Women are reshaping wealth management, yet remain underrepresented in investment decisions. As female investors gain financial power, wealth managers must adapt—or risk missing out on a trillion-dollar market.
“Women will be in control of more wealth than ever before in our lifetimes,” Emma Wheeler, head of women’s wealth at UBS Global Wealth Management, told Investment Officer.
Women already hold significant wealth. In 2020, they controlled an estimated 32 percent of global private wealth. Today, UBS counts 344 female billionaires worldwide, managing 1.7 trillion dollars, with their assets growing faster than those of men.
Longer life expectancy and financial inclusion will only accelerate this trend. In the US, women are expected to control 34 trillion dollars—38 percent of the country’s wealth—by 2030, up from 20 trillion in 2020. An estimated 9 trillion dollars will be transferred between spouses in the next 20 to 25 years, according to UBS.
Younger generations of women are also inheriting more wealth. UBS notes that Gen Z and Millennial women are taking a larger role in financial decision-making and aligning investments with personal values. Yet, their influence remains limited.
Flywheel of opportunity
“Understanding female consumers is not just good business because of their rapidly rising spending power. It also is key to creating a flywheel of opportunity,” said Antonia Sariyska, impact investing strategist at UBS. “Better delivery of financial services, access to education and healthcare can accelerate the development of women’s wealth.”
For wealth managers and private bankers, engaging female investors is a competitive advantage. Research from UBS, Fidelity, and DWS underscores the arguments in favor of tailored strategies.
‘Business imperative’
At Quintet Luxembourg, diversity is a priority. Women make up 44 percent of its workforce and 40 percent of its board—figures that contrast with Luxembourg’s broader fund management sector, where only 13 percent of managers were female in 2022, according to Citywire.
“Respecting and appreciating differences is a business imperative,” Nora Lemhachheche, market head for France & Benelux at Quintet, told Investment Officer. “Women often approach investing differently—focusing on risk awareness, wealth preservation, and ESG factors rather than aggressive speculation. Of course, that’s a broad generalization, with many exceptions.”
Behavioral scientists
UBS in 2018 embraced a new approach created with behavioral scientists. This has led to a growing female client book that now represents 45 percent of its clients globally, Wheeler explained.
“Our strategy has been clear - to better meet the financial needs of women we need to ensure that our advisors are equipped to understand their unique needs,” she said. “The conversations need to be more relational than transactional to understand a woman’s financial goals through her lifetime and create a financial plan that meets these goals.”
Women’s growing financial influence
Women are increasingly active investors. Fidelity’s 2024 Women & Investing Study found that 71 percent of women now own stock investments—an 18 percentage-point rise in just a year. Women are building wealth through inheritance and entrepreneurship while prioritizing financial security and generational wealth.
Yet, a significant wealth gap persists. By retirement, women accumulate just 74 percent of the wealth of men, largely due to lower lifetime earnings and caregiving responsibilities, UBS reports. Bridging this gap requires a fundamental shift in how wealth managers engage female clients, particularly in investment education and long-term planning.
Women invest differently
Multiple studies highlight key differences in how women approach investing. UBS research shows they take a long-term, risk-managed approach, trade less frequently, and prioritise stability. A DWS study found that if women invested at the same rate as men, an additional 3.2 trillion dollars would enter the market. Women also tend to generate higher returns by staying invested through market cycles, using stop-loss strategies, and relying more on professional advice.
Values-based investing is another critical factor. Women are more likely to align portfolios with sustainability, impact investing, and gender-focused initiatives. Wealth managers offering tailored ESG solutions stand to benefit from this growing client base.
Barriers to serving female clients
Despite their financial influence, women remain underrepresented in wealth management—both as clients and professionals. UBS notes that only 18 percent of portfolio managers and 26 percent of financial analysts in the US are women, with similar figures in Europe. This lack of representation affects service quality, as DWS research found that two-thirds of women prefer female financial advisors, yet only 20 percent of advisors are women.
The digital revolution is helping to close some gaps. Women are signing up for investment platforms at a faster rate than men, DWS reports, indicating a growing appetite for financial autonomy. Yet many wealth managers still use traditional, male-oriented investment models, failing to address the specific needs of female investors. Firms that adapt their digital offerings to be more inclusive and user-friendly will gain a significant competitive edge.