Needless to say, we are passionate about women’s wealth and holistic wellbeing. I recently came across several studies and articles about the differences between women and men’s wealth in recent years and the results are worth sharing. What a better way to kick off the year than seeing women reshaping their future!
Women are amassing greater wealth than ever before, and that share is likely to grow significantly in the years ahead. Studies show that women are adding $5 trillion to the wealth pool globally, with women in North America holding the largest share of wealth at 37%. Not only are women generating and managing an increasing amount of wealth, but they are also directing the economy itself—heading up major corporations and pivotal economic players.
Women taking charge of their wealth creation: Women in the United States opened an average of 1,821 new enterprises each day in 2022 – that is 47% of all new businesses! This is an increase of 114% in women entrepreneurs as compared to 20 years ago. By the end of 2023, approximately $1.8 trillion worth of revenue was produced by women-owned businesses.
More women taking control: A recent study by The Economist Intelligence Unit showed that as more and younger women earn more wealth, they are more often asserting themselves as decision-makers over the full range of finance-related issues. A whopping 72% of millennial women are primary decision-makers for financial planning (and we feel so proud!).
Defining a legacy: Studies show that women prioritize the promotion of societal causes over wealth accumulation in defining a legacy, with 62 percent of women agreeing with this goal, compared with 53 percent of men. This suggests that as women accumulate greater assets, they may shift more capital toward charitable giving and social projects, even at the cost of higher future wealth.
Women not only own and control greater wealth than ever before, they are also changing the direction of wealth management and the goals of wealth creation. Cheers to a new year full of new opportunities for women and the people and causes that they love!
Sources:
BCG - https://web-assets.bcg.com/img-src/BCG-Managing-the-Next-Decade-of-Womens-Wealth-Apr-2020_tcm9-243208.pdf
RBC and The Economist Intelligence - https://www.rbcwealthmanagement.com/en-us/insights/more-wealth-more-impact-how-women-at-the-highest-levels-of-wealth-help-society
Women Entrepreneurship Statistics- https://www.enterpriseappstoday.com/stats/women-entrepreneurship-statistics.html#:~:text=According%20to%20a%20report%20in%202023%2C%20women%20in,each%20day%2C%20an%20average%20of%201%2C821%20in%202022.
Apella Capital, LLC (“Apella”), DBA Apella Wealth is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered or excluded or exempt from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Apella Wealth provides this communication as a matter of general information. Any data or statistics quoted are from sources believed to be reliable but cannot be guaranteed or warranted. Apella Wealth does not provide tax or legal advice and nothing either stated or implied here should be inferred as providing such advice.
