RBC Wealth Management Survey Finds Women's Economic Power Rising to New Heights
New data show high-net-worth women are emerging as powerful changemakers, with Millennial women leading in wealth creation, closing traditional gender gaps and setting benchmarks for future generations.
KEY HIGHLIGHTS
- Millennial women's wealth is outpacing men, signaling a new era of financial dominance among younger wealthy clients, driven by wealth source diversification, executive roles, real estate and business ownership.
- Boomer women are assuming control of a vast majority of wealth through the
$124 trillion of Great Wealth Transfer, creating unprecedented female spending power and economic influence, from philanthropy and investment choices to intergenerational wealth transfer. * - Confidence boost: Over 90% of women working with an advisor have a financial plan and say that partnership helps them feel confident they'll achieve their financial goals.
To better understand the financial journeys of women across three generations,
"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," said
The survey shows notable differences in how generations of women approach their finances. Millennial women have a dynamic approach to risk-taking and technology-driven financial planning, Gen X Women are leading with resilience by balancing competing pressures and priorities and Boomer women are focusing on legacy and stability as they step into a historic role managing wealth---including
Growing financial empowerment of women
The survey finds women redefining the traditional paths to wealth creation with Millennial women leading the charge, leveraging executive roles, real estate ventures, and diverse investment strategies to build substantial portfolios.
- Drivers of wealth: While investments remain the primary source of wealth for all generations (86-92%), Millennial women are far more likely to cite business ownership and innovation (62%) and executive roles (43%) as key drivers of wealth, compared to just 20% and 22% respectively for Gen X women and 10% and 14% for Boomer women.
- Closing the gap: Millennial women surveyed outpaced men in higher total and investable assets, signaling a new era of financial dominance among younger wealthy clients.
- Risk-taking parity: The survey found no significant difference between women and men across generations in engaging with higher-risk investments, contrary to traditional views suggesting higher risk tolerance among men.
- Transformative female economy: Women's growing economic power is set to transform the investment landscape and create a new female-focused economy driven by their spending on passions like adventure and luxury travel, cars, real estate, art, theater, gardening and jewelry.
Focus on "inner wealth" integrates personal values, priorities, passions
For women, the definition of wealth has expanded beyond the balance sheet. The survey identifies a trend toward "inner wealth," the integration of personal values, priorities, and passions.
- More than money: 81% of women prioritize values related to "Body, Spirit, and Soul," believing that true wealth starts internally with clarity, wellbeing and emotional alignment.
- Values in action: 80% emphasize "Ethics, Trust & Social Order," as personal values, with a focus on fairness and moral responsibility. Most believe that wealth comes with responsibility.
Giving while living: philanthropy & wealth transfer
Women are rewriting the playbook on legacy though the timing and approach to passing on wealth to the next generation and charities varies by generation.
"With women outliving their partners and the Great Wealth Transfer underway, there is a significant concentration of wealth among Boomer women who continue their longstanding commitment to philanthropy," said O'Leary. "We're seeing younger generations of women—particularly Millennials—following suit, prioritizing legacy and charitable giving earlier and faster than ever before as their economic power grows."
- Impact now: Millennial women are leading the charge on "giving while living," with 61% planning to transfer wealth to children during their lifetime, creating generational wealth and charitable giving earlier.
- Traditional wealth transfer: Conversely, 50% of Boomer women plan to transfer most of their wealth upon their passing, as well as needs-based gifting, adhering to more traditional inheritance models.
- The philanthropic drive: Overall, 35% of women listed philanthropy as an important financial goal – 52% of Millennial women emphasize the importance of giving back, nearly double the rate of Gen X (24%) and Boomers (29%).
- Beneficiaries: Across all generations, 23% of women list philanthropy/charity as a key beneficiary of their wealth, highlighting the charitable intent woven into their wealth plans.
Women are transforming financial advisor relationships
The survey reveals that while the financial advisor remains a cornerstone of empowerment, the nature of that relationship is rapidly evolving to meet diverse generational needs.
- Confidence boost: 90% of women with a financial advisor have a financial plan, and those with plans consistently report higher confidence in their ability to maintain their lifestyle in retirement. Advisor satisfaction is high across all generations, with over 90% of women reporting their advisor personalizes solutions to fit their goals and helps them feel confident they will achieve their financial goals.
- Financial security: Half of Boomer and Millennial HNW women completely agree that they are able to enjoy life without concerns about money, compared with three in ten Gen X women.
- Trusted source: HNW women overwhelmingly cite their advisor as their primary source of truth for financial advice.
- Digital vs. traditional: Advisors must pivot to meet generational preferences. Millennial women expect digital-first interactions and 24-hour response times, while Gen X and Boomers value the reliability of regular check-ins with clear agendas.
About the Women and Wealth survey
The 2026 RBC Wealth Management Women and Wealth report is based on a survey conducted in
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* Source: Cerulli and Associates Report –
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