‘Girls, we run this mutha’ might not have made it onto the marketing blurb of any Fortune 500 company but it seems Beyonce was on message with the lyrics of her 2017 song Run The World.
Since last year the number of women who have become self-made billionaires has doubled to 231 with China, the USA and the UK topping the list of mega-rich entrepreneurs.
Zhong Huijuan, 60, who hails from China, holds the title of the world’s richest self-made female billionaire and is the founder, CEO and chairperson of Hansoh Pharmaceutical. She has a net worth of $85 billion.
Also doing it for the girls is 74-year-old Diane Hendricks who founded ABC Supply (now America’s largest roofing and siding distributor) with her husband, and has continued to run the company since his death in 2007. She has a net worth of $8 billion.
But just pipping her to the post by a mere $3 billion is Denise Coates CBE, aged 53, who is worth a cool $11 billion thanks to Bet365, the online betting company she founded.
While Whitney Wolfe-Herd, aged 31, from the USA, was named the world’s youngest female billionaire as founder of her company, Bumble.
And what is the one thing they all have in common? They’re all mothers and sorry boys but this just might be proof, if proof were needed, that women really are better at multi-tasking!
Wolfe-Herd made sure everyone knew of her working mum credentials when she took her company public and made headlines when she held her one-year-old son on her hip while ringing the virtual Nasdaq opening bell. One of just 22 women ever to take a company public.
And she has followed through with her mothering instincts by offering Wolfe-Herd Bumble employees benefits including paid parental leave and flexible start times to balance work and family.
Progressive parental leave, flexible working, childcare facilities in the office and more female representation in the workforce are positive signs that women are being more supported in business.
But despite being offered the opportunity to juggle work and family successfully, there are still significant gender pay gaps across the US, UK and the rest of Europe.
Female entrepreneurs face more significant financial challenges than their male counterparts, with 35% still dealing with gender bias as they work to raise their business capital. This gender disparity applies across the board, with male billionaires on a much higher earnings trajectory than their female counterparts.
And according to research by Global Workplace Specialists Instant Offices, the world’s richest man is expected to reach trillionaire status 150 times faster than the world’s richest woman. This means it will take roughly 900 years to reach the same milestone.
With a net worth of $195 billion, industrial engineer and entrepreneur Elon Musk is on course to become the world’s first trillionaire within the next 6 years, earning almost $432 million per day. Meanwhile , L’Oréal heiress Francoise Bettencourt Meyers, the wealthiest woman globally, earns $3 million per day.
So Beyonce, while women are doing better than ever, it might still take some time before girls actually do run this mutha.
Top three countries with the most self-made female billionaires
|Countries||Number of self-made Female Billionaires (2021)||Biggest self-made Female Billionaire||Net worth||Industry|
|China||61||Zhong Huijuan||$85 Billion||Pharmaceuticals|
|USA||19||Diane Hendricks||$8 Billion||Contracting|
|UK||6||Denise Coates||$11 billion||Online Gambling|