Meghan Casserly, 06.18.10, 08:00 PM EDT
Article from Forbes
Nature vs. nurture revisited--with a whole lot of zeroes at stake.
There are 1,011 billionaires in the world. Men account for 665 of self-made fortunes (as opposed to inheritance). In stark contrast, only 14 women on this year's Forbes World Billionaires list have amassed a personal fortune of their own.
When the list was published in March, ForbesWoman readers were quick to point out the poor showing among the females in this category, and we debated why this might be. This week Luisa Kroll also asked: "Just 2% of all self-made billionaires are women. Why so few?"
Are women losing in business because of lack of education? Is discrimination and low venture funding the root? Is there a possibility that women simply don't take the risks required to be a self-made billionaire. None of all that seems to make sense when you consider the rise of Meg Whitman, Oprah Winfrey and the other female billionaires.
We took the issue to our trusted advisors, our communities on Facebook and Forbes.com.
Two teams emerged early: Those who believe that women are disenfranchised and, with the right opportunities, are equally capable of making billions, and those who believe women simply aren't ones for serious money-making. In short, there aren't more female billionaires because women can't or choose not to be.
"Generally, women don't have the inherent drive for monumental success that some men have," said Daniel Hayes on the Forbes Facebook page. Adriana Wanjiku agreed: "I think women are not as much risk-takers as men, who go for anything no matter what it will cost them."
Rugved Teredesai said that he thinks there is "an emotional element in women that holds them behind."
"I think many women are smart, do take risks and are eager to achieve success," said Giovanna Hayes. "The main difference between men and women is emotions and where they place their priorities. Most women tend to choose family life over financial or professional success. They tend to seek the sense of protection."
"It is in a man's nature to pursue success and to scale the next higher mountain," said Felix Ng. "It is in a woman's nature to safeguard success and scale down on the headiness of material pursuits for other important aspects of life."
But Mwaba Matiba thinks it's not all about chromosomal baggage. "I personally do not think women have any problem making a lot of money," he said. "They have got the same ability as their male counterparts and can actually do it if they have the same opportunities."
Which lands us firmly on the other side of this argument: Women are every bit as hungry for power and money as men, but are often unable to achieve their goals because of lingering discrimination and disenfranchisement.
"It's a matter of opportunity," said Santhanam Sudhakar. "Look at the median income for jobs," said Sherri Williams on the ForbesWoman Facebook page. "Women make less than men. This has been in place for decades." Nathan Sichilongo concedes that women have long been considered the weaker sex, but he sees light: "Of course, now it's changing but [women] really lack the opportunity that men have had."
Opportunities like education, which Thomas James Fitzpatrick sees as a portent of more self-made billionaire women to come. "With the number of women pursuing further education this number is sure to grow." Or funding opportunities, which Kimberley Wilmer and Selvaprabha Nallakaruppan see as the main roadblock for female entrepreneurs on the path to billions.
Other arguments that came up in the discussion were to ditch the gender discussion all together, and focus on successful people as individuals. "There are leaders and there are followers," David Mayo said. "There are cultural, gender and DNA differences." After all, the 14 self-made billionaire women are on the list not because they're women. And they have the money in the bank to prove it.
Turn the hopelessness within you into a fruitful opportunity.