According to a recent survey, women are becoming a greater proportion of the billionaire class, with a new set of aspirations and philanthropic practices, as their share of global wealth increases.
According to the Altrata Billionaire Census, women make up 13% (431) of the world’s 3,323 billionaires. Even if it might not seem like much, over the last ten years, their numbers and share have been steadily increasing.
The paper states that the feminization of the three-comma club will continue to be aided by “growth in female entrepreneurship, slowly changing cultural attitudes, and the rising frequency of substantial inter-generational wealth transfers.”
The strongest motivator has been inheritances. According to the survey, three-quarters of today’s 431 female billionaires inherited some of their fortune.
According to Altrata, 38% of their entire fortune was inherited, including that of the three richest women in the world: Françoise Bettencourt Meyers ($73 billion), Julia Flesher Koch and her family ($76 billion), and Alice Walton ($104 billion). Only 5% of male billionaires, on the other hand, inherited their wealth.
Compared to 66% of males, just 25% of women are self-made billionaires. It’s possible that those inheritances will increase in frequency. As part of the Great Wealth Transfer, women are predicted to inherit up to $30 trillion over the next ten years, according to an analysis by Cerulli Associates.
Additionally, the giving and spending habits of male and female billionaires varies. For example, the research found that women prioritized social and charity groups. Compared to 5% of males, nearly one in five female billionaires work primarily for charitable organizations.
Since women often have “fewer commercial commitments” and “there tends to be a strong link between inherited wealth and earlier engagement in philanthropy, welfare, and social justice,” the research said that the major reason for the altruistic focus is the preponderance of inheritances among women.
Additionally, the financial portfolios of billionaire women varied somewhat. They have greater private holdings (35% against 28% for males) and more liquid assets and cash (39% versus 30%) since they frequently inherit private businesses.
Men own 40% of their fortune in stocks, compared to 22% for women. This is mostly because tech-focused billionaires started public firms, according to the survey. Luxury art and real estate are far more common among female billionaires. For example, they are 1.5 times more likely to possess over $10 million worth of real estate.
Contrarily, billionaire males are more likely to take pleasure in their “toys,” which include expensive automobiles, yachts, and private planes. Owning an automobile valued at more than $1 million is 3.8 times more common among billionaire men than women. Additionally, their likelihood of owning a boat is more than doubled.
When it comes to hobbies, the gender gap is even more pronounced. At 71%, giving was the most often mentioned pastime among female millionaires. At 71%, athletics were the most popular pastime among men. While males were more interested in politics, the outdoors, and aircraft, more women listed art, education, and travel as interests.
