Most of the women on the Sunday Times richlist owe their fortunes to their parents or husbands

No cause for celebration.

There are a record-breaking number of women on this year’s Sunday Times Rich List with 118 women making the cut, ten more than the previous high of 108 recorded in 2012. The 100 richest women owned a combined fortune of £55.287 billion — which is around a fifth of the net worth of Britain’s hundred richest (a list that includes nine women), but is hardly a measly sum.

This might appear cause for celebration for those who wish to see more women progress in business, but the small number of self-made women to make the list is striking. While the Sunday Times notes that this year a record 778 rich-listers made their own fortune, compared to just 43 of the 200 rich-listers recorded in 1989, the list of Britain’s wealthiest women tells a very different story.

If you discount the number of women who made the list due to "family wealth" (which they may have contributed towards to a greater or lesser degree), inheritance or divorce (Slavica Ecclestone owes her £740m fortune to a lucrative split with Bernie) — the first self-made female richlister is Elena Baturina.

Baturina is the UK’s 12th richest woman and comes 122nd on the rich list. I interviewed her last year, and she spoke of her humble upbringing and the challenges of building up a business in Russia’s macho, male-dominated business world. Her critics accuse her of exploiting her husband’s position as Mayor of Moscow to secure lucrative construction contracts while Baturina insists that her husband's job actually constrained her ambitions.

The next self-made woman on the list is JK Rowling, Britain’s 20th wealthiest woman and 156th on the overall rich list. Rowling made her fortune writing the Harry Potter series. Her story is familiar to many — she wrote the first Harry Potter book while struggling to make ends meet as a single mother in Edinburgh, and became a multi-millionaire within a few years — and it’s the kind of rags-to-riches tale that gives people cheer.

This story, however, is unusual for a female rich-lister — the vast majority of women on the list owe their fortunes to rich parents, rich husbands or rich exes (in total five women made it on the list thanks to divorce.)

If you were to take the Sunday Times Rich list as an (admittedly imperfect) sign of whether women in modern Britain are able to make it to the very top of industry business, then despite the records broken, the list of Britain’s wealthiest women only illustrates that there’s plenty of room for progress.

This article forst appeared on Spear's

The first self-made female richlister is Elena Baturina. Photograph: Getty Images

Sophie McBain is a freelance writer based in Cairo. She was previously an assistant editor at the New Statesman.

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New Digital Editor: Serena Kutchinsky

The New Statesman appoints Serena Kutchinsky as Digital Editor.

Serena Kutchinsky is to join the New Statesman as digital editor in September. She will lead the expansion of the New Statesman across a variety of digital platforms.

Serena has over a decade of experience working in digital media and is currently the digital editor of Newsweek Europe. Since she joined the title, traffic to the website has increased by almost 250 per cent. Previously, Serena was the digital editor of Prospect magazine and also the assistant digital editor of the Sunday Times - part of the team which launched the Sunday Times website and tablet editions.

Jason Cowley, New Statesman editor, said: “Serena joins us at a great time for the New Statesman, and, building on the excellent work of recent years, she has just the skills and experience we need to help lead the next stage of our expansion as a print-digital hybrid.”

Serena Kutchinsky said: “I am delighted to be joining the New Statesman team and to have the opportunity to drive forward its digital strategy. The website is already established as the home of free-thinking journalism online in the UK and I look forward to leading our expansion and growing the global readership of this historic title.

In June, the New Statesman website recorded record traffic figures when more than four million unique users read more than 27 million pages. The circulation of the weekly magazine is growing steadily and now stands at 33,400, the highest it has been since the early 1980s.