There is a great disproportion between the number of male and female millionaires both in the world and the UK, a research by GlobalData’s WealthInsight has found.
As Britain digests the latest gender pay gap figures, which were submitted this week by over 10,000 companies, this research finds further growing discrepancies among the wealthy.
WealthInsight has found that the number of women with a $1million net worth (excluding their primary home) represents a small minority compared to men worth the same, with only 10% of millionaires globally and in the UK being women.
The share of female millionaires in the UK varies across sector, though remains overall low.
The media sector has the highest number of female millionaires, with women representing slightly less than a quarter (22%) of the total millionaires in the industry. Followed by the retail, fashion and luxury goods sector with 21% female millionaires.
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Meanwhile, only 9% of HNWIs are women in the UK investment and tech and telecommunications sector.
According to WealthInsight head Oliver Williams, this is a rather worrying factor. He told Verdict:
“While it is not such a surprise that media is the most gender equal industry, to see tech and telecoms ranking near to the bottom is shocking. The sector is the second largest creator of millionaires after financial services, and one that sees itself as fashionable and futuristic.
“From this data, however, it is clear that there is a gender bias in the upper echelons of big tech and telecoms companies.”
Williams further explained the reasons behind this phenomenon:
Despite recent changes in boardroom equality and a rise in female entrepreneurism, male millionaires still dominate. In many societies, it is still challenging for women to start a company or obtain finance, while inheritance is handed down through the male line.
Though public awareness is starting to affect the wealth balance in the West, it is Asian countries where change is the fastest. Countries like Vietnam, Singapore and Hong Kong have a higher portion of female millionaires due to equal entrepreneurism and female-run family businesses.