U.S. Tops Fastest Growing Freelance Markets in the World
Virtual business owners are earning more in the U.S. and beyond.
If you’ve been here before, you know that VBO Nation is the authority for the latest VBO news, trends, tools and tips. And this just in, the U.S. is the number one fastest-growing freelance market in the world. We’ve been watching the VBO movement grow like wildfire over the last few years, and there’s no signs that it’s slowing down anytime soon. There are about 57 million VBOs in the U.S. today, and that number continues to grow. But that’s not the only number that’s growing. According to Payoneer’s Global Gig Economy Index, freelance earnings are growing at an astonishing rate too.
Among other things, the Index detailed the top ten countries for freelance revenue growth in Q2 as well as the age groups that are capitalizing on the thriving VBO economy. Here’s the run-down:
The U.S. experienced the most dramatic rise in freelance earnings around the world during the second quarter. Earnings increased 78% from the same time last year. The following top 10 markets were:
2. The U.K. — up 59%
3. Brazil — up 48%
4. Pakistan — up 47%
5. Ukraine — up 36%
6. The Phillipines — up 35%
7. India — up 29%
8. Bangladesh — up 27%
9. Russia — up 20%
10. Serbia — up 19%
Worldwide, Payoneer reports that millennials make up 64% of the freelance workforce, although VBOs between the ages of 35-44 are making the most money, bringing in 32% of earnings while representing only 23% of freelancers. The VBO population skews younger, but Gen X’ers and boomers are freelancing too.
People all over the world are flocking to freelancing for several reasons. In more developed markets like the U.S. and the U.K., companies are looking to hire with less risk, and working with freelancers enables them to do that. People are opting to freelance for personal reasons too. People are sick of the scripted life, and freelancing offers them a better work-life balance. In developing nations, governments are incentivizing independent work with tax-breaks, training programs and more, as is the case in Ukraine, the Philippines and India among others.
Payoneer also found that more freelancers are thinking like entrepreneurs. Some VBOs are landing large projects for premium prices and subcontracting to other VBOs to make a profit. Working with other VBOs is a great entrepreneurial approach, but it’s important to note that VBOs and entrepreneurs differ in several ways. The most important thing comes down to quality of life. Though many love it, entrepreneurship comes at a cost, and the price is pretty steep. Entrepreneurs often sacrifice their freedom, financial security, time, relationships, health and peace of mind for their businesses. Freelancing offers a better way. VBOs work from home for themselves, which affords them the freedom, flexibility and financial security to live their dreams.
VBO Nation is helping to empower the freedom generation. If you’re ready to make the switch, you’re in luck. VBO Nation has created VBO Quickstart, a comprehensive 90-day masterclass designed to teach aspiring and existing VBOs how to pursue their passions and launch their virtual businesses, so they can accomplish their dreams. This masterclass will show you how to optimize your business, build your brand, and increase your earnings, offering you resources and support every step of the way. We only offer this masterclass four times a year. Enrollment will open on Monday, Dec. 23, and it will only last for one week. The next cohort will start in January. Find out what VBO Quickstart can do for you.