The Blubber

Women’s Wealth Is Rising Worldwide, Shaping the Future of Finance and Philanthropy

Women are gaining control of unprecedented sums of money globally, signaling transformative changes in wealth management and philanthropy.

In the United States, women are projected to control $34 trillion in investable assets by 2030, nearly double last year’s $18 trillion, according to McKinsey & Co. This marks a sharp rise from $7.3 trillion a decade ago when women held just 29% of investable assets. By 2030, that share is expected to climb to 38%.

Demographic and Career Shifts Driving Growth

A key factor behind this trend is demographics: Women from the Baby Boomer generation tend to outlive men by an average of five years, and more husbands are leaving family fortunes to their wives. Additionally, greater participation in lucrative careers is accelerating women’s financial influence.

“Women are increasingly becoming the financial heads of households due to inheritance, divorce, or career success, and they’re taking on leadership roles in financial decision-making,” said Casey Jorgensen, head of the Dynasty Institute for Adaptive Leadership at Dynasty Financial Partners.

A Historic Shift in Wealth Ownership

This transformation is monumental for women in the U.S., who were unable to open bank accounts or credit cards independently 50 years ago. Today, hundreds of ultra-high-net-worth women exist globally, including at least 62 billionaires, who collectively control about 11% of the $9.9 trillion tracked by Bloomberg’s Billionaires Index.

Progress Amid Persistent Gender Gaps

Despite these advances, significant disparities remain. Women earn just 84 cents for every dollar earned by men, hold only 12% of C-suite roles at public companies, and lead just 41 of the S&P 500 firms. While women controlled less than 35% of global wealth in 2022, that number is gradually rising.

To address this shift, the traditionally male-dominated wealth management industry is rethinking how it attracts and serves female clients. Since women consistently donate more to charity than men, philanthropic organizations are poised to benefit from increased contributions.

Global Trends in Wealth Accumulation

The number of ultra-high-net-worth women globally—those with $30 million or more—rose to 11% in 2023, up from 6.5% in 2010, according to Julius Baer. This growth stems from a mix of inheritances and self-made fortunes. While men once handed corporate dynasties exclusively to sons, more women are now stepping into leadership roles.

In Western Europe, women control roughly one-third of total assets under management, totaling €4.6 trillion ($4.85 trillion), McKinsey reports. By 2030, that share is expected to reach 45%, with women’s assets compounding annually at 8.1%, compared to 2.7% for men. This trajectory suggests women could achieve near parity with men in asset control by the early 2030s.

Meeting Women’s Financial Needs

“There’s a huge economic opportunity for organizations to more readily meet the needs of women,” said Beth Viner, managing director and partner at Boston Consulting Group. “Wealth management was designed when mostly men were heads of households. It’s worth stepping back to ask, ‘Are we meeting women’s needs today?’”

As women’s financial power continues to grow, industries must adapt to support their distinct priorities, creating opportunities for innovation in wealth management and philanthropy alike.