The Harvard Business Review states that female entrepreneurs make 20% more revenue with 50% less investment, so developing female entrepreneurs is a very good idea. Despite this, gender inequality is alive and well when one looks at the percentage that females make up of the pool of millionaires.
According to editor of Spears Magazine Josh Spero, “The top ten most equal countries for multimillionaires are a diverse bunch and almost certainly not the ones you would have predicted.” Spears Magazine worked with WealthInsight – a wealth consultancy company – to better our understanding of women’s wealth across the globe.
Spero continues, “It certainly seems that Asia is leading the way in gender equality, perhaps reflecting emerging markets whose developing, increasingly wealthy economies are not bound by old forms of gender discrimination in business.”
There were some apparent findings: amongst the less liberal countries like Saudi Arabia, women’s employment options are limited to say the least, bringing their score down to only 3.8%. However, the Netherlands, New Zealand and Belgium surprised with low scores despite their liberal politics and diversified economies.
He adds, “It is worth remembering, of course, that women make up over half the global population, so we can’t really say any country is gender-equal until its wealth is divided much more along those lines. What is shocking is that no country is anywhere near that yet.”
Oliver Williams of WealthInsight suggests that there is no correlation between emerging and developed countries in the top 10 female multimillionaire countries. “However, if you consider that Hong Kong and Singapore are home to many of emerging Asia’s multimillionaires, it appears that most of the top 10 countries are in fact emerging markets. This is a startling realisation when you think that it is Western countries leading the way in promoting gender equality.”
Some more stats:
The country with the greatest percentage of female millionaires is Portugal with 23.8%. The Philippines come in at 21%, Peru at 18.3%, Hong Kong at 18% and Turkey at 17.4%.
British female millionaires make up only 11.4% of the total millionaire pool, awarding them only 15th place, whereas Europe sits in 10th position. The Netherlands comes in at 5.9%, while countries such as Thailand, Italy, Spain and Singapore still fares better. The USA reports 9.4%, Canada 9.2%, Australia 8.8% and France 8.5%
Countries with the smallest percentage of female millionaires include Russia with a low 5.7%, Mexico at 5.3% and Japan with a disappointing 3.7%.