What we can learn from the richest self-made women

In August Forbes released their 2021 America’s Richest Self-Made Women, a ranking of the most successful female entrepreneurs and executives in the United States. This got me thinking – what exactly is a self-made woman, and how would Australia compare to the USA?

While there’s obviously much more to success than monetary value, net worth is one of the easiest measures of corporate success, and the method Forbes uses to rank women on their list. As for self-made, Forbes doesn’t specify, but I’ll assume it means those who have made their fortunes without a large family inheritance - although I do question a few individuals who made the cut. ??

What can these self-made million and billionaires teach us? Here are my observations.

Age is no barrier to success

I still remember my grandma on my mum's side, actively managing the ledger of the family stocks and shares in her 60s, 70s and beyond. Imagine that! A woman taking control of the family finances in an era where this was rare. A woman who was uniquely self-employed as a consultant and coach, she remained professionally engaged into her early 80s and whom I fondly remember as being exquisitely stylish. A woman who not only managed wages, bills and household finances, but actively engaged in trading stocks and shares when many men of the time wouldn’t know how.

Success has no gender, and no age. The top 14 women in Forbes’ ranking are over the age of 60. Granted, most of these women made their first million much earlier in life, but they didn’t stop there. These women continued to grow their companies, education, and philanthropy to become renowned in their fields well into what others would call the twilight years.

Younger entrepreneurs are also rising to the top – one of the youngest women on the list, Whitney Wolfe Herd, is the youngest self-made billionaire in the world. So if you’re concerned you’re too young, or too old, or too female, you can stop now. Don't let narrow stereotypes around age or gender get in your way.

Husbands are optional

?A number of women on the Forbes list got their start by investing or founding companies with their husbands or male colleagues, a common endeavour for entrepreneurs of the 70s and 80s. But women making a start on their own has become more common over the past 30 years.

Meg Whitman, CEO of eBay from 1998-2008, grew her $6.3 billion net worth without the aid of her husband – a neurosurgeon with his own success and own story. Likewise, media personalities such as Oprah and Rihanna have built their own empires, continuing to grow their wealth each year.

I’m not saying that all women should go it alone. There’s something to be said about having someone to share in the struggles of starting a business. But research actually shows that companies with single founders are typically more successful in the long run than co-founded organisations. As the Forbes ranking shows, both options can yield results. Their fields are also varied – the richest woman in America, Diane Hendricks, grew her fortune in the roofing industry – proof that even in 2021, the tech giants aren’t the only billionaires.

Australia still has a long way to go

In Australia, the closest we have to a definitive ranking of successful women is the Financial Review’s Young Rich List, a ranking of Australia’s wealthiest individuals under 40. While not the same as Forbes’ ranking, the latest list does reveal some key insights. For the last few years, this list has included around 10 women out of 100. That’s right, women make up only 10% of Australia’s successful younger people. While that number rose to 12 on the 2020 list, there is still a long way to go. Which begs the questions: Why aren’t women competing with male entrepreneurs in Australia?

The AFR attributes this to the fastest growing industry in Australia – technology. Traditionally a male dominated field, it seems more men than women are making a name in the tech industry. Of the 12 females, only four are in traditionally male industries – two in tech and two in sports. The remaining eight have made their fortunes in the beauty, clothing and entertainment industries. While I’m all for women finding success in field's they enjoy and for creating new categories entirely (the femeconomy is definitely on the rise) - it would be encouraging to see more female CEOs in other sectors, startups and ventures – and no, I don’t count Gina Rinehart as self-made!

It’s great to see women gaining success, recognition and reputation in the business world but it's definitely slow going. I for one look forward to a time when women are represented in equal numbers as men on such lists, and when we don't need gendered lists at all - where women are making as much money (if not more!) as their male counterparts.

Your thoughts? Got anything to add? Would love to hear from you. Comment below.

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Amanda Blesing is a highly sought after mentor, speaker and 2 x author on feminine ambition - how to spark it, tackle it and see it flourish. As a former CEO she understands the tightrope that many women walk on their pathway to the top in their quest to make a difference. Follow her, or check out her website at?www.amandablesing.com