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Mapped: The Uneven Recovery of U.S. Small Businesses

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Mapped: The Uneven Recovery of U.S. Small Businesses

Mapped: The Uneven Recovery of U.S. Small Businesses

Small businesses are the backbone of the U.S. economy, employing nearly half of the private sector workforce.

Unfortunately, lockdown and work-from-home measures brought about by COVID-19 have disproportionately affected small businesses – particularly in the leisure and hospitality sectors.

As metro-level data from Opportunity Insights points out, geography makes a great deal of difference in the proportion of U.S. small businesses that have flipped their open sign. While some cities are mostly back to business as usual, others are in a situation where the majority of small businesses are still shuttered.

The Big Picture

In the U.S. as a whole, data suggests that nearly a quarter of all small businesses remain closed. Of course, the situation on the ground differs from place to place. Here’s how cities around the country are doing, sorted by percentage of small businesses closed as of September 2020:

MetrosSmall Businesses ClosedSmall Businesses Closed (Leisure & Hosp.)
San Francisco-49%-65%
New Orleans-45%-72%
Honolulu-41%-39%
Washington DC-37%-55%
San Jose-35%-41%
Portland-34%-46%
San Antonio-34%-60%
Sacramento-33%-43%
Boston-33%-42%
Oakland-32%-52%
Austin-32%-65%
Bakersfield-31%-64%
Houston-30%-58%
Seattle-28%-47%
San Diego-28%-41%
Baltimore-28%-43%
Detroit-28%-44%
Los Angeles-27%-39%
Chicago-27%-37%
Tucson-27%-37%
Atlanta-26%-33%
Fresno-26%-50%
Oklahoma City-26%-56%
Cleveland-26%-39%
Denver-26%-56%
Indianapolis-25%-29%
Denver-25%-38%
El Paso-25%-34%
Philadelphia-24%-34%
Tulsa-23%-40%
Albuquerque-23%-42%
Colorado Springs-23%-37%
Louisville-23%-25%
Miami-23%-38%
Fort Worth-22%-34%
Las Vegas-22%-35%
Tampa-22%-45%
Milwaukee-22%-30%
New York City-21%-40%
Dallas-21%-38%
Memphis-21%-37%
Minneapolis-21%-36%
Nashville-21%-39%
Columbus-21%-35%
Phoenix-19%-36%
Jacksonville-18%-35%
Salt Lake City-18%-24%
Charlotte-18%-42%
Raleigh-16%-34%
Wichita-15%-29%
Kansas City-15%-24%
Omaha-13%-14%

New Orleans and the Bay Area are still experiencing rates of small business closures that are almost double the national median.

Small businesses in the leisure and hospitality sector have been particularly hard hit, with 37% reporting no transaction data.

Getting Back to Business

Some cities are seeing rates of small business operation that are nearing pre-pandemic levels.

Change in small businesses open by city - back to normal

Of the cities covered in the data set, Omaha had the highest rate of small businesses open.

Still Shuttered

In cities with a large technology sector, such as San Francisco and Austin, COVID-19 is shaking up the economic patterns as entire companies switched to remote working almost overnight. This is bad news for the constellation of restaurants and services that cater to those workers.

Change in small businesses open by city - still closed

Likewise, cities that have an economy built around serving visitors – Honolulu and New Orleans, for example – have seen a very high rate of small business closures as vacations and conferences have been paused indefinitely.

As the pandemic drags on, many of these temporary closures are looking to be permanent. Yelp recently reported that of the restaurants marked as closed on their platform, 61% are shut down permanently. As well, businesses in the retail and nightlife categories also saw more than half of closures become permanent.

In Remembrance of Revenue

A business being completely closed is a definitive measure, but it doesn’t tell the whole story. Even for businesses that remained open, revenue is often far below pre-pandemic rates.

small businesses revenue covid-19

Once again, businesses in the leisure and hospitality sector have been hit the hardest, with revenue falling by almost half since the beginning of 2020.

At present, it’s hard to predict when, or even if, economic activity will completely recover. Though travel and some level of in-office work will eventually ramp back up, the small business landscape will continue to face major upheaval in the meantime.

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Technology

The World’s Top Car Manufacturers by Market Capitalization

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The World’s Top Car Manufacturers by Market Cap

View the high-resolution of the infographic by clicking here.

Ever since Apple and other Big Tech companies hit a market capitalization of $1 trillion, many sectors are revving to follow suit—including the automotive industry.

But among those car brands racing to reach this total valuation, some are closer to the finish line than others. This visualization uses data from Yahoo Finance to rank the world’s top car manufacturers by market capitalization.

What could this spell for the future of the automotive industry?

A special hat-tip to Brandon Knoblauch for compiling the original, regularly-updated spreadsheet.

The World’s Top Car Manufacturers

It’s clear one company is pulling far ahead of the pack. In the competition to clinch this coveted title, Tesla is the undoubted favorite so far.

The electric vehicle (EV) and clean energy company first became the world’s most valuable car manufacturer in June 2020, and shows no signs of slowing its trajectory.

RankCompanyMarket Cap (US$B)Country
#1Tesla$795.8🇺🇸 U.S.
#2Toyota$207.5🇯🇵 Japan
#3Volkswagen$96.7🇩🇪 Germany
#4BYD$92.7🇨🇳 China
#5NIO$89.5🇨🇳 China
#6Daimler$72.8🇩🇪 Germany
#7General Motors$71.3🇺🇸 U.S.
#8BMW$54.2🇩🇪 Germany
#9Stellantis$54.2🇳🇱 Netherlands
#10Ferrari$52.5🇮🇹 Italy
#11Honda$46.9🇯🇵 Japan
#12Hyundai$46.8🇰🇷 South Korea
#13SAIC$45.2🇨🇳 China
#14Geely$39.5🇨🇳 China
#15Ford$39.4🇺🇸 U.S.
#16Xpeng$33.9🇨🇳 China
#17Maruti Suzuki$33.1🇮🇳 India
#18Li Auto$29.5🇨🇳 China
#19Suzuki$23.7🇯🇵 Japan
#20Nissan$20.1🇯🇵 Japan
#21Subaru$15.2🇯🇵 Japan
#22Changan$14.6🇨🇳 China
#23Mahindra$13.9🇮🇳 India
#24Renault$12.0🇫🇷 France

All data as of January 15, 2021 (9:30AM PST)

Tesla’s competitive advantage comes as a result of its dedicated emphasis on research and development (R&D). In fact, many of its rivals have admitted that Tesla’s electronics far surpass their own—a teardown revealed that its batteries and AI chips are roughly six years ahead of other industry giants such as Toyota and Volkswagen.

The Green Revolution is Underway

The sheer growth of Tesla may spell the inevitability of a green revolution in the industry. Already, many major brands have followed in the company’s tracks, announcing their own ambitious plans to add more EVs to their vehicle line-ups.

Here’s how a selection of car manufacturers are embracing the electric future:

Toyota: Ranked #2

The second-most valuable car manufacturer in the world, Toyota is steadily ramping up its EV output. In 2020, it produced 10,000 EVs and plans to increase this to 30,000 in 2021.

Through this gradual increase, the company hopes to hit an expected target of 500,000 EVs by 2025. Toyota also aims to debut 10 new models internationally to achieve this goal.

Volkswagen: Ranked #3

By 2025, Volkswagen plans to invest $86 billion into digital and EV technologies. Considering the car manufacturer generates the most gross revenue per second of all automakers, it’s no wonder Volkswagen is looking to the future in order to keep such numbers up.

The company is also well-positioned to ride the wave of a potential consumer shift towards EVs in Europe. In response to the region’s strict emissions targets, Volkswagen upped its planned sales proportions for European hybrid and EV sales from 40% to 60% by 2030.

BYD and Nio: Ranked #4-5

China jumped on the electric bandwagon early. Eager to make its mark as a global leader in the emerging technology of lithium ion batteries (an essential component of any EV), the Chinese government handed out billions of dollars in subsidies—fueling the growths of domestic car manufacturers BYD and Nio alike.

BYD gained the interest and attention of its billionaire backer Warren Buffett, while Nio is China’s response to Tesla and an attempt to capture the EV market locally.

General Motors: Ranked #7

Also with a 2025 target year in mind, General Motors is investing $27 billion into electric and fully autonomous vehicles. That’s just the tip of the iceberg, too—the company also hopes to launch 30 new fully electric vehicles by the same year.

One particular factor is giving GM confidence: its new EV battery creations. They will be able to extend the range of its new EVs to 400 miles (644km) on a single charge, at a rate that rivals Tesla’s Model S.

Stellantis: Ranked #9

In a long-anticipated move, Fiat Chrysler and Peugeot S.A. finalized their merger into Stellantis N.V. on January 16, 2021.

With the combined forces and funds of a $52 billion deal, the new Dutch-based car manufacturer hopes to rival bigger brands and race even more quickly towards the electric shift.

Honda: Ranked #11

Speaking of fast-paced races, Honda has decided to bow out of future Formula One (F1) World Championships. As these competitions were usually a way for the company to show off its engineering prowess, the move was a surprising one.

However, there’s a noble reason behind this decision. Honda is choosing instead to focus on its commitment to become carbon neutral by 2050. To do so, it’ll be shifting its financial resources away from F1 and towards R&D into fuel cell vehicle (FCV) and battery EV (BEV) technologies.

Ford: Ranked #15

Ford knows exactly what its fans want. In that regard, its electrification plans begin with its most popular commercial cars, such as the Mustang Mach-E SUV. This is Ford’s major strategy for attracting new EV buyers, part of a larger $11.5 billion investment agenda into EVs through 2022.

While the car’s specs compare to Tesla’s Model Y, its engineers also drew from the iPhone and Netflix to incorporate an infotainment system and driver profiles to create a truly tech-first specimen.

Speeding into the Horizon

As more and more companies enter the racetrack, EV innovation across the entire industry may power the move to lower overall costs, extend the total range of vehicles, and put any other concerns by potential buyers to rest.

While Tesla is currently in the best position to become the first car manufacturer to reach the $1 trillion milestone, how long will it be for the others to catch up?

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Business

Mapped: The 50 Richest Women in the World in 2021

Fewer than 12% of global billionaires are women, but they still hold massive amounts of wealth. Who are the 50 richest women in the world?

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Mapped: The 50 Richest Women in the World in 2021

View the high-resolution of the infographic by clicking here.

According to a recent census by Wealth-X, 11.9% of global billionaires are women. Even at such a minority share, this group still holds massive amounts of wealth.

Using a real-time list of billionaires from Forbes, we examine the net worth of the 50 richest women in the world and which country they’re from.

Where are the World’s Richest Women?

The richest woman in the world, Francoise Bettencourt Meyers and family own 33% of stock in L’Oréal S.A., a French personal care brand. She is also the granddaughter of its founder.

In April 2019, L’Oréal and the Bettencourt Meyers family pledged $226 million (€200 million) towards the repair of the Notre Dame cathedral after its devastating fire.

Following closely behind is Alice Walton of the Walmart empire—also the world’s richest family. Together with her brothers, they own over 50% of the company’s shares. That’s a pretty tidy sum, considering Walmart raked in $524 billion in revenues in their 2020 fiscal year.

Other family ties among the richest women in the world include Jacqueline Mars and her four granddaughters, heiresses to a slice of the Mars Inc. fortune in candy and pet food—and all of them make this list.

RankNameNet Worth ($B)Country
#1Francoise Bettencourt Meyers & family$71.4🇫🇷 France
#2Alice Walton$68.0🇺🇸 United States
#3MacKenzie Scott$54.9🇺🇸 United States
#4Julia Koch & family$44.9🇺🇸 United States
#5Yang Huiyan & family$31.4🇨🇳 China
#6Jacqueline Mars$28.9🇺🇸 United States
#7Susanne Klatten$25.8🇩🇪 Germany
#8Zhong Huijuan$23.5🇨🇳 China
#9Laurene Powell Jobs & family$22.1🇺🇸 United States
#10Iris Fontbona & family$21.0🇨🇱 Chile
#11Zhou Qunfei & family$18.6🇭🇰 Hong Kong
#12Fan Hongwei & family$17.9🇨🇳 China
#13Gina Rinehart$17.4🇦🇺 Australia
#14Charlene de Carvalho-Heineken & family$17.1🇳🇱 Netherlands
#15Wu Yajun$16.3🇨🇳 China
#16Abigail Johnson$15.0🇺🇸 United States
#17Kirsten Rausing$13.5🇸🇪 Sweden
#18Kwong Siu-hing$13.0🇭🇰 Hong Kong
#19Lu Zhongfang$12.7🇨🇳 China
#20Wang Laichun$12.7🇨🇳 China
#21Cheng Xue$10.8🇨🇳 China
#22Massimiliana Landini Aleotti & family$10.6🇮🇹 Italy
#23Denise Coates$9.9🇬🇧 United Kingdom
#24Lam Wai Ying$9.1🇭🇰 Hong Kong
#25Ann Walton Kroenke$9.1🇺🇸 United States
#26Savitri Jindal & family$8.7🇮🇳 India
#27Nancy Walton Laurie$8.2🇺🇸 United States
#28Blair Parry-Okeden$8.2🇺🇸 United States
#29Diane Hendricks$8.0🇺🇸 United States
#30Christy Walton$7.8🇺🇸 United States
#31Zhao Yan$7.8🇨🇳 China
#32Zeng Fangqin$7.6🇨🇳 China
#33Magdalena Martullo-Blocher$7.5🇨🇭 Switzerland
#34Rahel Blocher$7.4🇨🇭 Switzerland
#35Marie-Hélène Habert$7.2🇫🇷 France
#36Pamela Mars$7.2🇺🇸 United States
#37Victoria Mars$7.2🇺🇸 United States
#38Valerie Mars$7.2🇺🇸 United States
#39Marijke Mars$7.2🇺🇸 United States
#40Sandra Ortega Mera$7.1🇪🇸 Spain
#41Antonia Ax:son Johnson & family$7.0🇸🇪 Sweden
#42Sofie Kirk Kristiansen$6.9🇩🇰 Denmark
#43Agnete Kirk Thinggaard$6.9🇩🇰 Denmark
#44Li Haiyan$6.7🇨🇳 China
#45Ronda Stryker$6.6🇺🇸 United States
#46Marie Besnier Beauvalot$6.3🇫🇷 France
#47Zheng Shuliang & family$6.2🇨🇳 China
#48Meg Whitman$5.8🇺🇸 United States
#49Chan Laiwa & family$5.8🇨🇳 China
#50Maria Asuncion Aramburuzabala & family$5.8🇲🇽 Mexico

All data as of January 15, 2021 (9AM PST)

MacKenzie Scott, ranked #3 on the list, was heavily involved in the early days of turning Amazon into an e-commerce behemoth. She was involved in areas from bookkeeping and accounts to negotiating the company’s first freight contract. Her high-profile divorce from Jeff Bezos captured the headlines, notably because she gained control over 4% of Amazon’s outstanding shares.

The total value of these shares? An eye-watering $38.3 billion—propelling her to the status of one of America’s richest people.

However, MacKenzie Scott has more altruistic ventures in mind for this wealth. In 2020, she gave away $5.8 billion towards causes such as climate change and racial equality in just four months, and is a signatory on the Giving Pledge.

[Scott’s near $6 billion donation has] to be one of the biggest annual distributions by a living individual.

—Melissa Berman, CEO of Rockefeller Philanthropy Advisors

Looking towards the East, Yang Huiyan became the richest woman in Asia after inheriting 70% of shares in the property development company Country Garden Holdings. The company went public in 2007, raising $1.6 billion in its IPO—an amount comparable to Google’s IPO in 2004.

To aid frontline health workers during the pandemic, Country Garden Holdings set up robotic, automated buffet stations to safely serve medical staff in Wuhan, China.

Giving Generously

While the 50 richest women in the world have certainly made progress, the overall tier of billionaires is still very much a boys’ club. One thing that also factors into this could be the way this wealth is spent.

As many female billionaires inherited their wealth, a large share are more inclined to contribute to charitable causes where they can use their money to make an impact. What percentage of billionaires by gender have contributed at least $1 million in donations over the past five years?

Made $1mm in donations over last 5 years (%)

Source of wealth👩 Female philanthropists👨 Male philanthropists
Inherited68%5%
Inherited/Self-made20%28%
Self-made12%67%

Source: Wealth-X

Meanwhile, male billionaires are more likely to donate to charity if they built the wealth themselves—and many companies that fall into this category certainly stepped up during the early days of the COVID-19 crisis.

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