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.

Photo: Getty
Show Hide image

The Brexiteers have lost battles but they are still set to win the war

The prospect of the UK avoiding Brexit, or even a “hard” version, remains doubtful. 

Before the general election, the Brexiteers would boast that everything had gone their way. Parliament had voted to trigger Article 50 by a majority of 372. The Treasury-forecast recession hadn't occurred. And polls showed the public backing Brexit by a comfortable margin

But since the Conservatives' electoral humbling, the Leavers have been forced to retreat on multiple fronts. After promising in May that the dispute over the timetable for the Brexit talks would be "the fight of the summer", David Davis capitulated on the first day.

The UK will be forced to settle matters such as EU citizens' rights, the Irish border and the divorce bill before discussions begin on a future relationship. Having previously insisted that a new trade deal could agreed by 29 March 2019 (Britain's scheduled departure date), the Brexiteers have now conceded that this is, in Liam Fox's words, "optimistic" (translation: deluded). 

That means the transitional arrangement the Leavers once resisted is now regarded as inevitable. After the eradication of the Conservatives' majority, the insistence that "no deal is better than a bad deal" is no longer credible. No deal would mean the immediate return of a hard Northern Irish border (to the consternation of the Tories' partners the DUP) and, in a hung parliament, there are no longer the votes required to pursue a radical deregulatory, free market agenda (for the purpose of undercutting the EU). As importantly for the Conservatives, an apocalyptic exit could pave the way for a Jeremy Corbyn premiership (a figure they previously regarded as irretrievably doomed). 

Philip Hammond, emboldened by the humiliation of the Prime Minister who planned to sack him, has today outlined an alternative. After formally departing the EU in 2019, Britain will continue to abide by the rules of the single market and the customs union: the acceptance of free movement, European legal supremacy, continued budget contributions and a prohibition on independent trade deals. Faced with the obstacles described above, even hard Brexiteers such as Liam Fox and Michael Gove have recognised that the game is up.

But though they have lost battles, the Leavers are still set to win the war. There is no parliamentary majority for a second referendum (with the pro-Remain Liberal Democrats still enfeebled), Hammond has conceded that any transitional arrangement would end by June 2022 (the scheduled date of the next election) and most MPs are prepared to accept single market withdrawal. The prospect of Britain avoiding Brexit, or even a "hard" version, remains doubtful. 

George Eaton is political editor of the New Statesman.