Entrepreneurs behind women wealth boom

The growth in the number of female-led businesses means there will be more women millionaires than males ones by 2020, according to the findings of the Barclays Wealth Management survey.

Successful entrepreneurs such as Penny Streeter (pictured), who owns round-the-clock nursing agency Ambition 24hours, are behind the increase in female wealth. Streeter‘s company turned over £45m in the UK last year with a global figure of £70m and the Sunday Times Rich List estimates her personal wealth at £75m.

The total wealth of the UK‘s richest women is already £3.27bn, while the number of women on the Sunday Times Rich List increased from 81 in 2006 to 92 this year

The poll found that more than eight out of 10 women with investable assets of more than £100,000 have made their money through earnings and owning businesses, with more traditional methods such as divorce or inheritance becoming less common.

“While the more traditional drivers of wealth still play a part, they are no longer the dominant forces they once were,” said Amy Nauikas, managing director of Barclays Wealth. “Women are more thoughtful and purpose-driven when it comes to investing, whereas men tend to look for income and growth,” she added.

Women with more money were also likely to be happier, the research suggested, with 80% of women with assets of over £500,000 saying wealth had resulted in greater happiness as well as more leisure time, improved health and job satisfaction.

The Barclays Wealth Management survey estimates women will account for 35% of all millionaires by 2010 and will reach 53% by 2020.

The total wealth of the UK‘s richest women is already £3.27bn, while the number of women on the Sunday Times Rich List increased from 81 in 2006 to 92 this year.

Meanwhile, a separate poll by Datamonitor confirms the gulf between male and female entrepreneurs is narrowing. The average male millionaire was worth £2.71m in 1998 compared to £1.28m for women; by 2006 this had closed to £2.96m and £1.97m.

Examples of self-made female millionaires can be found in this issue of New Business, which profiles 10 of the leading women entrepreneurs including Deborah Meaden, Emma Harrison, Penny Streeter, Jacqueline Gold and Glenys Berd.