VERA ANDERSON/GETTY IMAGES, STEFAN ROUSSEAU/GETTY IMAGES, KEVIN MAZUR/GETTY IMAGES. DESIGN BY FORBES
When Forbes launched our first ever list of America’s richest self-made women in 2015, it was a deliberate move to spotlight more female entrepreneurs, executives and entertainers. It was in part a reaction to what we weren’t seeing in our other lists: There were —and still are — so few women founders on the lists of the World’s Billionaires and The Forbes 400 richest Americans. In 2014, there were just 29 self-made women, compared to 1,043 self-made men, on the World’s Billionaires list. Forbes defines “self made” to mean a fortune that was built from someone’s own efforts (with help from other cofounders or employees, of course) as opposed to a fortune that was inherited from someone else.
This year we highlight 100 women, double the number on our inaugural 2015 list and up from 80 a year ago, in recognition of the critical roles these leaders play as job creators, change-makers and influencers across many industries.
Number one for the third year in a row is roofing entrepreneur Diane Hendricks, worth $8 billion. With her husband, she founded ABC Supply, which has grown to become one of the largest U.S. wholesale distributors of roofing, siding and windows. She has run the company, which had $11 billion in 2019 revenues, since her husband’s death in 2007. Behind her at No. 2 is Judy Faulkner, who founded $3.2 billion (2019 sales) medical-records software firm Epic in 1979. The governor of Wisconsin called on Epic this spring for help coordinating pandemic-related communication and services and the company has been donating its telehealth and remote-monitoring software to the state.
List members this year range in age from 23 to 94, and are worth a combined $90 billion. The minimum net worth to make Forbes’ sixth annual ranking is $150 million. Twenty-one are billionaires, down from 25 last year. The fortunes of 37 members who were on last year’s list are up this year, eight are unchanged and 30 have fallen in value. Nearly half, or 45, live in California, followed by New York with 14. Twenty-three were born outside of the U.S., in countries ranging from Japan to Barbados.
Twenty-three on the 2020 list are newcomers. Of those, 10 founded or cofounded companies, including Donna Carpenter, who created snowboard gear and clothing company Burton with her late husband Jake Burton Carpenter (d. 2019). Eight newcomers are executives who’ve helped build late companies they didn’t found, including Gwynne Shotwell (No. 72), who was employee number 11 at SpaceX and now is president and chief operating officer of the space exploration company, and Kelly Steckelberg (No. 78), who joined Zoom Video Communications in 2017 as chief financial officer and helped take the now hugely-popular company public in April 2019. The richest newcomer, worth $1.1 billion is Robyn Jones, who cofounded Texas-based Goosehead Insurance with her husband Mark. Three of the newcomers are celebrities with an entrepreneurial side: Lady Gaga, Jennifer Lopez and Kris Jenner, the mom and manager to list members and cosmetics entrepreneurs Kylie Jenner and Kim Kardashian West. And there’s one new star athlete: tennis champ Maria Sharapova, who was the highest-paid female athlete for 11 years, joins the ranks at No. 87. Most of her fortune comes from her tennis earnings but she also owns all of Sugarpova, the premium candy company she founded.
The youngest list member is Kylie Jenner, who’s just 23 and built her Kylie Cosmetics company with savvy use of her 197 million Instagram followers; last year Coty bought 51% of Kylie Cosmetics for $600 million but sales wilted in the first half of 2020. The oldest member of the list, at 94, is Alice Schwartz, who cofounded life sciences company Bio-Rad Laboratories in 1952 with her husband and $700 in savings. Bio-Rad has created an FDA-approved test for Covid-19; shares of the company jumped 58% since mid-March. Youthful entrepreneurship gets plenty of press—and 13 on the ranking are under 40— but our list shows that launching a business in your 40s or later can lead to outsized success; 23 on the list have taken the latter route.
Increasingly women are finding a path to success, not by starting or even heading companies but through finance. There are five who are or were chief financial officers at some point in their careers including Ruth Porat, the finance chief at Google and Alphabet and Sarah Friar, who served as CFO of Square before joining social network Nextdoor as CEO.
The coronavirus pandemic has left a mark on many businesses run by these women. Among the 30 list members worth less than a year ago is Sara Blakely (No. 32), the indefatigable founder of Spanx, whose company is worth about $400 million less this year, Forbes estimates, as the pandemic shuttered social functions and the workplace, sapping the market for shapewear. Forbes calculates that Anastasia Soare’s (No. 41) net worth dropped by more than 50% in the past year as a result of the waning popularity of her makeup line, Anastasia Beverly Hills. Katie Rodan (No. 22) and Kathy Fields (No. 22), meanwhile, are no longer billionaires, Forbes figures, following a drop in revenue at their skin-care firm Rodan + Fields, which operates via multi-level marketing.
As with anyone in business, no matter their gender, there have been flameouts. Theranos founder Elizabeth Holmes was number one on the inaugural 2015 list. The following year, as problems with Theranos’ blood tests came to light, Holmes was off the list (Forbes estimated that her net worth had plunged to zero.) In 2017, Forbes featured bangle billionaire Carolyn Rafaelian, the founder of jewelry firm Alex and Ani, on the cover and at No. 18 on that year’s Self-Made Women’s list. Now she’s fallen off the list.
This year we feature fashion designer Tory Burch on the cover of Forbes. As with other luxury brands, hers has struggled under the pandemic, temporarily shutting stores worldwide and furloughing much of the staff. Burch takes us inside the battle she and her husband, Tory Burch CEO Pierre-Yves Roussel, have been waging to keep the company going.
Forbes used stock prices from September 11, 2020 to calculate the net worths.To make the list, women have to be U.S. citizens or reside in the U.S. For the full list, plus other articles, the methodology and the full list of reporters who worked on this project, please go to forbes.com/self-made-women.
Author: Kerry A. Dolan
A “Cypher Pattern” Sets UNI For 100% Rally, Says Analyst – Crypto Money Daily
Associating with the term “DeFi” worked in favor of many blockchain assets this year. UNI was one of them.
The governance token, which landed in the hands of people who contributed to the progress and running of UniSwap, a decentralized crypto exchange, was a hit right after its launch. It topped charts after rising more than 5550 percent within hours of trading, surging from $0.15 to $8.62.
Of course, UNI remained an airdrop token – helicopter money that prompted beneficiaries to dump it the moment they received it. That caused UNI/USD to plunge harder from its year-to-date high. As of October 7, almost three weeks after its launch, the pair was trading for $2.47, down 71.25 percent.
UNI/USD price trends since launch. Source: TradingView.com
The slipover occurred amid a market-wide DeFi meltdown. Almost every asset, that represented yield farming projects, decentralized exchanges, and distributed lending/borrowing, fell hard. It showed that their upside bias was exhausting, leading to serious profit-taking among traders.
But despite the DeFi crash, UNI is still promising to recoup its entire losses. So says a TradingView-based analyst that has spotted the UniSwap token inside an indicator known as…
According to ForexOP.com, the Cypher in forex trading represents a five-point harmonic chart pattern: XABCD.
“In any Cypher, points X, C and D are the critical points,” the portal noted. “For a bullish Cypher, X should be the pattern low and C the pattern high. A bearish Cypher makes its high at X, and its low at C.”
Based on the definition, UNI is currently printing a bearish Cypher Pattern. It also gets confirmed by retracements between AC (38%-62%), BC (113%-141%), and AD (78%) against the XA. For instance, the chart below illustrates the segments:
Example of Cypher Patterns. Source: ForexOp.com
And now, placing the Bearish Cypher pattern on the current UNI/USD chart makes it look like the following.
UNI/USD and its Cypher Pattern outlook. Source: TradingView.com
“So far all fib levels line up accurately,” the analyst behind the chart above said. “If this is the case and price breaks above $5 resistance, we’ll be seeing $7 soon.”
UNI is a new token but what it represents is a three-year-old credible DeFi project, UniSwap. The exchange now facilitates hundreds of millions of dollars in volume every day. Its output is higher than the ones posted by the top centralized exchanges Binance and Coinbase.
UniSwap has paid out more than $60 million to its 400,000 liquidity provider. It is the same reason why, despite UNI’s latest plunge, the total-value-locked (TVL) inside its pool barely moved lower. In contrast, other pools lost almost half of their reserves.
The TVL of the UniSwap pool. Source: DeFi Pulse
With UNI now becoming an economic incentive, the token expects to grow higher in value.
Japan Must Reform Central Bank Laws to Accelerate CBDC Issuance
The Bank of Japan stated that it would start conducting research in the following financial year on how to develop and operate its CBCD.
A local government official in Japan has said that the country needs to rapidly amend its central bank laws to allow the Bank of Japan (BOJ) to issue a national digital currency. Kozo Yamomoto, the Liberal Democratic Party lawmaker, stated that the central bank of Japan is at risk of being overtaken by private firms, which could unveil their own virtual currencies that could undermine the Central Bank Digital Currency (CBDC).
Yamomoto stated that he would push the relevant agencies as well as the government to accelerate efforts to revise the BOJ laws to enable the central bank to issue a CBDC.
He has been a visible advocate and vocal for creating changes to the BOJ law that defines the roles and responsibilities of Japan’s central bank.
“If something too convenient pops up from the private sector, people might start to doubt whether they need yen as a currency unit. We must prevent this from happening. This is fundamentally about protecting Japan’s currency sovereignty.”
He said that making revisions to the laws to incorporate virtual currencies would make a significant opportunity to add other changes like introducing job creation and an inflation target to the central bank’s responsibilities and roles, as a similar scenario like the U.S federal reserve.
“The new law should also clarify that 2% inflation is the BOJ’s policy target.”
Currently, Japan’s central bank set a 2% annual inflation target, a law that was enacted in 2013 with an aim to help the nation to control deflation. However, the central bank has not enshrined the target in the BOJ law, which states that its responsibility is to ensure that national financial systems remain stable and prices move.
Central banks across the world have been assessing the strategic objectives. The European central bank wants to set a scene for a change of strategy in which it could follow the U.S Federal Reserve to aim for a 2% inflation target in order for periods when prices increase too slow could be compensated for a faster rise at another period.
On Friday, the BOJ stated that it would start conducting research in the following financial year on how to develop and operate its CBCD.
Yamomoto complained that the timeframe of Japan’s central bank was “too late”, saying that the initial phase of experiments should start during the current financial year to March 2021.
“I don’t think we need to worry about any financial stability risks from issuing CBDCs.”
Central banks started to closely examine digital currencies at Facebook social media giant announced that it would issue its own Libra cryptocurrency that would be backed by a combination of major fiat currencies and government debt.
Japan has not been having rapid plans to launch a national digital currency due to economic disruptions and social uncertainty it could cause in a country that has the most cash-obsessed people in the globe.
China has maintained steady progress towards launching its national digital currency, a phenomenon that has influenced the government to rethink and promised in its policy platform of this year to examine more closely at the idea of a CBDC.
With the current rapid technologies that transform the Fintech sector, other leading central banks also have speed up their research on national digital currencies.
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