The Great Wealth Transfer: A Transformative Shift for Women
The phenomenon known as the great wealth transfer is projected to involve an astonishing $124 trillion moving from the Baby Boomer generation and older age groups to their heirs by the year 2048. This staggering amount is even greater than the entire global GDP of $115 trillion expected for 2024.
Women to Be the Primary Beneficiaries
Among the various demographics, women are set to gain the most from this monumental wealth shift. According to a recent report from the Bank of America Institute, approximately $100 trillion of the $124 trillion will be inherited by women. This includes around $47 trillion allocated to younger generations of women and $54 trillion designated for surviving spouses, with a remarkable 95% of these spouses expected to be female.
A Shift in Financial Control
“Women are on the verge of having more financial control than ever before—and their approach to this newfound wealth is anticipated to bring about significant changes,” states the report.
The Future of Wealth Ownership
An earlier study conducted by consulting firm McKinsey projected that by 2030, American women could control nearly two-thirds of all private wealth in the United States, marking the most significant wealth transfer by gender in history.
Bank of America’s research estimates that there are currently 1.4 billion women aged between 50 and 70 worldwide, a figure expected to soar by 47% to 2.1 billion by 2050. These women hold “more wealth, independence, and opportunities” compared to their predecessors, according to the researchers.
Impact on Market Demand
As a direct consequence of this wealth transfer, Bank of America foresees an uptick in demand and spending on services, products, and experiences specifically designed for women. Data collected by the bank revealed that last year, women outspent men in both discretionary and essential purchases.
Women in Travel
Women also make up 85% of solo travelers. Bank of America’s research highlights that tour operators, cruise lines, and travel advisors are observing a growing demand from female travelers. In response, companies like Uniworld have introduced all-female itineraries for August 2025, alongside other cruise lines such as Aqua Expeditions and Celebrity Cruises that offer women-only trips.
Empowerment through Wealth
Bank of America researchers assert, “The great wealth transfer is empowering women with increased wealth.”
For more insights, explore the complete report.
Additionally, discover three strategies to prepare yourself for the great wealth transfer.
