The growth in women entrepreneurship has no direct correlation with how developed or wealthy the economy in which they participate, according to a new study focused on the progress and achievement of women entrepreneurs around the world. In other words, no matter where they reside around the globe, female entrepreneurs are killing it.
Of the 57 different economies examined around the globe, not only did 10 African nations make the list, Ghana ranked the highest, with almost half the businesses in the country owned by women. The United States is listed at 23rd with only 25.5% of the businesses owned by women.
Of the top 10 leading markets ranked in the study, seven are upper-middle and lower-middle-income economies. The Philippines, a low to middle-income economy, retained its top spot with a component score of 65.9, followed by upper-middle markets Colombia (64.1) and then Russia (63.7). Apart from Middle Eastern and African markets, women’s advancement as entrepreneurs, business leaders, and labor force participants is healthy in the majority of the other regions, the report concluded.
In fact, the Philippines, Vietnam, and Indonesia are among the only five economies highlighted in UNESCO’s Global Education Monitoring Report (GEM) where the number of established businesses owned by women is equal or higher than men.
“Women entrepreneurs have made remarkable strides as business owners around the world, even as they work to achieve their full potential. We believe that by drawing attention to their efforts, we can further support and empower women in their drive to run successful businesses and lead richer, more fulfilling lives,” said Mastercard’s Chief Financial Officer Martina Hund-Mejean said in a press release.
The study found, however, that women in developed countries thrive better compared to their counterparts in developing ones. This is because of their access to resources and opportunities, including access to capital, financial services, and academic programs.
Overall, the Index shows that budding and established women entrepreneurs around the world continue to progress despite gender-related and cultural biases that hinder them from advancing their businesses.