Globally, women are also making significant strides in wealth accumulation. The share of ultra-high-net-worth women, defined as those with at least US$30 million in assets, has grown to 11% in 2023 from 6.5% in 2010, according to Julius Baer. This is fuelled by a combination of inheritances and self-made fortunes, breaking traditional norms where corporate dynasties were often passed down to sons.
Despite these gains, disparities remain. Women earn 84% of what men do and hold only 12% of C-suite positions in public companies. In the S&P 500, just 41 companies are led by female chief executives.
Yet, as women’s financial influence grows, wealth management firms are reassessing their strategies to cater to this demographic. Many women prioritize transparency and collaboration in financial planning and prefer to align investments with their personal values and goals.
This shift is also expected to impact philanthropy. Research from the Lilly Family School of Philanthropy at Indiana University shows that women are more likely than men to donate, often driven by empathy and a focus on social issues. Millennials, for example, tend to support causes such as social justice and climate change, while Baby Boomers often contribute to religious and poverty-related initiatives.
Financial institutions are responding to these changes, but challenges persist. Only 24% of certified financial planners are women, highlighting a gap in representation within the industry. Women also remain less engaged in stock-market investing, with 71% reporting stock holdings compared to 80% of men, according to Fidelity’s 2024 Women and Investing Study. Still, this figure has grown significantly from just 44% in 2018.