Asia leads boom in female billionaires

More women are becoming billionaires than ever before, driven by a marked rise in the number of female Asian entrepreneurs, according to a report into global wealth.
The number of female Asian billionaires increased from just three in 2005 to 25 in 2014, the UBS/PwC Billionaire report revealed, with just over half of them first-generation entrepreneurs.



Family businesses are driven by women far more in Asia than in the US or Europe, the report notes. Ninety-six per cent of ultra-wealthy women in Asia are still “active wealth creators”, compared with 57 per cent in the US and 63 per cent in Europe. Overall, the number of women billionaires now stood at 145 in 2014.


“The rise of female and Asian billionaires over the last two decades is creating an entirely new billionaire demographic,” said Josef Stadler, head of global ultra-high net worth at UBS. “While there is no such thing as a typical billionaire, virtually all are focused on building a lasting legacy for future generations.

The survey of 1,300 billionaires, which analyses data from the past 19 years, also shows how the global financial crisis shook up the ranks of the super-wealthy. Of 289 people in the 1995 report, just 126 remain on the list today. While 66 have died, the report notes, 73 fortunes “have disappeared due to business problems and other reasons”, while 24 have “been lost through family dilution”.

“The report suggests that we need to revisit the old saying, ‘The first generation builds the business, the second makes it a success and the third wrecks it’,” said Michael Spellacy, global wealth leader at PwC US. “Our findings reveal that it is in fact the second generation that all too often undermines the value of the business the first generation created. To prevent this, business decisions must move from the kitchen table to the boardroom.”

However, the 126 billionaires who have retained their place on the list still created a total of $1tn of new wealth since 1995, particularly in the consumer and retail, technology and financial services sectors. Tech billionaires in particular tend to be most durable, the report notes.