Women Lead Race Into Business

By Patrick Hind -

Women are finally finding their place in the business world at all levels.

New research shows greater growth in the number of female millionaires than males and there is greater growth in the number of women starting businesses.Research by Brewin Dolphin Wealth Management (BDWM) shows the annual growth in the number of female millionaires is at 10.9 per cent compared to 9.7 per cent for men. In total there are now 68,000 women in the UK with a net wealth – excluding pension assets – of at least £1 million. This compares with the 104,000 men who are members of the millionaire's club.

The average millionaire is worth £2.5 million, but there is a gap between the male and female millionaires. The average man with a million is worth £2,963,423, while women millionaires have an average wealth of £1,969,618.However, the gap is closing and women are catching up, as in 1999, the average male and female millionaires were worth £2,713,829 and £1,276,188 respectively. The BDWM analysis of Britain's richest women shows 30 per cent of their assets come from property and 25 per cent from stocks and shares. While women are strongly catching with men at the top of the business world, the same is happening at the bottom. Figures from Barclays reveal growth in the number of women starting businesses, and no doubt dreaming of a seven-figure bank balance, is outpacing men in regions across the nation.

In the first half of this year, women in the UK set up 38,100 businesses – an increase of nine per cent on last year. In the East Midlands, London and Yorkshire the growth in business start-ups from women overtook those by men. John Davis, marketing director for Barclays Local Business said: "Start-ups remain buoyant this year and it's clear that in many areas women are taking the lead and demonstrating how much they can contribute towards the business sector and the UK economy as a whole."

One area where women are making big headway is the property sector. Mr Davis said: "Business start ups such as property services, which include interior design and property development, offer increasing flexibility and are proving very popular with women who are often juggling careers and family commitments." He added: "Also in the 21st century there are a lot fewer barriers to entry for women and they are taking advantage."

Across the UK and the sexes the greatest growth in start-ups has been in the property services sector and the motor trades, wholesale and retail sector – both up 15 per cent. However, there is a warning for anyone heading into business. A recent study by the Bank of Scotland shows business owners are putting in 33 million extra working weeks a year to run the UK's 1.4 million small businesses.

On average, business owners work 53 hours a week to run their companies. However, the reward for the extra graft for 35 per cent was "the sense of achievement". But for 26 per cent, the reason for the long hours was to "make as much money as possible". For women starting out in business, the advice is that hard work and imagination can eventually take them into the ranks of Britain's millionaires.

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