Study shows that women make up 19% of millennial billionaires

The millennial generation has significantly more female billionaires than previous generations - but who's topping the list?

Culture

Rihanna made headlines last summer after Forbes announced that she was officially a billionaire, and the wealthiest female musician in the world - at 33 years old. She has earned her place on a growing list of black billionaires, joining 13 men over the age of 43, and just one other woman: Oprah Winfrey. It begs the question, what percentage of current billionaires are female, and how does this compare to previous generations?

Moneytransfers.com has compared the billionaire trends across different generations, and findings show that women make up 19.1% of millennial billionaires, which is the highest percentage of women billionaires of any generation. This number is quite an improvement from the immediate preceding generation, Generation X, which has only 11.9% of its billionaires as women.

Tech and finance to make the most millennial billionaires

Technology accounts for 31% of the millennial billionaires, while finance and investment billionaires sum up about 12.9% of the wealthiest individuals. Other notable industries that make up a significant percentage of millennial billionaires include fashion & retail, and media & entertainment, which account for 8.6% each.

The millennial generation also has the second-highest average net worth of £5.12 billion, with 66.4% of the billionaires in this age group being self-made.

Millennials take pride in being trendsetters

Further analysis of the data findings shows that the generation holds the record for the lowest average number of children among the billionaires of any generation. Besides, it also holds the lowest percentage of married billionaires at 68.4%.

While there are many factors at play for these results, it is not a secret that millennials constantly defy societal expectations. The generation is focused on their freedom, which is probably why less of them opt to get married.

It’s also worth noting that despite the common belief among Baby Boomers and the silent generation, millennials are not lazy. In fact, research shows that most millennials have one or more side hustles to boost their primary sources of income.

Who's topping the millennial 1%?

Rihanna, 34

Estimated net worth: $1.7billion

Rihanna already had a successful singing career under her belt when she launched Fenty Beauty in 2017 and her fashion label of the same name in 2019. Thanks to her existing popularity, alongside innovative products and groundbreaking marketing, the Fenty brand soared to success in a matter of days, securing her billionaire status in 2021.

Beyonce, 40

Estimated net worth: $500million

After departing from Destiny's Child and releasing her first solo album in 2003, Beyonce ambarked on a career that would lead to her becoming one of the world's most successful recording artists, having sold over 120 million records worldwide. Alongside an acting career, a popular clothing line and countless endorsements and partnerships, the singer has demonstrated a clear understanding of entrepreneurship - and shows no signs of stopping!

Serena Williams, 40

Estimated net worth: $250million

Widely considered one of the greatest tennis players of all time, Serena WIlliams began her sporting career at school, and was ranked number one among under-10 players in Florida. Fast-forward to 2022, she has won 23 Grand Slam singles titles, the most by any player in the 'Open Era' (1968-today). While Serena remains focused on her craft, she has also delved into the fashion and even media, appearing in pal Beyonce's music video for the song Sorry.

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