I believe every woman should pay attention to the glaring fact: why are there so few female self-made billionaires in this world? A 2019 survey revealed, there are 2825 billionaires of which 90% are men. Of course the world we live in is changing rapidly and we are seeing more and more amazing female billionaires than ever before but yet the question still remains? In fact, let us take it one step further: Why is the richest person on the planet not a female?
When I asked this question to a colleague of mine who is a billionaire in silicon valley, he couldn’t answer the question directly, yet pointed me in the direction of: “Women need to create enough change in the world to create that kind of wealth”. I am not sure I entirely agree on that notion, however I do agree that women I have observed and have mentored since 2013 are not “obsessed” about being super wealthy let alone want to be a billionaire. They often feel intimidated by the process of creating a multinational corporation. I also found women tend to play a smaller game when a money making opportunity was presented to them.
In an attempt to learn why this happens, I have visited the grass roots of where this mindset may have stemmed from. Young women growing up need to have a strong role model from which they can aspire to in the financial and business world. I know the latter has historically always been a problem, even in my life. I became a mentor to be the change I wanted to see and act as the role model for females where possible.
Everything we see growing up associated with great wealth and power is always led by a male, be it in History, Hollywood movies and TV shows growing up. Of course, the new phase of female billionaire are the instagram “Kardashians” who seemingly make most of their money from revealing as much flesh as possible. The latter is still a problem in my eyes, since if young females aspire to be a reality tv star or social media icon for their looks before any business acumen, then we as a society are still failing the female race by subordinating them to their physical appearance and not their business and financial acumen alone.
A simple comparison: Look at the founder of Ethereum. I have yet to see a female self made billionaire get away with that type of “appearance” and get the backing of millions to become a billionaire.
If women want to be a force to be reckoned with, I strongly believe they need to be a master at investments and thus financial trading knowledge is key. The financial and trading industry still is one of the worst for female representation especially in a director or CEO role. I am on the mission to change this by encouraging more and more females to take up financial trading and enjoy the industry that could well be their gateway for greater things. Hither Mann knew that it was for her, for example I wouldn’t be currently undertaking company acquisitions and looking at SPAC and IPO listings if it wasn’t for the world of financial trading and hedge funds that I discovered in 2008.
Women are inherently known to take less risks compared to men, maybe that is part of the reason they shy away from the intense pressure and aggression in the financial world that is so prevalent. Their ability to deal with knock backs and self-doubt will be imperative to whether they continue to high success or of course fall off the journey quite early.
In all my time in the financial and business world since 2004, I have only come across two female Managing Directors of Tier 1 banks and even less female hedge fund owners. These women were ruthless and at times terrifying to work, which made me think maybe this is exactly why women don’t do it – it is so unorthodox for women to act this way in general society that they are often deemed “too aggressive” yet the same behaviour in a male is seen as “confident”.
Women need to see strong women as an inspiration and not a threat. I personally had to learn to do that many years ago. I in fact respect a strong woman far more than a strong male in the same role, purely for the challenge the female had to overcome in both her personal and professional life to get to this point. I haven’t even mentioned having a family yet which almost always seems to set back the successful female entrepreneurs I have come across. Not because they cannot afford a nanny, quite the contrary, but more so due to their emotional attachments changing and the ability of a female to “talk themselves” out of their business and financial goals when family is involved. Men tend to do that far far less in comparison.
We have a long way yet to get this balance right in the male and female billionaire playing field. It was also the reason I set up The Billionaire Project since I knew that if I too were to become a billionaire (yes I do wish to), then it will only happen through my company acquisitions, private equity deals and SPAC and IPO listings. Guess what percentage of women joined in comparison to men? 20% only which further re-confirms my statement that women wish to play that smaller game even when the opportunity arises to make huge financial profits in business.
But as always, I will continue to raise the flag high and hope to inspire more amazing women to play the BIG game in business and finance as I lead by example! In my 39 years on earth so far, I have seen HUGE improvements in females in success and I hope for exponential growth in female financial success when they have the role models made more visible!
For more information on The Billionaire Project or Financial Trading programs offered by Fortune Academy, contact the team on email@example.com or follow Hither Mann on social media @hithermann.