Why aren’t 49,6% of CEOs women?

Women represent 49.6% of the world’s population, but only 5.4% of CEOs.

A Stark and Persistent Reality

On paper, the world looks balanced: nearly half of humanity is female. But step into the corporate boardroom, and the balance is shattered. According to recent global data, only 5.4% of CEOs in major companies are women.

To put it in perspective: if you randomly selected 100 corporate leaders, only about five would be women — despite the fact that women are as present, as educated, and as capable as men.

This gap has been acknowledged for decades, yet progress remains painfully slow. The World Economic Forum estimates that at the current rate, gender parity in leadership could still be more than a century away. That means multiple generations of women will work in systems that simply do not reflect their representation in society.

Why the gap is so stubborn

It’s tempting to believe that meritocracy alone will solve the problem — that if women are equally qualified, they’ll naturally rise to the top. But research consistently shows this is not the case. The reasons are layered:

The Glass Ceiling
This “invisible” barrier isn’t built from laws or policies, but from cultural assumptions and gatekeeping. Senior leadership roles often circulate within closed networks, and those networks are still predominantly male.
Leadership Stereotypes
Many organizations unconsciously value traits such as assertiveness and risk-taking — traditionally coded as masculine — over collaboration and empathy, which are often (and wrongly) perceived as less “CEO-like.”
Career Interruptions and Bias
Women are more likely than men to take career breaks for family or caregiving responsibilities. In many corporate cultures, even a short break can be interpreted as a lack of ambition.
The Role Model Deficit
Young professionals are inspired by leaders who look like them. When there are so few women in top positions, aspiring female leaders see fewer pathways forward.
The “Double Bind”
Women leaders often face a lose-lose scenario: be “too soft” and risk being underestimated, or be “too strong” and risk being labeled unlikable. Men rarely face this same dilemma.

The impact goes beyond fairness

The underrepresentation of women in leadership isn’t just a matter of social justice — it’s also bad business.
Numerous studies (McKinsey, Credit Suisse, Catalyst) show that companies with more women in executive roles are more profitable, more innovative, and better at managing risk.

In other words: increasing the percentage of women CEOs is not just the right thing to do — it’s the smart thing to do.

Changing the Game — From Token Efforts to Structural Shifts

If we want different results, we have to change the system — not just encourage individual women to “lean in.” The problem is structural, so the solutions must be as well. Here are five strategic areas where action can make a real difference:

1. Rethink Recruitment and Promotion

Implement structured and transparent hiring processes that reduce the influence of personal bias.
Require gender-balanced shortlists for senior roles. If no women apply, ask why.
Evaluate candidates on measurable performance and leadership potential — not on “culture fit” (which often means “people like us”).

**2. Build Mentorship and Sponsorship Pipelines**

Mentorship is valuable, but sponsorship — where senior leaders actively promote and advocate for someone — is even more powerful.
Create formal programs that connect high-potential women to influential leaders who can open doors.
Track participation and outcomes to ensure these programs don’t fade into symbolic gestures.

3. Redesign Corporate Culture

Offer flexible working policies that are available to everyone, so that career breaks or flexible hours are normalized for both men and women.
Train all managers in recognizing unconscious bias and in valuing diverse leadership styles.
Make performance metrics more outcome-based and less tied to presenteeism.

4. Increase Visibility of Female Leaders

Celebrate women’s successes internally and externally — in newsletters, press releases, social media.
Invite female leaders to keynote events, panels, and conferences, ensuring they are seen as industry authorities, not just “diversity representatives.”

5. Measure, Publish, and Be Accountable

What gets measured gets managed. Track the number of women in leadership at every level, publish the data, and set specific improvement targets.
Tie leadership diversity metrics to executive bonuses — an approach that has proven effective in some progressive companies.

A Shift in the Question We Ask

For too long, the narrative has been: “Why aren’t there more women CEOs?” The question subtly implies the problem lies with women themselves — that they’re not applying, not ambitious enough, not “ready.”

But the reality is this: the problem isn’t women’s ambition — it’s the system’s design.
When nearly half the world’s population is excluded from 95% of top leadership positions, the imbalance is not an accident. It’s the product of structures that can — and must — be redesigned.

We know the benefits: stronger business outcomes, more resilient organizations, and a leadership landscape that finally reflects the real world.

So maybe the real question is:

What will it take for us to stop asking “Where are the women?” and start building the conditions where they are simply around the table ?