Women and wealth

How many of the really rich are women? Two recent reports suggest divergent trends for wealthy women across the Atlantic. In the United States, a new NBER working paper by Lena Edlund and Wojciech Kopczuk, Women, Wealth and Mobility, concludes:

Using estate tax returns data, we observe that the share of women among the very wealthy (top 0.01%) in the United States peaked in the late 1960s, reaching almost 50%. Three decades on, women's share had declined to one third, a return to pre-war levels.

But not so in the UK. According to a new report by Barclays Wealth, female millionaires are set to outnumber male millionaires in the UK - though not quite yet. The Scotsman reports:

Female millionaires are set to outnumber their male counterparts in the UK for the first time, a new report claims. ...Women will account for 35 per cent of UK millionaires by 2010 and 53 per cent by 2020, the report found. ...The combined wealth of Britain's richest women in 2007 is now £33.27 billion.

A separate report by the Centre for Economic and Business Research found that women currently hold 48 per cent of Britain's personal wealth and that this proportion will grow steadily to 60 per cent by 2025 as women continue to outnumber men at universities and excel in business and as entrepreneurs.

In a statement, Barclays Wealth said: "The affluence and influence of women is growing and is increasingly fuelled by their own individual enterprises - highlighting that the perception of inheritance and marriage as the lead sources of female wealth is outdated."

Explanations welcome.

Comments

[Arthur Eckart]

Taxes on income and wealth may partially explain the differences. The data represent a very small percentage of the population (e.g. top 5% in Britain and top 0.01% in the U.S.). Of course, the percentage of women in the workforce increased. Also, median home prices increased. However, there seems to be more billionaire males than billionaire females, perhaps more in the U.S. than Britain, although there may soon be more millionaire females than millionaire males in both countries.

[Ian D-B]

When men get old and die, they leave their money to their wives. as Britain ages, there will be a big transfer of wealth to women, which explains the general rise in the proportion of female millionaires.

Just a guess. cool little result though, for both sides of the atlantic.

[spencer]

As a general rule women represent inherited wealth.

But in the US over the last few decades there has been a huge increase in first generation empire builders that became billionaires. Maybe the classic example of this is Sam Walton.
Sam made the fortune, but left it to his wife and other family members.

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