Women are set to inherit $9 trillion from aging baby boomers, increasing their wealth and influence

From CNBC: 2024-07-12 09:00:01

An estimated $84 trillion in wealth is expected to be passed down by aging baby boomers and older generations in the next 20-30 years, with the majority going to younger generations like Gen X, millennials, and Gen Z. UBS predicts a total of $9 trillion will be transferred intra-generationally between spouses, mainly benefitting women who typically outlive men. The Americas are projected to see the largest horizontal wealth transfers, with over $50 trillion expected to be passed down by individuals over 85 years old.
Women are becoming key decision-makers in the great wealth transfer, with over 11% of the world’s millionaires being women. McKinsey reports that women are projected to control $30 trillion in baby boomer wealth by 2030, leading to increased influence in the traditionally male-dominated wealth management industry. Luxury brands are adapting to this trend, with women’s watches becoming one of the fastest-growing luxury sectors.
Philanthropy is also expected to benefit from the horizontal wealth transfer, with giving towards women and girls’ causes growing by 9% in 2020 alone. Melinda French Gates and MacKenzie Scott are among the prominent female philanthropists pledging significant amounts to women and girls’ initiatives. As wealth ownership shifts dramatically, women are poised to play a significant role in shaping the global economy.



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