The future of finance is female. Between 2010 and 2015, the global private wealth held by women grew from $34 trillion to $51 trillion—an increase of 50% in merely five years. Women are accumulating wealth 7% faster per year than men. The number of self-made female billionaires joining the Forbes Billionaire List each year is outpacing the increase in the number of billionaires overall.
Moreover, most of the private wealth that will change hands in the coming decades is likely to go to women. In refocusing the goals of wealth creation, wealthy women are reshaping single-family offices and the private wealth market that serves them. Looking forward, a rising generation of matriarchs will be tasked with making long-term plans for the fortunes they inherit from the husbands they divorce or outlive, as well as those they create on their own. How do women think about legacy? Will they do a better job at assuring the preservation of generational wealth?
Despite all the gains made by women over the last forty years, when it comes to finances, “Father knows best” is still the reigning ethos. We were struck by the recent findings of Our Own Worth, a survey of wealthy women conducted by UBS Global Wealth Management. The study found that women are overwhelmingly involved in day-to-day money matters—with 80% paying bills and 85% regularly managing expenses. Yet, all around the world that engagement does not extend to longer-term finances.