High-net-worth women in the United States are emerging as powerful changemakers, with millennial women leading in wealth creation, closing traditional gender gaps and setting benchmarks for future generations, according to a report released Tuesday by RBC Wealth Management.
There are notable differences in how different generations of women approach their finances, the report shows.
Millennials have a dynamic approach to risk-taking and technology-driven financial planning; Gen Xers are leading with resilience by balancing competing pressures and priorities; and baby boomers are focusing on legacy and stability as they step into a historic role managing wealth, including $40 trillion through interspousal wealth transfer alone.
Wealthy women are also transforming the financial advisor relationship, according to the report.
"We are seeing a transformative era where women are focused on growing their wealth but also redefining its purpose, integrating personal values with financial success," Angie O'Leary, RBC Wealth Management's head of wealth strategies, said in a statement.
"This change recognizes that the growth of women's wealth is not just a statistic but a testament to resilience, innovation and their capacity to carve out a legacy infused with purpose."
The report is based on a survey conducted in December among high-net-worth adult respondents in the United States: 1,505 women and 505 men, each with investable assets of $1 million or more. The sample comprised 463 millennials, 405 Gen Xers and 511 baby boomers.
Women's Growing Financial Empowerment
While investments remain by far the largest source of wealth for all generations, the survey found, 62% of millennial women cite business ownership and innovation and 43% executive roles as key drivers of their wealth, compared with just 20% and 22% for Gen X women and 10% and 14% for boomer women.
Millennial women in the survey outpaced men in higher total and investable assets, signaling a new era of financial dominance among younger wealthy clients.
At the same time, the survey found no significant difference between women and men across generations in engaging with higher-risk investments.
According to the report, women's growing economic power is on the cusp of transforming the investment landscape and creating a female-focused economy driven by their passion spending, including luxury travel, cars, real estate, art, theater, gardening and jewelry.
Redefining 'Wealth'
Women's definition of "wealth" has expanded beyond the balance sheet. The survey identified a trend toward "inner wealth," the integration of personal values, priorities and passions.
Eighty-one percent of female respondents said they prioritize values related to body, spirit and soul, in the belief that true wealth starts internally with clarity, well-being and emotional alignment.
Eighty percent emphasized ethics, trust and social order as personal values, with a focus on fairness and moral responsibility. Most believe that wealth comes with responsibility.
Philanthropy and Wealth Transfer
The survey found that the timing and approach to passing on wealth and charitable giving also varies by generation.
Sixty-one percent of millennial women said they plan to transfer wealth to their children during their lifetime, creating generational wealth and charitable giving earlier than is the case with older generations.
Conversely, 50% of boomer women plan to adhere to a more traditional inheritance model, transferring most of their wealth and making needs-based gifts after death.
Overall, 35% of female respondents listed philanthropy as an important financial goal. Fifty-two percent of millennials emphasized the importance of giving back, compared with 24% of Gen Xers and 29% of boomers.
Across all generations, 23% of women in the survey listed philanthropy/charity as a key beneficiary of their wealth, highlighting the charitable intent woven into their wealth plans.
Women Transforming Advisor Relationships
Women's relationship to financial advisors is rapidly evolving to meet diverse generational needs, the survey found. Millennials expect digital-first interactions and 24-hour response times, while Gen Xers and boomers value the reliability of regular check-ins with clear agendas.
High-net-worth women in the survey overwhelmingly cited their advisor as their primary source of truth for financial advice. Nine in 10 of those with an advisor said they have a financial plan, and those with one consistently reported higher confidence in their ability to maintain their lifestyle in retirement.
Advisor satisfaction runs high across all generations. Respondents reported that their advisor personalizes solutions to fit their goals and helps them feel confident that they will achieve them.
Half of high-net-worth female boomers and millennials in the survey reported that they are able to enjoy life without concerns about money, compared with 30% of Gen X women.
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