Few Women on ASX Rich List in 2025

A new analysis shows that structural shifts in business ownership may be preventing women from appearing in wealth rankings, even as more step into leadership and entrepreneurship. Only three women feature on the 2025 Rich Bosses list, despite the rise of private capital and growth in the tech startup sector.

In 2025, just three women appeared on the Financial Review’s annual list of the richest executives from ASX-listed companies. This is only a slight increase compared to 2010, when the list included just one woman. Over 15 years, progress has been minimal. This suggests the issue may lie not in the number of successful female leaders, but in where and how wealth is created.

The Rich Bosses list tracks wealth based on holdings in ASX300 companies. It now includes a large number of tech executives, in contrast with 2010, when top positions went mainly to leaders in media, real estate and finance. Today, the largest fortunes are built through shares in privately-owned tech ventures or businesses listed overseas. These fall outside the scope of the ASX-based rankings. Entrepreneurs like Canva's Melanie Perkins and Envato's Cyan Ta’eed are among those building significant wealth through models not captured by this list.

Equity in privately-held businesses and the nature of venture capital funding tend to steer wealth creation away from ASX-listed firms. Venture capital firms have been less likely to support businesses that cater specifically to women, such as those focused on childcare or healthcare. As a result, fewer women receive early backing, which reduces the odds of eventually listing on the ASX. Even among female founders who lead successful businesses in sectors like fitness or payments technology, many continue to operate privately or through overseas markets, keeping them off the Rich Bosses list.

There is growing optimism that increased female entrepreneurship could lead to change in the future. However, if private capital continues to be allocated in the same way, and if those decisions remain in the hands of a narrow group, the gender wealth gap is likely to continue well beyond what ASX rankings can reflect.

Source: Australian Financial Review, Financial Review Rich List 2025, Wikipedia: Financial Review Rich List.

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