Recently Whitney Wolfe Herd, founder, and CEO of Bumble, made headline news following the companies successful IPO as a rare example of a self-made female billionaire. In many senses, her story signals a new reality within private wealth where many are looking to set new norms. Herd leveraged her own personal experience of sexual harassment in the workplace to create a product that empowers women in their ability to make the first move.
She likewise overcame the biggest hurdle of any female entrepreneur: funding. Through a smart partnership, she proved that tech is not the exclusive preserve of men, and instilled a culture of “for women, by women” uncovering the profitability of such a market.
Changing realities and norms
Women wealth owners are a growing market that has not yet been tapped into. In 2018, 35% of millionaires were women with their earnings reaching an estimated $24 trillion in 2020. The expectations are that around 37% of HNWIs (High Net Worth Individuals) might be women by 2030, with control of nearly 20% of the total global wealth market. Their position is particularly strong in the Asian business sector where they stand at the helm of families’ businesses with 96% of those being active wealth creators.
