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Speaker 1: Brought to you by the reinvented two thousand twelve camera.

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Speaker 1: It's ready. Are you welcome to stuff Mom never told you?

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Speaker 1: From House Stuff Works dot Com. Hello, and welcome to

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Speaker 1: the podcast. I'm Kristen and I'm Caroline. And today's question,

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Speaker 1: who is the World's richest woman? Um? I really hope

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Speaker 1: that people have seen the episode title and have already

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Speaker 1: made guesses before I started listening. I'm sure they have,

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Speaker 1: and I'm sure they're all wrong. Yeah, am I? Because

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Speaker 1: at first I was like, well, it's probably gonna be Oprah.

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Speaker 1: Maybe are some queen somewhere, yes, the Queen of wealth,

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Speaker 1: and perhaps that makes it seem uninformed about female global

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Speaker 1: wealth distribution. But in fact it is not Queen of riches,

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Speaker 1: the unnamed Queen of riches, nor Oprah Winfrey. Uh. And

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Speaker 1: once I found out the answer, I was I face palmed.

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Speaker 1: I was like, Kristen, thought of that, it does make sense,

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Speaker 1: it makes a lot of let's reveal it. Okay, go ahead,

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Speaker 1: you do it. Do the owners scar right, the world's

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Speaker 1: richest woman? Drum roll Jay? Can we get a drum

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Speaker 1: roll in here? All right? It is Christie Walton. She

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Speaker 1: is the widow of John Walton, the son of the

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Speaker 1: Walmart founder Sam Walton. Wo wo wo excellent, You're the

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Speaker 1: greatest sound effect ever. Yeah, Christie Walton, she's fifty six.

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Speaker 1: She's worth twenty four point five billion dollars, a lot

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Speaker 1: of billions. It's almost as much as the worth of

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Speaker 1: stuff mom never told you, you know, and hugs rounded

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Speaker 1: up a so, like you said, she is the widow

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Speaker 1: of John Walton, and this whole widow daughter thing is

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Speaker 1: something that comes up a lot on the Forbes Billionaire List.

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Speaker 1: Her husband, John died in an airplane accident in two

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Speaker 1: thousand five when his homemade plane crashed in the Grand

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Speaker 1: Teaton National Park. That hole made part kind of it

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Speaker 1: was kit built. He had a kit instead of being

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Speaker 1: a bi jillionaire who has a fancy private plane, which

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Speaker 1: he might have. I don't know. He he his thing

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Speaker 1: was building planes. Do you think that he bought that

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Speaker 1: kit at Walmart? Probably? I had to go there. Um.

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Speaker 1: But she also has a lot of investment in First Solar,

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Speaker 1: and that shares have gone up five since it's two

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Speaker 1: thousand six initial public offering. And there's been some controversy

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Speaker 1: with First Solar because in September of two thousand eleven,

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Speaker 1: the Obama administration approved about one point four six million

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Speaker 1: dollars in loan guarantees for the company to build its

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Speaker 1: solar power plant in Riverside, California, and its profits of

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Speaker 1: not been as robust as the initial public offering made

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Speaker 1: it out to seem. I see, um, Well, Christy Walton,

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Speaker 1: she's not her only thing isn't just being rich. She

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Speaker 1: has other hobbies besides that. She is a philanthropist who

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Speaker 1: supports museums, education, and organic gardening. And she actually comes

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Speaker 1: in at number ten overall on the Forbes list of

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Speaker 1: World's richest people men and women. And it's interesting because

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Speaker 1: it seems like, and we'll get into this in a

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Speaker 1: little bit, but it seems like really wealthy women put

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Speaker 1: a lot of support behind education and in museums. They're

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Speaker 1: they're very big into philanthropy, maybe even more so than

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Speaker 1: the world's wealthiest men. But we thought we'd go ahead

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Speaker 1: and fill you in on the other two the two

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Speaker 1: runners up, um, the next of whom is Lillian Bennecourt

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Speaker 1: and she's number fifteen overall the richest people, worth twenty

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Speaker 1: three point five billion bucks um. And she is the

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Speaker 1: heiress to the French cosmetic giant Loureal, which was founded

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Speaker 1: by her father. Because she's worth it, is worth it

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Speaker 1: and quite a lot. And again we have um these

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Speaker 1: you know, an incredibly wealthy woman who inherited a lot

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Speaker 1: of money from a dead guy right right. And then

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Speaker 1: number three uh in Forbes two thousand eleven list of

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Speaker 1: the World's or I guess the world's richest women, uh

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Speaker 1: is Alice Walton, who is the sister in law of

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Speaker 1: Christy Walton's. So that's the family's got a lot going on. Yeah,

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Speaker 1: the Forbes Wealthiest list is always riddled with Walton's is

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Speaker 1: basically like the Walton family tree, sprawling throughout it. Walton

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Speaker 1: a different type of TV show and at John Boy uh.

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Speaker 1: And speaking of museums, Alice Walton did in fact open

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Speaker 1: a museum in Bentonville, Arkansas, Walmart's birthplace, to showcase one

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Speaker 1: of the world's pre eminent collections of American art from

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Speaker 1: colonial to time to the present. YEP, did we say

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Speaker 1: how much she's worth? I don't know. She's worth twenty

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Speaker 1: point nine billion if, I don't know whether we said that,

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Speaker 1: but I think it needs to be reinforced billion. Twenty

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Speaker 1: point nine billion dollars. But these these women made, they

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Speaker 1: inherited their wealth. Were there any on the list that

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Speaker 1: actually worked and got their money? Right? Well, we don't

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Speaker 1: want to, We don't want to discount the kind of

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Speaker 1: wealth management that that all of these women have probably

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Speaker 1: dealt with. But yeah, it is. I don't want to

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Speaker 1: stay disappointing, but it's not quite as exciting that it's

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Speaker 1: all inheritance money. So then we get down to the

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Speaker 1: billionaire's list, only self made billionaire and it is and

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Speaker 1: I'm going to totally butcher this name, I'm sure, but

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Speaker 1: it's Wu Yajun and she's worth five point five billion dollars.

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Speaker 1: And she was a former journalist who worked for the

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Speaker 1: China Shirong News Agency from nineteen to nineteen nine three.

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Speaker 1: But that's not where she made her Money's definitely not

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Speaker 1: in journalism. If anybody knows exactly, um, she got into

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Speaker 1: real estate development, and my goodness, is reaping the dividends right. Yeah.

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Speaker 1: Shares in her real estate developer Long for Properties rose

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Speaker 1: by a quarter from a year earlier, and contract sales

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Speaker 1: from a year earlier to five billion. I'm not gonna

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Speaker 1: stop saying it like that, five billion dollars. And uh,

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Speaker 1: but she's not the only self made person, maybe not

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Speaker 1: in the top ten. But we we've left out somewhat

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Speaker 1: important Oprah. Oprah. Yeah, in two thousand eleven, Oprah was

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Speaker 1: worth two point seven billion dollars, which is actually a

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Speaker 1: significant drop in her Forbes ranking down twenty spots. Um

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Speaker 1: because there was there's been some you know, a little

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Speaker 1: bit of economic shifting going around just in general in

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Speaker 1: the past few years. For anyone who's been living under

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Speaker 1: a rock. Um. And supposedly I thought this was interesting.

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Speaker 1: I did not do a lot of digging because I

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Speaker 1: couldn't read Mandarin. And this came from a Chinese report.

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Speaker 1: What but supposedly two thirds of the world twenty eight,

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Speaker 1: just twenty eight self made female billionaires are women from China,

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Speaker 1: our Chinese women. Put another way, Chinese women comprise two

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Speaker 1: thirds of the world's eight self made female billionaires. Interesting, huh,

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Speaker 1: I wonder, I wonder what's going on. Maybe they're all

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Speaker 1: in real estate, could be with a very strong work

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Speaker 1: ethic in real estate. But like I said, that's ah,

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Speaker 1: that was just a fact that I ran across. I

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Speaker 1: didn't do much digging on So if anyone out there

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Speaker 1: knows more about this or knows any Chinese billionaires. If

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Speaker 1: there are, send us a check that we won't be

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Speaker 1: able to accept um. But so we talked about how

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Speaker 1: Forbes has the Richest Women in the World list and

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Speaker 1: has the Richest People in the World list, So why

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Speaker 1: are there lists more together? Well, they ever be a

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Speaker 1: woman at the top of the Richest People in the

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Speaker 1: World list. The Wall Street Journal thinks that there is

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Speaker 1: a pretty good chance that mining heiress Georgia Reinert could

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Speaker 1: replace the Mexican telecom billionaire Carlos Halu as the richest

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Speaker 1: person in the world if the commodity prices keep rising,

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Speaker 1: because she has some very profitable minds. Yeah, her three

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Speaker 1: coal and iron ore projects are among the ten most

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Speaker 1: promising mining projects in the world. And isn't Reinert Australian?

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Speaker 1: I believe she? Yes, Yes, she is Australian. And according

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Speaker 1: to the Australian website smart Company, if Reinhardt's company republicly traded,

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Speaker 1: she could have a net worth of thirty billion. I

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Speaker 1: said it normally dollars and annual prophets could reach ten

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Speaker 1: billion a year, and her net worth could approach one

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Speaker 1: hundred billion dollars. Caroline has dollars signs in her eye.

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Speaker 1: I do I'm about to pass out. Um. But again,

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Speaker 1: Reiner inherited these mining operations from her father. But that

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Speaker 1: does it mean that she hasn't been very active in

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Speaker 1: sustaining these businesses, which probably like Walmart too. Um, some

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Speaker 1: listeners out there are controversial ways to make your money.

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Speaker 1: But that's that's how the that's all the world works. Indeed,

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Speaker 1: and according to we're not just making these observations ourselves

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Speaker 1: willy nilly because we don't have opinions or anything. Um.

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Speaker 1: According to the Credit Swiss Research Institute, women are more

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Speaker 1: likely to acquire wealth through inheritance partially because of our

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Speaker 1: life expectancy. Yes, since we are outliving men on average,

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Speaker 1: we kind of just um hold out and then take

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Speaker 1: their money once they passed on. Not to sound like

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Speaker 1: we're plotting or anything. Well, there's also been a rise

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Speaker 1: in female wealth ownership because of more egalitarian laws in

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Speaker 1: terms of how you divide a marital assets state holding. Um,

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Speaker 1: all of that can now Uh, there's a great chance

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Speaker 1: of passing directly onto two wives and daughters than it

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Speaker 1: used to be. And um, I thought it was interesting

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Speaker 1: to note that the share of women among the very

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Speaker 1: wealthy in the US seems to have peaked, according to

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Speaker 1: this research institute, seems to have peaked in the late

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Speaker 1: nineteen sixties and declined to about one third in the

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Speaker 1: late nineteen nineties. And so they cite a reduction in

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Speaker 1: the importance of inherited wealth as entrepreneurship, deregulation, and technological

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Speaker 1: advance that have led to wealth mobility. And as an

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Speaker 1: example of that, going back yet again to Forbes list

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Speaker 1: of wealthiest people, in nineteen eight, six eighty nine women

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Speaker 1: were on that list. Um, that was the peak, and

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Speaker 1: then in two thousand nine the number dropped down to

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Speaker 1: forty one. Right, But there's a change, and part of

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Speaker 1: that change is that, um, there has been an increase

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Speaker 1: in the number of women whose source of wealth is

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Speaker 1: not reported as inheritance. And in nine that number is

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Speaker 1: just eight, and in two thousand nine it had risen

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Speaker 1: to thirty one. Now, this podcast episode is dealing with

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Speaker 1: female wealth management and a pretty pretty narrow sense, and

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Speaker 1: we can get dig into more of these issues in

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Speaker 1: later podcasts, but just to give me an idea of

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Speaker 1: where the bulk of female wealth is coming from, there

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Speaker 1: was a poll from Asset Management Advisers poll of five women,

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Speaker 1: most with a net worth of a million dollars or more,

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Speaker 1: and again, thirty six percent inherited their wealth made money

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Speaker 1: from their husband's employment, and then just seven percent made

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Speaker 1: their fortunes from their own businesses. But this is just

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Speaker 1: reflecting arise in female entrepreneurship and new opportunities that have

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Speaker 1: opened up that more and more women are taking advantage of. Yeah,

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Speaker 1: And according to the survey, most women were responsible for

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Speaker 1: making daily financial decisions for their households, but they shared

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Speaker 1: decision making about wealth management with their husbands, and about

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Speaker 1: a third said that they rely on expert advisors to

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Speaker 1: make wealth management decisions for them. But the downside of

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Speaker 1: those wealth management advisors is that, according to a survey

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Speaker 1: from the Boston Consulting Group, women claim that their advisors

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Speaker 1: gave them dumb down advice, assuming that they have a

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Speaker 1: lower risk tolerance because women stereotypically take less risk than

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Speaker 1: men and they're more focused on social issues i eat,

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Speaker 1: education and museum investment, things like that over actual performance.

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Speaker 1: So that's disappointed to hear that when these women walk

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Speaker 1: into these offices, uh, the advisors aren't necessarily taking them

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Speaker 1: quite as seriously as they might at least investing their

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Speaker 1: money as aggressively as they would with a male client. Yeah,

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Speaker 1: but this Asset Management Advisors UH survey, most of the

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Speaker 1: respondents said they do want a greater understanding of wealth

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Speaker 1: management and a greater say in family trust planning. It

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Speaker 1: just seems that they haven't quite maybe made the leap

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Speaker 1: away from their visors. And I did mention earlier that

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Speaker 1: the world's wealthiest women do place a strong emphasis on charity,

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Speaker 1: and this is reinforced through the Asset Management Advisor survey

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Speaker 1: which found that these women are more likely to be

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Speaker 1: knowledgeable about charitable giving and philanthropy than an investment management, taxes,

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Speaker 1: and insurance planning. Yeah, and there was um an episode

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Speaker 1: from quite a while ago now that we did on

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Speaker 1: whether or not women are more philanthropic because recently nonprofits

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Speaker 1: have been spending um more time and resources really focusing

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Speaker 1: on female donors because statistically we do tend to give more,

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Speaker 1: especially as you move up the wealth ladder. And there

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Speaker 1: was a statement in one of these articles that we

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Speaker 1: read that wealthy married women are more likely to give

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Speaker 1: to charities along with their wealthy spouses. So there seems

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Speaker 1: to be an influence that these wealthy women have on

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Speaker 1: their equally wealthy husbands. Um. And the good news for

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Speaker 1: wealth management overall and in terms of the gender divide,

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Speaker 1: is that it is increasing. The female wealth wealth gap

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Speaker 1: is closing. And in North America there's actually a greater

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Speaker 1: percentage of female wealth management here than any other region

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Speaker 1: in the world. And together with Western Europe, it accounts

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Speaker 1: for about fourteen point three trillion of the wealth controlled

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Speaker 1: by women, which is two thirds of global wealth. Yes,

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Speaker 1: and that is a huge number compared with the other

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Speaker 1: two regions in the top three. UH. In Australian New Zealand,

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Speaker 1: that's that comes in at number two. The amount of

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Speaker 1: wealth controlled by women rose by in two thousand nine,

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Speaker 1: and the percentage of total wealth controlled is thirty one percent,

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Speaker 1: which equates to point five trillion. Still, well, that is

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Speaker 1: that is several sacks of dollars. But it's interesting. I mean,

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Speaker 1: look nine trillion nine and the number nine down to

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Speaker 1: point five is the next one. So that's a pretty

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Speaker 1: large chunk. Um. And then but but if we're thinking

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Speaker 1: about it too, this is more um. These regional rankings

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Speaker 1: are based on that percentage of total wealth and the

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Speaker 1: third under up is Asia minus Japan UM, where women

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Speaker 1: have been increasingly inheriting wealth due to once again just

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Speaker 1: outliving men. It's just basic biology. We're just winning the right, UM.

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Speaker 1: And in Asia the percentage of total wealth controlled by

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Speaker 1: women is twenty nine percent, which translates to two point

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Speaker 1: eight trillion dollars. And then the rest of the world

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Speaker 1: comes along the straggling behind UM. But overall, yes, the

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Speaker 1: the amount of global wealth controlled by women is increasing,

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Speaker 1: and we probably should do some follow up episodes on

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Speaker 1: the bottom rungs of the latter, where in developing countries

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Speaker 1: they've found that giving the the much much less than

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Speaker 1: nine trillion dollars they can role of household finances to

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Speaker 1: women is almost always a better investment than allowing the

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Speaker 1: male head of household to control it. Right. There are

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Speaker 1: a lot of organizations out there actually that you can

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Speaker 1: donate to UM that support small businesses by women, whether

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Speaker 1: it's basket weaving or farming or something. There seems to

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Speaker 1: be a connection between UM supporting them financially and then

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Speaker 1: supporting their families and communities. And you do see that

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Speaker 1: issue of supporting family and supporting community even among these

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Speaker 1: richest of the rich women who often adopt you know,

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Speaker 1: major phone throughout becauses invest in education, invest in museums

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Speaker 1: and public education. Um. So it seems like a top

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Speaker 1: down kind of theme that happens when you when you

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Speaker 1: give women the wealth. Not to say that, you know,

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Speaker 1: guys shouldn't control money too, but I just thought it

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Speaker 1: would be fun to find out who these richest women

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Speaker 1: are and how they got their money. And none of

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Speaker 1: them are royalty, you're right, although Bettencourt is makeup royalty,

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Speaker 1: you could say. And then the Walton's or Walmart Royalty

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Speaker 1: they are, which some of my fine oxymernic So there

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Speaker 1: you have it. The richest woman in the world Christie Walton. Yea,

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Speaker 1: So tell us your guesses. Who did you guess? I

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Speaker 1: know that my guess was some queen of something that

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Speaker 1: was so wrong. And also remember that we we do

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Speaker 1: want to uh do follow up episodes on you know,

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Speaker 1: women in entrepreneurship and ye who's leading companies and all

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Speaker 1: that stuff, right, because it's a it's a it's a

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Speaker 1: wild frontier, wild and growing frontier for women and money

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Speaker 1: making in general. But in the meantime, if you have

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Speaker 1: any thoughts on the world's wealthiest women to send our way. Mom.

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Speaker 1: Stuff at Discovery dot com is the address. We got

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Speaker 1: a couple of letters here to share, the first of

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Speaker 1: which comes from Michelle in response to our episode on

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Speaker 1: imaginary Friends. The subject line of this letter is murder

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Speaker 1: of an imaginary friend, which I immediately had had to

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Speaker 1: open as soon as it dropped in the inbox. She writes.

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Speaker 1: When my son Matthew was three, he had three imaginary friends, Buddy, Buddy,

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Speaker 1: and Chief. While visiting my parents and brother one afternoon,

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Speaker 1: my twenty one year old brother walked out of a

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Speaker 1: back room and started to the dining room. My son,

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Speaker 1: who was sitting on my lap at the dining room table,

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Speaker 1: pointed and seriously warned his uncle, don't step on Buddy.

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Speaker 1: He's right there. My brother pointed directly in front of

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Speaker 1: his feet and asked here. My son replied, yes, right here.

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Speaker 1: His uncle teasingly asks again, still pointing uh. My son nods.

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Speaker 1: He again verifies the location of Buddy right here. Yes, uncle.

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Speaker 1: My brother then lift his booted foot and stomps exactly

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Speaker 1: where his nephew had indicated Buddy was lying. My three

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Speaker 1: year old son was instantly traumatized and burst into tears,

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Speaker 1: and I've never a more horrified look on anyone's face

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Speaker 1: as I did than my brother. He immediately rushed over

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Speaker 1: to his nephew, reassuring him that Buddy the imaginary friend

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Speaker 1: had moved on at the last second. It hadn't been

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Speaker 1: hurt in any way. My son is now twelve and

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Speaker 1: his uncle still teases him constantly Buddy buddy in chief.

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Speaker 1: That reminds me of Larry Darryl and Darryll Fro the

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Speaker 1: New Heart Show. They were not imaginary. So I have

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Speaker 1: a letter here from an anonymous listener about our Faking

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Speaker 1: Orgasms podcast and a comment we made about PhD students.

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Speaker 1: She says, so you joked about PhD students faking it

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Speaker 1: to get back to paper writing in your latest podcast. Unfortunately,

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Speaker 1: it's totally true. Many female grad students I know, myself included,

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Speaker 1: have faked it with their partners simply because they need

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Speaker 1: to get back to work. Personally, I don't usually have

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Speaker 1: a problem orgasm NG and can have multiple orgasms, but

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Speaker 1: it ends up being a double edged sword. My partner

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Speaker 1: knows this about me, and being the giving person that

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Speaker 1: he is, he wants me to have multiple orgasms. Most

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Speaker 1: of the time, and I've got lesson plans to right, exams, degrade,

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Speaker 1: papers to edit, and a dissertation to work on. I

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Speaker 1: fully enjoy it, but sometimes I've just got to get

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Speaker 1: it to end while saving face for him. It probably

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Speaker 1: sounds like I fake it all the time, but really

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Speaker 1: I've probably only faked it three to five percent of

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Speaker 1: the time during our seven year relationship. And because she's

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Speaker 1: a PhD student, I'm sure that the percentages are correct.

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Speaker 1: So thank you Anonymous and everyone else who has written

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Speaker 1: in um. The fake orgasm episode has been giving our

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Speaker 1: spand filter quite a workout, but I've been able to

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Speaker 1: u to get most of them through. I'm pretty sure again.

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Speaker 1: Our email addresses mom Stuff at Discovery dot com, and

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Speaker 1: you can also find us on Facebook and follow us

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Speaker 1: on Twitter at mom Stuff Podcast, and you can always

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Speaker 1: read what we're writing during the week at the mothership

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Speaker 1: All Stuff Works dot com. This podcast is brought to

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Speaker 1: you by audible dot com, the Internet's leading provider of audiobooks,

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Speaker 1: with more than downloadable titles across all types of nature

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Speaker 1: and featuring audio versions of many New York Times bestsellers.

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Speaker 1: To try Audible free today and get a free audiobook

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Speaker 1: of your choice. Go to audible podcast dot com, slash

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Speaker 1: mom Stuff. That's Audible podcast dot com slash mom Stuff.

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Speaker 1: The House Stuff Works iPhone app has a ride. Download

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Speaker 1: it today on iTunes. Brought to you by the reinvented

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Speaker 1: two thousand twelve camera. It's ready, are you