Gay and lesbian CEOs may still be few in number—but the ranks of openly gay and lesbian millionaires and billionaires are growing rapidly.
The announcement by Apple CEO Tim Cook on Thursday highlights just how rare it is for a Fortune 100 CEO to come out publicly as gay, even as public opinion has become much more embracing of LGBT rights and marriage. Yet when it comes to wealth creation, gays and lesbians have been making much faster and more visible progress, becoming a sought-after market in the wealth management business—especially among the newer, younger rich.
Read MoreNumber of billionaires doubles
There are no reliable numbers on the population of LGBT millionaires. Forbes estimates that seven of the world's billionaires are now openly identified as lesbian, gay, bisexual or transgender. The list includes media mogul David Geffen; tech tycoon Peter Thiel; Hyatt hotel heiress Jennifer Pritzker; health-care heir Jon Stryker; and fashion magnates Domenico Dolce, Stefano Gabbana and Michael Kors.