According to a new survey, women are becoming a greater proportion of the billionaire class, with a new set of aspirations and charity, as their share of global wealth increases.
According to the Altrata Billionaire Census, 431 (13%) of the 3,323 billionaires worldwide are women. Even if that 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 the rise in female entrepreneurship, the gradual shift in cultural attitudes, and the increasing frequency of significant intergenerational 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. The three richest women in the world, Alice Walton ($104 billion), Julia Flesher Koch and her family ($76 billion), and Franoise Bettencourt Meyers ($73 billion), were among the 38% who inherited all of their fortune, according to Altrata. Only 5% of male billionaires, on the other hand, inherited their wealth.
Compared to 66% of men, only 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 from Cerulli Associates.
Additionally, the giving and spending habits of male and female billionaires varies. For example, the research found that women prioritized social and nonprofit groups.
Compared to 5% of men, nearly one in five female billionaires work primarily for charitable organizations. According to the survey, the primary driver of the charity focus is the preponderance of inheritances among women, as they often have fewer commercial obligations and there is a strong correlation between inherited income and prior involvement in social justice, welfare, and philanthropy.
Additionally, the financial portfolios of billionaire women varied slightly. They have greater private holdings (35% versus 28% for men) and more liquid assets and cash (39% versus 30%) since they frequently inherit private businesses. According to the survey, tech-focused billionaires who started public firms account for a big portion of the wealth of billionaire men, who own 40% of their fortune in equities, compared to 22% for women.
Luxury real estate and art are much more common among female billionaires. For example, they are 1.5 times more likely to own over $10 million worth of real estate. Contrarily, billionaire males are more likely to take pleasure in their possessions, 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 yacht 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 men were more interested in politics, the outdoors, and aircraft, more women listed art, education, and travel as hobbies.
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