By 2020 over half of Britain's millionaires may be female. Why?
In April this year, 92 females graced the Sunday Times Rich List, an annual round-up of Britain's 1,000 wealthiest people. Ten years ago there were 64. And rich women are getting richer, too: over the decade the average worth of female millionaires has grown by more than half. Today Britain's wealthiest woman has £4.9 billion ($9.6 billion) to her name, compared with the paltry £1.5 billion her counterpart had in 1997. The Centre for Economics and Business Research (CEBR) reckons female millionaires will outnumber male ones by 2020, and by 2025 women will control 60% of the nation's private wealth. They do better at school and in higher education, and they live longer. Girl power, it seems, never had it so good.
Is this wave of affluence a chimera or does it have solid underpinnings? A report this week by the Economist Intelligence Unit, our sister company, for Barclays Wealth, a financial-management firm, claims that the historical sources of women's wealth—marriage, inheritance and divorce—have been replaced by independent income, business ownership and investments. More than 80% of women now derive their riches from personal earnings, it says, particularly from their own businesses. Divorce, long the engine that propelled women into prosperity, is cited by only 2.9% of those questioned as the main source of their wealth.
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