You might want to start that career change right about now
With discussions still abuzz about the gender pay gap (thanks to these BBC hosts grilling their bosses about it), we think it’s about damn time we started being open about our salaries so we can make sure we’re earning what we deserve, regardless of any factors like our race or gender.
So, when a study compiled by Compelo and Wealth Insight announced that the industry with the most female millionaires was the media, we rejoiced.
But, sadly, that still only makes up one quarter of millionaires in this sector. Why isn’t it half yet? This makes no sense mathematically if you think about it.
What this does show is that the media is the most favourable industry for women. But, as a journalist, I can also confirm that the media is a very female-heavy sector any way so this doesn’t come as a surprise to me – although the disparity between male media millionaires and female media millionaires does.
And, apparently, tech and telecom millionaires are 92% male which also doesn’t surprise me much seeing as there’s a shortage of women in STEM at the moment.
Head of Wealth Insight, Oliver Williams, said: ‘As 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 leveler of equality, turn out to be the most unequal in its pay.’
So, what this means is women who went above and beyond salaried positions (ergo, places of work with stereotypical societal standards) and started their own businesses using entrepreneur skills were more likely to become millionaires. In fact, 50% of female millionaires are entrepreneurs.
Yup, we’re blaming the gender pay gap on this one.
And although, the U.K is currently ranked 10th in the world for pay equality, we think you’d agree that we shouldn’t stop fighting until everyone is ranked at number one, right?