Wealthy Women At Work
Wealthy women are certainly no idlers: 72 percent work on at least a part-time basis and 54 percent work full-time. Most are well compensated for their efforts: 60 percent of wealthy women who work earn at least $100,000 a year; 20 percent earn at least $200,000 and the median annual income of working wealthy women is $124,000.
Onethird of these women (and 45 percent from households with income greater than$300,000) support another family member through their work; 28 percent support two family members, and 18 percent support three or more dependents. The average amount spent on supporting additional family members: $22,400.
The financial influence of affluent females is powerful and growing in the business world, with women increasingly holding positions of executive authority. One-third of working wealthy women hold jobs at the vice-president level or higher and another 22 percent hold some type of managerial position. Twelve percent of wealthy women serve on a company's board of directors; eight percent are partners in a firm; and two percent hold C-level corporate positions.
Fifteen percent of wealthy women own their own businesses, and lifestyle is a primary consideration in doing so. One-third say that they launched a business to have a more flexible schedule, and nine percent did so to be able to spend more time with family and friends. One in six wealthy women who started a business did so to pursue financial ndependence or to take advantage of a better opportunity than they had in their previous work. Women 55 and older, as well as those with household income greater than 300,000, are 50 percent more likely to be business owners. Just four percent of women rom high-income households with a net worth less than $1 million, and 10 percent who are younger than 45 years of age, are entrepreneurs.
Educational attainment helps to explain the financial success of wealthy women. This is an overwhelmingly college-educated group, with 88 percent of wealthy women holding at least a bachelor's degree. Overall in the U.S. population, just 26 percent of women and 29 percent of men) have earned a bachelor's degree. Twenty-eight percent of wealthy women have earned a master's degree; another seven percent have an M.B.A and 10 percent have received more advanced degrees. The rate of women with a college egree rises to 92 percent in households with a net worth of at least $1 million, and to 95 percent for women from households with income between $200,000 and $300,000. For two decades, women have been outpacing men in earning college degrees—women took 58 percent of all bachelor's degrees awarded in the United States in 2004—so the accompanying financial achievements of women should continue to grow both on an absolute level and relative to the earnings of men.
The Wealth report by the Luxury Institute