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A recent international study conducted by Scorpio Partnership for HSBC Private Bank examined 2,834 entrepreneurs who are actively involved in business and are worth at least one million American dollars, with the average worth of survey participants being $4.6 million. The nations covered in the study are mainland China, Hong Kong, Singapore, the U.K., Germany, France, Switzerland, U.S., United Arab Emirates and Saudi Arabia.
The study shows that entrepreneurs in Asia have a different game plan than their Western counterparts: they start young and have a lot of backing from their family. The average age of Asian entrepreneurs entering the business domain is 29, compared to 34 in the West; in fact, 41 percent of the individuals surveyed are still under 35.
This could be because entrepreneurship is embedded into their being; 54 percent of Asian entrepreneurs come from a business background compared to 43 percent in Europe and the U.S. About 49 percent of Asian businessmen and women also have the luxury of using family money as their capital and 26 percent rely on investments from friends. In mainland China, 61 percent of budding entrepreneurs use family wealth and 32 percent seek help from acquaintances. Networking is an integral aspect of running a successful business and almost 30 percent of Asians in the study are of the opinion that lack of personal connections is a major hurdle in the path to success; this thought is reflected only by roughly 12 percent of their Western counterparts.
The study reveals that Asian women are at the forefront of the business scene. Forty percent of entrepreneurs in Asia are women, almost half of them under 35. Hong Kong shows impressive statistics with an almost even rate of male and female entrepreneurs, 52 percent and 48 percent, respectively. The Western nations that participated came in with less impressive figures: only 31 percent of participants were female, Germany and U.K. came in with lowest rates of 21 percent and 27 percent, respectively.
The informative study also reveals:
- 51 percent of Asian entrepreneurial women are worth over $12 million, when compared to 33 percent in the West.
- Asian businesswomen are worth $4.6 million while men report four million.
- Among all the Asian countries studied, Singapore has the most impressive statistics for women entrepreneurs: the average woman entrepreneur is worth $6.4 million, much higher than an average male entrepreneur in the West who is worth 4.8 million.
We found this information about trailblazing Asian women entrepreneurs encouraging and hope that women in the West continue progressing to the forefront of the business world like their Asian counterparts.