Impossible Question 2-22-2019

A new survey found that most women get rich through this; what is it?

The answer: Marriage

MARRIAGE IS STILL THE MAIN WAY FOR WOMEN TO GET RICH

page22image2710271520page22image2710271840page22image2710272096A new survey found that most women get rich through marrying a rich spouse. Researchers at the University of North Carolina at Charlotte took a look at the 1995 to 2017 Survey of Consumer Finances reports to examine gender income patterns. They saw that American households who were part of the 1 percent—which meant making more than $845,000 a year— only 15 percent of them needed the woman’s income tocross that elite threshold. And they also found that only 5 percent of women in those crazy rich families made enough money to qualify for the 1 percent. Instead, the studyconcluded that “women mostly enter one percent households through marriage by gaining access to their spouse’s income.” Researchers also saw that the gender gapamong the rich hasn’t closed since the 1990s. “We know that women face a lot of barriers reaching top executive and CEO positions,” Jill Yavorsky, a sociology professorat the University of North Carolina and co-author of the study, wrote in a press release.“This study shows that the glass ceiling is more extensive than we previously thought. It extends to nearly all elite positions, even self-employment.” Yavorsky and hercolleagues noted that even though American women pursue post graduate degrees more than men, that’s still not enough to reach one percent status. “Women alsoexperience a number of entry barriers into self-employment,” Yavorsky said. “And oncethey become self-employed or start their own business, they experience additional gender-based obstaclesto growing their businesses.” She reports that women have aharder time than men when it comes to securing bank loans and venture capital funding for their businesses.

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