Asian women leading the way in growth of super rich
Print Edition
THE number of female billionaires is growing faster than their male counterparts, with Asian entrepreneurs leading the trend, according to report released by Swiss bank UBS and PricewaterhouseCoopers yesterday.
The world had 145 female billionaires as of last year compared to just 22 in 1995, a more than six-fold increase, while the number of male billionaires, 1,202, had grown a little over five times during the same period.
The total wealth created by female billionaires grew by 11 times over the period, outpacing the 8.2 times growth made by their male peers.
The average wealth of a female billionaire reached US$4.3 billion, higher than the average of US$4 billion among male billionaires.
“The rise of females over the last two decades is creating an entirely new billionaire demographic, and I see no sign of slowing,” said Karen Chen, president of UBS (China) Ltd, who attributed the trend to increasing recognition of gender equality.
Female billionaires in Asia stood out as they represent 17 percent of the global female billionaire population.
In the past 10 years, the number of Asian female billionaires had increased 8.3 times from three to 25 now, compared with a growth factor of 2.7 in Europe and 1.7 in the US.
The report said that over half of Asia’s female billionaires were self-made, compared with the global average of 20 percent. They tend to be younger than their peers elsewhere with an average age of 53, compared with 59 in the US and 65 in Europe.
Real estate, industry and health care were top sectors where women have made their wealth, the report said.
Globally, the wealth of all billionaires in the study has grown almost eightfold from US$700 billion in 1995 to US$5.4 trillion in 2014, compared with triple growth in global gross domestic product during the period.
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