New Report Finds Growth of Women Business Owners Outpaces the Market

The number of women-owned businesses increased at nearly double the rate of their male counterparts Black women and Latina entrepreneurs emerged from the pandemic stronger than all women-owned employers Women-owned businesses continue to fuel the economy, representing 39.1% of all businesses – over 14 million – employing 12.2 million workers, and generating $2.7 trillion in revenue. According to the 2024 Wells Fargo Impact of Women-Owned Business Report , in partnership with Ventureneer, CoreWoman, and Women Impacting Public Policy (WIPP), the number of women-owned businesses between 2019 and 2023 increased at nearly double the rate of those owned by men; and from 2022 to 2023, the rate of growth increased to 4.5 times. 2024 Wells Fargo Impact of Women-Owned Business Report (Photo: Wells Fargo) Whether it was during COVID-19 lockdowns in 2020 or supply chain disruptions throughout the pandemic, women business owners are driving economic growth : During the onset of the pandemic in