A historic transfer of assets underway
Women are growing more confident in the markets and gradually taking on additional risk. Still, they continue to trail men in overall investment levels. That gap could narrow significantly in the coming decades as trillions of dollars shift hands in what analysts describe as the “Great Wealth Transfer.”
Cerulli Associates estimates that $105 trillion will be transferred to heirs through 2048, including roughly $54 trillion expected to go to surviving spouses. Because women live nearly six years longer than men on average, according to the Centers for Disease Control and Prevention, they are likely to receive a substantial portion of that wealth.
Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, said the coming shift represents a fundamental change in financial power. “We’re about to see this massive change in terms of who is going to control wealth,” she said.
Women held $18 trillion in investable assets in the United States in 2023, accounting for 34% of assets under management, according to McKinsey & Company. That amount could nearly double to $34 trillion by 2030, representing about 38% of total U.S. assets.
Earnings and retirement gaps persist
Despite rising asset ownership, income disparities remain a challenge. Women working full time in the United States earn about 81 cents for every dollar paid to men, according to the National Women’s Law Center. The wage gap contributes directly to differences in retirement savings, said Veronica Willis, global investment strategist at Wells Fargo Investment Institute.
“We have seen some signs that the gap is starting to close, but there is still some work to do,” Willis said.
Confidence and performance improve
Wells Fargo research shows that 71% of women invested in the stock market in 2024, up from 60% a year earlier, with Gen Z and millennials leading participation gains. While women often describe their approach as conservative, that stance has begun to shift.
Female-led investment accounts generated performance comparable to male-led accounts over a seven-year period, according to Wells Fargo’s analysis. Notably, women achieved the highest risk-adjusted returns. Willis said women typically trade less frequently, which can reduce costly short-term decisions and support long-term results.
Building wealth at every stage
Financial experts emphasize the importance of aligning investments with personal goals. Willis advises maintaining balanced allocations that include equities for growth alongside diversified assets to manage risk. Avoiding an excessive shift into cash or fixed income during market volatility is crucial for long-term retirement planning.
Shannon Saccocia, chief investment officer at NB Private Wealth, recommends tailoring strategy by life stage. In their 20s and 30s, women should prioritize disciplined habits and early investing. In their 40s and beyond, broader financial planning becomes critical, including compensation strategy and diversified equity ownership.
Later in life, conversations often turn toward legacy planning and philanthropy. Clarifying objectives around lifestyle, generational wealth transfer and charitable giving should form part of discussions with financial advisors.
Link stresses education and consistency. Starting early, maintaining higher equity exposure when young and using dollar-cost averaging can help build wealth steadily over time. Regular contributions through brokerage accounts or 401(k) plans reduce the temptation to time the market and reinforce long-term growth.
