The Next Generation of Women Business Owners Infographic

April 27, 2023
  • Private Banking
In this issue’s infographic, we look at the state of women business owners and the next generation of women entrepreneurs – why they are starting businesses and how they are doing.

A Look at Next Gen Women Entrepreneurs

  • 114% increase in female-owned businesses over past 20 years
  • Share of new businesses started by women:
    • 2019: 28%
    • 2021: 49%
  • Women ages 18-44 account for 33.2% of U.S. women entrepreneurs
  • Millennial women are 22% more likely to start a new business than baby boomers
  • 53% of Gen Z women want to become entrepreneurs
  • 28% of millennial women are entrepreneurs (12% higher than the national average)

Why and Where Next Gen Women Are Starting Businesses

  • Top reasons for starting a business among women, by generation:
    • Millennials: Saw an opportunity (27.8%)
    • Generation Xers: Family consideration (25.8%)
    • Baby boomers: Out of necessity (28.2%)
  • 63% of Gen Z women want to “personally create something innovative”
  • Top industries for millennial women-owned businesses:
    • Health, beauty, and fitness
    • Food-related and restaurants
    • General retail
    • Cleaning and maintenance/home services
    • Business services

How Are They Doing?

  • The turnover of millennial women-led companies was 22% above average
  • 75% of women millennial entrepreneurs expected business profits to increase

Business Ownership’s Role in Wealth Creation

  • Women who have amassed business-related wealth:
    • 36% of younger HNW women
    • 12% of baby boomer women
  • 75% of millennial women say the value of a business is more important in defining wealth than it was two generations ago

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