Forbes is one of the most distinguished global business publications, leading the way in business innovation. With this in mind, 10 years’ worth of Forbes magazine covers were analysed* to determine which leaders and business types are most likely to represent the ‘Face of Forbes’.
One of the key areas studied was the diversity of ages on covers. The magazine predominantly featured those between the ages of 40 and 50, though there has been a wide variety of age groups featured overall.
Malala Yousafzai, education activist and the youngest person to ever win the Nobel Peace Prize, was the youngest person featured on Forbes’ cover – during the timeframe studied – at age 17. Warren Buffet, the most successful investor of the 20th century, was the oldest person featured at 87 years old.
It’s noted that the number of younger entrepreneurs on covers appears to be increasing. In 2013, the average age for entrepreneurs featured was 59, while in 2022, the average age was 41. With an almost 20-year age difference, it’s clear the ‘Face of Forbes’ is becoming younger.
Interestingly, a recent study found the number of teenagers setting up businesses had increased eightfold over ten years. Other recent studies have concluded that Millennials display the most entrepreneurial spirit over Gen Z, Gen X and Baby Boomers, which means younger demographics are perhaps more likely to continue gracing future Forbes covers too.
Tech (13%), fintech (8%), social media (8%) and entertainment (8%) were the most dominant industries featured on covers over the past decade. Forbes has always been quick to recognise the significance of social media and its potential impact. The years 2013 to 2015 were social’s glory years, with Tumblr, Snapchat, LinkedIn, Instagram, Pinterest, Tinder, and Slack all featuring on covers during this timeframe.
In 2022, we’ve seen a shift in industry focus, with more entertainment-related business owners – from gaming to music – featured on covers. This year also saw the first cannabis-related business owner on the cover, highlighting that Forbes continues to be the first to promote unique up-and-coming enterprises. By comparison, the earlier covers featured more ‘traditional’ industry sectors like oil, mining, real estate, and technology.
Another noteworthy finding of the study was a lack of female representation. Over the last decade, just 17 percent of Forbes covers featured female entrepreneurs, averaging less than 3 covers a year that included women. Additionally, all entrepreneurs that were featured more than once were men, with some notable figures including Donald Trump and Elon Musk.
Interestingly, 60 percent of all women featured were part of a group cover shot. By comparison, just 19 percent of male entrepreneurs shared a cover. A large percentage of female representation came from 2018’s April cover which included 13 female entrepreneurs from Silicon Valley.
2016 saw the largest number of female covers, six women were included on covers in this year compared to 19 men, though Kim Kardashian was the only female entrepreneur to be given her own cover that year.
Despite these results, the data does show that women are becoming more likely to gain singular recognition with their own cover. In the last four years, all women featured have had their own cover without sharing it with other entrepreneurs.
Similarly, Forbes covers don’t cater to just one nationality. The publication showcased over 30 different nationalities on its cover in the last decade alone. However, over half of all entrepreneurs were white Americans.
Doug Baird, Chief Executive Officer for New Street Consulting Group, commented: “What we’ve seen in Forbes is essentially a mirror on where we’re currently at when it comes to DE&I in the boardroom. Progress is being made across gender, race, and age, but we still have a long way to go before we start seeing true equality. Media publications, such as Forbes, play a huge part in this, highlighting the conversation and promoting the success that diversity at leadership level brings.”
*New Street Consulting Group
