On International Women’s Day, debate is still raging over whether women have truly cracked through the glass ceiling of the corporate world.
But there is still one area of business where women are undeniably under-represented – on the world’s rich lists.
There are just six women in the top 100 of BRW‘s Rich 200 list, just six women in the top 100 of Forbes‘ global billionaires list and only eight women in Forbes 400 list of America’s richest.
And the situation doesn’t seem to be getting much better, particularly in Australia.
When I previously put together the Young Rich list for BRW, we expected to see a rise in the number of young women coming through the ranks.
After all, a recent survey of 30 of Australia’s top female entrepreneurs conducted by SmartCompany found an overwhelming majority believe that is has become easier for women to start a business, thanks to improved resources, business networks and role models.
But the increase in female representation on the Young Rich hasn’t happened. In 2009, there were 13 women on the Young Rich list, one less than the previous year.
This suggests it will take years – probably generations – before the wealth gender imbalance even starts to improve.
Given this, it’s important to recognise those female entrepreneurs who are managing to mix it with the male titans of wealth. Here are the wealthiest women on the global stage (valuations taken from Forbes) and in Australia (from Forbes and BRW).
Christy Walton
Company: WalMart
Wealth: $US23.2 billion
Christy Walton is the daughter-in-law of Sam Walton, the founder of what has become the biggest retailer in the world, Walmart. Christy, the widow of Sam Walton’s son John, has no direct involvement in the company’s operations and does not sit on Walmart’s board, but she remains a major shareholder in the company. She also owns a stake in solar panel maker First Solar, which has boosted her wealth in recent years.
Company: WalMart
Wealth: $US23.2 billion
Alice Walton is the daughter of Sam Walton, and like Christy does not have a day-to-day role with the company. She founded an investment bank called Llama Company in 1998, and was the driving force behind the development of the Northwest Arkansas Regional Airport. She is also leading the Walton Family Foundation’s building of a modern American art museum called Crystal Bridges.
Company: L’Oreal
Wealth: $US22.9 billion
Liliane Bettencourt is the daughter of L’Oreal founder Eugene Schueller and retains a controlling shareholding in the cosmetics giant. While she is not involved in the day-to-day running of the business, her daughter and heir Francoise Bettencourt-Meyers sits on the company’s board. However, the mother and daughter are current locked in a bitter court battle, with Francoise launching legal proceedings against her mother’s photographer friend Francois-Marie Banier, alleging the snapper took advantage of the aging Liliane by accepting more than $1.37 billion since 2002. Liliane has rejected the claims she is not in full control of her functions.
Company: Altana
Wealth: $US13.2 billion
Germany’s richest women, Suanne Klatten inherited large stakes in BMW and pharmaceutical and chemical manufacturer Altana from her father Herbert Quandt. She is an active member of the supervisory boards of both companies. In 2006, Altana sold its pharmaceuticals business for $US6 billion; Forbes says Klatten pocketed around 50% of the proceeds. In 2008 Klatten was embroiled in a blackmail case involving a scam artist who threatened to release information about their affair.
Company: Fidelity Investments
Wealth: $US11.5 billion
Abigail Johnson takes a more active role in her company Fidelity Investments than the other members of the top five – along with her father, Fidelety chief executive Ned Johnson, Abby (as she is known) runs the company on a day-to-day basis. She has overseen Fidelity’s retirement plan services division since 2005, after previously running the company’s fund investment unit for four years. In a recent speech she ducked the question of succession, although she is seen as her father’s likely replacement.
Company: Hancock Prospecting
Wealth: $2.2 billion
Forbes latest list of Australia’s richest people (released this week) puts Gina Rinehart’s wealth at $2.2 billion, although BRW’s valuation is about $1 billion higher. Either way, Rinehart is easily Australia’s richest woman and, if her mining empire expands as some commentators predict, could become Australia’s richest person. Rinehart inherited Hancock Prospecting from her father Lang Hancock in 1992, but the company was crippled with debt and cashflow problems when she took control. She has since turned it into a powerful player in the iron ore and coal sectors.
Company: Wright Prospecting
Wealth: $1.1 billion
According to the new Forbes list, Angela Bennett (listed with her brother Michael Wright) is worth just over $1 billion. The pair’s father Peter Wright was a partner of Lang Hancock and Bennett’s major source of wealth is iron ore royalties from Rio Tinto’s Hamersley Iron business. Bennett is also involved in property development.
Company: Sussan Group
Wealth: $660 million
Naomi Milgrom took control of Sussan Group in 2003 when she bought her parents and siblings out of the business. The group, which includes the Sussan, Sportsgirl and Suzanne Grae chains, has annual revenue of almost $500 million. Milgrom also has property assets including a stake in a Melbourne shopping centre.
Company: Retail Adventures
Wealth: $518 million
Jan Cameron is arguably the richest self-made woman in Australia. She founded retail chain Kathmandu in the 1980s before selling the business to private equity in 2006 for almost $300 million. In April last year Cameron bought discount retail business Australian Discount Retail out of administration and has set about reviving the business, which has almost $1 billion in revenue.
Company: Toga Group
Wealth: $445 million
Charlotte Vidor founded hospitality empire Toga Group with husband Ervin in the 1960s. Toga’s hospitality brands include Medina and Vibe and it also has interests in property development, funds management and aquaculture. Vidor remains on the company’s board.
Visit Women’s Agenda for more news and advice for professional women.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
