Ever wondered which industry is best for women in terms of the gender pay gap?
With the pay gap scandal of the BBC, we have been investigating. Which industry has the most female millionaires?
We have the answers
Well the media industry has the most female millionaires of all industries. One quarter of millionaires who have earned their wealth from the sector are female
Then tech and telecoms is the least favourable industry for female millionaires – 92 percent of millionaires who have made their wealth from the sector are male
The retail, fashion and luxury goods industry came in third place, behind government roles, with 16 percent of female millionaires working in this industry.
Female millionaires working for the government make up 20 percent of the industry.
However, the industry with the most millionaire women, still has a very small percentage. We are still a long way from complete pay equality.
Which countries rank for the gender pay gap?
The UK ranks in 10th place in the global study, 20 places ahead of the United States, which ranks 30th.
However despite ranking in the top 10, only 14% of the UK’s millionaires are female. A huge 86 percent of the UK’s millionaires are men.
Vietnam is the most equal country with a 74 – 26 percent balance between male and female millionaires.
Then Qatar is the least equal country in the study – just 3 percent of the millionaires living in the country are female.
|United Arab Emirates||0.95||0.05||64.00|
What do these findings about the gender pay gap reveal?
Head of WealthInsight, Oliver Williams says, “Female wealth tends to be more entrepreneurial than male. We see that they often have had a hand in starting companies from where their wealth comes from. For that reason they are drawn to industries that they know, such as media or retail over sectors like construction and engineering. It was a surprise to see the technology industry, which has long been touted as a great leveller of equality, turn out to be the most unequal in its pay”.
Almost 50 percent of female millionaires owe their wealth to entrepreneurship compared to 47 percent of males. Far fewer made their money from a salaried position. Only 31 percent ‘earned’ their wealth (implying it was mostly gained through a salary), whereas 45 percent of males made their wealth the same way.
Commenting on the country split, Williams explains: “Gender equality is changing in millionaire circles, though not from western pressures, the change is coming from the East. Alongside their ballooning first generational wealth, Asian countries are quickly becoming the most equal in the world. Then the global average is bought down, unsurprisingly, by Middle Eastern and African countries, which have an average hovering at 8 percent.”
|Tech & Telecommunications||92%||8%||92%|
|Transport & Logistics||92%||8%||92%|
|Construction & Engineering||92%||8%||92%|
|Energy & Utilities||92%||8%||92%|
|Financial Services & Investments||91%||9%||91%|
|Hotels, Restaurants & Leisure||86%||14%||86%|
|Retail, Fashion & Luxury Goods||84%||16%||84%|
What did you think of the best and worst industries for the gender pay gap?
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