There has never been a time in recorded history when women have as much influence and affluence.
Women change the world with their giving
Scripture records that women were among the first supporters of Jesus’ ministry. From Mary Magdalene, a first patron of the early church, to Lydia, an industrious entrepreneur who strategically funded early missions, women historically have been generous wealth creators and stewards. Year after year, research conducted for the Women’s Philanthropy Institute (WPI) reveals that households headed by women, at all levels of income and wealth, are more likely to give.
In 2012, our groundbreaking research of more than 7000 Christian women found only 6% of the women surveyed felt confident and equipped to handle what God had given to them. While it is well substantiated that women will inherit the vast majority of the largest generational wealth transfer, and that women outlive their spouses by five years, many people don’t realize that 95% of women will be, at some point in their life, the primary financial decision maker for their family. The opportunity to engage and impact women is real and may present one of the greatest opportunities ever for healing the world.
- Women own 51.3% of all personal wealth in the United States [i]
- Women control 48% of estates worth more than $5 million [ii]
- 59% of college graduates are women [iii]
- In 1997, only 5% of presidents and CEOs in family businesses were women; by 2007, this has risen to over 30% [iv]
- 48% of millionaires are women [v]
- The number of ultra wealthy women increased to nearly 39,000, equivalent to a record-high share of 14.6%.[vi]
- 49% of firms are owned or co-owned by women, and they generate about $3.2 trillion in revenue and employ nearly 17 million people [vii]
- 163 million women are starting or running new businesses around the world and an additional 111 million are running established businesses [viii]
- In 1997, only 5% of presidents and CEOs in family businesses were women; currently, this has risen to over 24%, with over 30% having a woman as the next successor [ix]
1.McKinsey & Company “Women as the next wave of growth in US wealth management”
2.The Economist Intelligence Unit (sponsored by RBC Wealth Management)
[i] Wealthtrack.com June 2019.
[ii] The Power of the Purse: How Smart Businesses Are Adapting to the World’s Most Important Consumer, Fara Warner, ©2006 by Pearson Education, Inc, Prentice Hall.)
[iii] National Center for Education Statistics, 2017-2018.
[iv] Boston College’s Center on Wealth Philanthropy, 2009.
[v] Federal Reserve Board Study.
[viii] Women’s Entrepreneurship 2016/2017 Report, Global Entrepreneurship Monitor.
[xi] “Family Business Facts,” Johnson Cornell SC Johnson College of Business.