While it is true that some HNW women are inheritors or receive large sums from big divorce cases - the Bezos and Gates cases spring to mind - an important number of wealthy women created their fortunes from scratch. It is high time those feats were recognised, so the author of this comment says.

The following guest commentary comes from Tamara Gillan, founder of the WealthiHer Network; CEO and founder of Cherry London. She writes about how women entrepreneurs and HNW individuals are presented in the media, and has her own very strong views about the problems associated with this. We hear a lot from wealth managers these days about how they seek to engage with HNW women and serve their needs better. It appears that there is much room for improvement. 

As always, the usual editorial disclaimers apply when it comes to the views of guest contributors and we welcome debate and responses. To email the editorial team, write to tom.burroughes@wealthbriefing.com and jackie.bennion@clearviewpublishing.com

I spat my morning tea out reading The Times' analysis of the Rich List 2021, which has at best failed to celebrate the notable women who have made the top 250 richest list, and at worst dismisses their success. 

One in five of the richest 250 are women. This article does not celebrate the financial rise and success of these women, there is no mention of renowned author and philanthropist J K Rowling, or Romi Savova the hugely successful founder of PensionBee, or Amal Clooney, a very powerful part of a power couple who is also successful in her own right. 

Instead, the article is keen to point out that of the 53 women, 19 are half of a married couple, and 27 inherited some of their wealth or used family money to start their businesses. Billionaire businesswoman Charlene de Carvalho-Heineken featured with a caption that reads ‘one of the few women on the list who made her money herself.’

On the contrary, there is no mention that Danish entrepreneur Anders Povlsen inherited his family fashion business, Bestseller, which was the foundation for him to build his empire. Nor that Lakshmi Mittal and the Hinduja family inherited a family business started over 100 years ago. Why then is it relevant to make the point that the women on the list had inherited or used family money to start their businesses?  

This double-standard is not new when it comes to women who have success in business. Similar comments were made about family investment when Whitney Wolfe Herd became the youngest self-made billionaire when she took Bumble public; Whitney earned every ounce of her success through ingenuity, strength and grit. She may have come from a wealthy background and married a wealthy man, but she started her own business at the age of 20 while at Harvard, selling bamboo tote bags to help those affected by the BP oil spill and a clothing line to raise awareness of human trafficking and fair trade. She has been an entrepreneur with a strong social justice leaning for most of her adult life. Why can’t we just applaud women like Whitney and celebrate their success?

In the UK and Europe, female founders get just 1 to 2 per cent of all start-up funding, so often family financial backing is the only option. Having set up my first business with a family loan, it is not always the easiest money as it comes laden with responsibility and can lack the strategic value derived from more experienced investors.

Women who achieve hard-earned business success should be lauded and held up as role models to other women; to inspire them to launch, build and grow their own. I, Tamara Gillan, and the WealthiHer Network salute women who take the plunge, who forge ahead and create success for themselves and those who follow in their footsteps. To them I say, "well done!"

About the author

Tamara Gillan is an entrepreneur, change-agent and champion for female empowerment and equality. By leveraging the power of collaborative action and bringing together 15 leading financial organisations, Tamara created the WealthiHer Network to drive the economic advancement of women globally.