Women Already Lead the Great Wealth Transfer, and Their Influence Over Wealth Is Accelerating.

An estimated $124 trillion is expected to change hands by 2048,¹ and a significant pattern within this Great Wealth Transfer has already emerged: women are receiving the majority of inherited wealth in affluent and business owning families.²

The acceleration of women’s wealth stewardship is changing how private assets are managed and deployed. As this trend continues, its practical implications for families and wealth professionals warrant closer attention.

With the structure of wealth ownership rapidly transforming, the question for private banking is whether the support model is evolving at the same pace.

Horizontal (Spouse to Spouse) Transfers Primarily Flow to Women

The first major movement of assets in the Great Wealth Transfer usually occurs horizontally (between spouses). Roughly $54 trillion is expected to pass through this stage alone.³ And in the overwhelming majority (95%) of cases, the surviving spouse inheriting these assets is a woman.⁴

For many affluent families, this initial transfer often involves complex, illiquid, or highly concentrated holdings, including business equity, family LLCs, operating companies, real estate partnerships, concentrated stock positions, and long‑term investment vehicles.

It's a reminder that the Great Wealth Transfer isn't as simple as cash changing hands, but instead involves highly complex assets moving to a new decision maker who must immediately manage them.

By 2030, Women Will Control the Majority of U.S. Private Wealth

Women are expected to control roughly two thirds of U.S. private wealth by the end of this decade, an unprecedented historical shift. Their wealth holdings are projected to rise to $34 trillion by 2030, a nearly fivefold increase from just ten years ago.⁵

Inheritance remains the single largest driver, especially as women are most often the first inheritors in affluent families, but the Great Wealth Transfer is far from the only factor contributing to the rise of women's wealth holdings. The surge reflects a broader convergence: rising entrepreneurship, expanding representation in senior corporate leadership, and the growing number of women who hold equity stakes, operate companies, and manage long term investment vehicles.

As more women step into primary stewardship roles, many immediately face decisions that require coordinated expertise. These may include assessing concentrated stock positions for diversification, reviewing governance documents for family LLCs, determining liquidity strategies ahead of major tax events, or evaluating buy sell provisions tied to operating companies.

For private banking, the implications are significant. The acceleration of women's wealth marks a structural shift in who leads investment conversations and who makes liquidity and governance decisions. Institutions that meet this moment with segmented initiatives, rather than treating it as a central consideration in their service model, risk falling out of step with where ownership is headed.

Women as Primary Stewards of Family Wealth and Business Assets

Across affluent and high net worth households, women are now central to the stewardship of private wealth. Nearly seven in ten women (69%) lead or co lead investment decisions, reflecting a structural shift in family wealth decision-making. Their role is even more visible in the upper tiers of wealth: the share of ultra high net worth women (>$30M) has risen from 6.5% in 2010 to 11% in 2023, a trend driven by both entrepreneurship and intergenerational transfers.

This evolving leadership is changing how families define wealth’s purpose. Women who steward private assets are more likely to:

• Advocate for governance clarity and well structured family decision frameworks
• Prioritize communication across generations
• Integrate both qualitative and quantitative considerations into investment selection
• Seek out coordinated advice that aligns business, estate, tax, and liquidity planning

As a result, women are assuming a role of strategic leadership, influencing how wealth is preserved, deployed, and transitioned.

Widowhood can be the Most Complex Financial Transition for Affluent Women

Despite their growing role in long term financial leadership, many women still encounter their most complex financial decisions during widowhood, often without complete visibility into the structures that support family wealth.

A significant number report that critical information about trusts, estate structures, operating entities, and business relationships had not been fully communicated beforehand. These gaps become most acute in the first 12 months, when survivors must manage a high volume of simultaneous decisions, including:

• Liquidity requirements to meet estate taxes or settle obligations
• Partnership and shareholder agreements, often with voting or consent rights attached
• Business governance responsibilities, especially in family owned companies
• Philanthropic commitments and foundation mandates
• Trustee appointments and fiduciary duties

For many affluent women, this moment represents the steepest learning curve of their financial lives. It is in this period that widows may be more likely replace their financial advisor, often because the advisory relationship had been built exclusively with the husband. When the spouse most affected by the transfer feels peripheral to the relationship, confidence erodes quickly.

The Importance of Individualized Private Banking Relationships

The acceleration of women’s wealth makes one reality clear: personalized, values aligned banking relationships are essential.

Research shows that affluent women consistently prefer financial guidance that emphasizes planning, purpose, and values, rather than product or performance. They want to understand how financial decisions support a family’s long term vision, how risks are managed across generations, and how governance frameworks protect continuity.

Women also tend to express stronger preferences toward:

• Philanthropy and impact, including charitable strategy and multi year commitments
• Sustainability and long term alignment, rather than transactional decision making
• Holistic integration of personal, family, and business finances
• Transparent collaboration across specialists (trust, tax, lending, investments, business advisory)

Any banking relationship should be grounded in trust and human understanding, but this becomes especially important during difficult transitions such as the loss of a parent, the sale of a family business, or widowhood. This is where private banking’s differentiated model stands out: coordinated expertise, long term partnership, and an integrated approach to planning.

These transition points increasingly place women in primary decision making roles, making it essential for advisors to understand how responsibilities shift as stewardship changes hands.

Women at the Center of Multigenerational Wealth Governance

Women already sit at the center of the Great Wealth Transfer, and their influence on multigenerational wealth stewardship will only expand. As ownership shifts, family wealth governance is shifting too. Families are embracing:

• Deeper communication
• Clearer governance
• More purpose driven planning
• A multigenerational perspective on stewardship

The most important step that families can take is ensuring both spouses, not just the current lead decision maker, have the support and relationships they need well before a transition occurs. Our Private Bank team works with clients long before the transition of wealth, helping families manage complexity, communicate with intention, and align their wealth with what matters most.

If you're ready to discuss how a more coordinated, purpose aligned approach to wealth stewardship can support your family, a Citizens Private Banker is here to help. Connect with us to start a conversation about your goals and receive guidance tailored to your family's structure, values, and long term vision.