Report: Women-owned businesses generate $2.7 trillion in revenue

Women-owned businesses represent 39.1% of all businesses while employing 12.2 million workers and generating $2.7 trillion in revenue, according to the 2024 Wells Fargo Impact of Women-Owned Business Report.

Between 2019and 2023, women-owned businesses’ growth rate outpaced the rate of businesses owned by men by 94.3% for number of firms, 252.8% for employment, and 82% for revenue.
During the pandemic, women-owned businesses added 1.4 million jobs and $579.6 billion in revenue to the economy while nearly 500,000 women-owned businesses with revenues between $250,000 and $999,999 grew their aggregate revenues by about 30%.

During the pandemic and post-pandemic period, Black and Hispanic women-owned businesses increased at a much higher rate than all women-owned businesses. Between 2019 and 2023, Black women-owned businesses saw average revenues increase 32.7% and Hispanic women-owned businesses 17.1% compared to all women-owned businesses’ 12.1% rise.

Further, women-owned businesses with 50 or more employees account for nearly half of women-owned businesses’ employment and revenues.

“The impact that women-owned businesses make on the economy is undeniable. Even more impressive is that growth in women entrepreneurship – whether it was their workforce or revenue – grew during an extremely difficult time,” said Wells Fargo Women’s Segment Lead for Small Business Val Jones. “From the trillions in revenue they contribute to the economy to the millions in jobs, women-owned businesses are coming out of the pandemic stronger than they went into the pandemic and many are thriving. It’s a testament to their resiliency and the breadth and depth of support they’ve received from government entities, banks, corporations, and philanthropic organizations that must be sustained.”

Wells Fargo produced the new report in partnership with Ventureneer, CoreWoman, and Women Impacting Public Policy.