result of being obsessively passionate about something which leads to being the best and the top 1% can always charge much much much more for a skill than anyone else. Like... THE underwater basket weaver is much better than being an average X.

Also if it matters, you'll probably be happier optimizing for work you enjoy VS making money.

Touching on his first point, running your own business is great too because you don't really need to succeed too hard to make much more money than you would working for others, especially in something as sweaty/eat what you kill as RE. If you're cool with feeling anxious as fuck all the time and risking your net worth then do it. You'll learn a lot even if you fail and build up a ton of full circle experience. Like Aristotle said, "#yolo ur life savings lOL."

 
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Your question may be a bit too broad to be useful but I feel like it is a common thought process in college and I thought the same thing when I was 22 so I want to flesh it out. The result of thinking this way was I went to work in investment sales because "it is the fastest way to make a ton of money in a short amount of time," but I hated cold calling and schmoozing so wasn't successful and left pretty quickly. Another way to think about it is if you average all incomes for all three industry segments, you arrive at a number that doesn't really tell you anything important. Principals of all three can make bank but most people won't be principals, and many more will barely climb the ranks. The question you want to ask yourself is which segment is more attractive to you so you can rise as high as possible within that path. Your options are: investing in a business, building a business, or servicing a business. Income is dependent on many factors but choosing a job you like is going to pay off in the long run far more than picking a job that you hate but that you think pays more. This isn't some fluffy advice to follow your passion, but you should at least have an idea of what you're good at and what you dislike. Say you aren't like me and you actually like cold calling and are excited to work in investment sales. That's when you ask the question about how to make the most money. For example, getting a first job at a big brokerage in a major market would be better advice for you to maximize future income than say setting up your own shop in Little Rock.

TLDR: Know thyself, brother.

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