Mastercard Index: U.S., New Zealand, Canada and Israel Are the Top Countries for Women Entrepreneurs
November 20 2019 - 4:01AM
Business Wire
Women entrepreneurs are opening businesses at a higher
rate than before, but challenges persist
Female entrepreneurs around the world are making strides to
overcome gender-related biases and advance their businesses. This
has a meaningful impact on the labor force, economic growth and the
well-being of their societies. Mastercard today revealed the third
edition of its Mastercard Index of Women Entrepreneurs, celebrating
the countries where women entrepreneurs are most likely to thrive,
while sounding the alarm that there are still significant
inequalities that hold us all back.
Based on publicly available data from international
organizations including the International Labour Organization,
UNESCO and the Global Entrepreneurship Monitor, the global Index
tracks the progress and achievement of women entrepreneurs and
business owners across 58 markets (representing nearly 80 percent
of the world’s female labor force) at three levels: (i) Women’s
Advancement Outcomes, (ii) Knowledge Assets & Financial Access,
and (iii) Supporting Entrepreneurial Factors. The results
reaffirmed that women are able to make further business inroads and
have higher labor force participation rates in open and vibrant
markets where the support for SMEs and ease of doing business are
high. They are also able to draw from enabling resources, including
access to capital, financial services and academic programs.
Out of the top 20 ranking markets, 80 percent are high income
economies, fueled by highly supportive entrepreneurial conditions.
This includes the United States, which topped the charts for the
first time, and New Zealand, which trailed closely in second
place.
Top 10 markets for women entrepreneurs, based on supporting
conditions and opportunities to thrive:
Rank
Market
MIWE
Score
1
United States
70.3
2
New Zealand
70.2
3
Canada
69.0
4
Israel
68.4
5
Ireland
67.7
6
Taiwan
66.2
7
Switzerland
65.8
8
Singapore
65.6
9
United Kingdom
65.6
10
Poland
65.1
“Women-owned and -led businesses are strong catalysts for
economic growth, improving the lives of everyone. With this study,
we are shining a light on those under-represented because, even
today, inequality and exclusion still hold women back. At
Mastercard, we believe good ideas come from everywhere. Now is the
time for governments and organizations to power together to support
women to advance their businesses by eradicating gender-bias and
ensuring greater access to education and financial inclusion,” said
Ann Cairns, Executive Vice Chairman, Mastercard.
Of the 58 markets, eight markets moved up by more than five
ranks compared to the previous year’s scores, including France (+22
ranks) which was driven by a near-double increase in the women
entrepreneurial activity rate, followed by Indonesia (+13), Costa
Rica (+11), Taiwan (+9), Ireland (+7), Russian Federation (+6),
Thailand (+5) and Ghana (+5).
The Index also suggests that the opportunity for
entrepreneurship is not necessarily aligned to the wealth and
advancement of a market. Countries with less conducive supporting
conditions such as Uganda, Ghana and Botswana rank in the top three
countries for women business ownership rates, compared to more
developed ones. Women in these markets are deemed as
“necessity-driven” entrepreneurs, spurred by a need for survival
despite their lack of financial capital and access to enabling
services.
Top 10 markets: Women business owners as a percentage of all
business owners:
Rank
Market
%
1
Uganda
38.2%
2
Ghana
37.9%
3
Botswana
36.0%
4
United States
35.1%
5
New Zealand
31.8%
6
Russia
31.2%
7
Malawi
31.1%
8
Australia
30.9%
9
Angola
30.3%
10
Portugal
30.2%
Other key insights:
- It is encouraging to note that women are achieving gender
parity with men in terms of entrepreneurial activity in seven
markets: Ecuador, Indonesia, Philippines, Vietnam, Ghana, Nigeria
and Uganda. Meanwhile, improvements in Angola, Malawi, Costa Rica,
Thailand, UAE and Taiwan also helped narrow gender disparity.
- The findings also showcased women’s ability to thrive as
business owners and pursue opportunities even where cultural and
social conditions are not optimal. These are demonstrated in
certain markets where women’s business ownership rates and
Improvement-Driven Opportunity entrepreneurial tendencies are both
high in spite of the lack of cultural acceptance/social
encouragement. According to the World Bank, 45% of economies around
the globe have laws constraining women's decision to join and
remain in the labor force.1
- The results showed that there are significant intra-regional
differences, particularly in Middle East and Africa and Asia
Pacific. Markets such as Uganda, Ghana, Botswana, Malawi and Angola
outperform for female business ownership; however, despite efforts
to improve the opportunities in this space, regional peers in Saudi
Arabia, Egypt, Iran, Algeria, UAE, Tunisia and Ethiopia still have
work to do, with women’s business ownership rates sitting at 15
percent and below. Similarly, New Zealand, Australia and Vietnam
surpass regional peers such as Bangladesh, India, Malaysia, South
Korea and Japan in terms of the female share of business
ownership.
In addition to shining a light on the progress of women
entrepreneurs on a global scale, Mastercard is committed to
designing a better world for women that creates limitless
possibilities for us all. In the U.S. Mastercard is cultivating
entrepreneurs through programs like Start Path and empowering small
business owners in partnership with Create & Cultivate. In
Africa and South East Asia, Mastercard is fueling women-led
businesses with access to micro-credit and new digital marketplaces
through platforms like Jaza Duka and the Mastercard Farmer Network.
Furthermore, the Mastercard Center for Inclusive Growth is
providing philanthropic support to enable financial literacy
training and access to vital tools and services for women
entrepreneurs in underserved markets.
Download the full Mastercard Index for Women Entrepreneurs 2019
report and infographic.
Methodology The Mastercard Index of Women Entrepreneurs
2019 is the third report profiling the progress and achievement of
women entrepreneurs/business owners across 58 societies around the
world. With Angola as the newest market added to the Middle East
& Africa region, the Index expands its attempt to track the
factors that underpin the gender gap among business owners. Based
on publicly available data from international organizations
including the International Labour Organization, UNESCO and the
Global Entrepreneurship Monitor, the study represents nearly 80% of
the world’s female labor force and highlights how the 58 markets
differ at 3 levels: (i) Women’s Advancement Outcomes, (ii)
Knowledge Assets & Financial Access, and (iii) Supporting
Entrepreneurial Factors. The results also shed light on which
factors and conditions are the most conducive in helping to narrow
the gender gap among female entrepreneurs/business owners, or the
most inhibitive and disabling, thereby weighing on women’s ability
to thrive in business.
About Mastercard Mastercard (NYSE: MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and solutions
make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on Twitter @MastercardNews,
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1https://wbl.worldbank.org/en/data/exploretopics/starting-a-job
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Kara Condon kara.condon@mastercard.com
Alexandria Brown alexandria.brown@mastercard.com
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