The economic power of high net worth (HNW) women is growing and they are emerging as significant changemakers, with millennial women in the lead when it comes to wealth creation, closing traditional gender gaps and setting benchmarks for future generations, according to the findings of a survey conducted by RBC Wealth Management, released on Tuesday.
Millennial women’s wealth is outpacing men’s, which signals a new era of financial dominance among younger wealthy clients that is being driven by wealth source diversification, executive roles, real estate and business ownership, the firm said.
At the same time, baby boomer women are assuming control of the vast majority of wealth transfer taking place during the Great Wealth Transfer, “creating unprecedented female spending power and economic influence, from philanthropy and investment choices to intergenerational wealth transfer,” according to RBC.
The survey also found that 90% of women collaborating with an advisor have a financial plan and indicated that partnership helped them feel confident they’ll achieve their financial goals, the firm said.
Advisor satisfaction is high across all generations, with more than 90% of women surveyed overall reporting their advisor personalized solutions to fit their goals and helped them feel confident they will achieve their financial goals, according to RBC.
About 50% of baby boomer and millennial HNW women agreed they were able to enjoy life without concerns about money, compared with three in 10 Gen X women, the firm said.
HNW women overwhelmingly cited their advisors as their primary sources of truth for financial advice.
RBC cautioned that advisors need to pivot to meet generational preferences and, while millennial women expect digital-first interactions and 24-hour response times, Gen X and baby boomers value the reliability of regular check-ins with clear agendas.
“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,” Angie O’Leary, Head of Wealth Strategies at RBC Wealth Management, said in a news release, announcing the survey’s findings.
“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.” – Angie O’Leary, Head of Wealth Strategies, RBC Wealth Management
“This change recognizes that the growth of women’s wealth is not just a statistic but a testament to resilience, innovation and their capacity to carve out a legacy infused with purpose.”
She added, “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. 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.”
The survey findings showed significant differences in how generations of women approach their finances, according to RBC. While 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 baby boomer women are “focusing on legacy and stability as they step into a historic role managing wealth—including $40 trillion through interspousal wealth transfer alone,” the firm said in the news release.
While investments continue to be the main source of wealth for all generations (86-92%), millennial women are much more likely to cite business ownership and innovation (62%) and executive roles (43%) as major drivers of wealth, compared to only 20% and 22%, respectively, for Gen X women and 10% and 14% for baby boomer women, according to RBC.
The survey found no major difference between women and men across generations in engaging with higher-risk investments, RBC noted, pointing out that was contrary to traditional views suggesting higher risk tolerance among men.
The growing economic power of women is in position 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,” the firm said.
Among women, the definition of wealth has widened past the balance sheet alone, according to the firm, noting the survey identified a trend toward “inner wealth,” the integration of personal values, priorities and passions.
Among women, the definition of wealth has widened past the balance sheet alone.
According to the survey, 81% of women prioritize values related to “Body, Spirit, and Soul,” believing that true wealth starts internally with clarity, well-being and emotional alignment, according to RBC.
Additionally, 80% emphasize “Ethics, Trust & Social Order” as personal values, with a focus on fairness and moral responsibility, and most indicating they believed that, with wealth, comes responsibility, the firm said.
Millennial women are also leading the charge towards “giving while living,” with 61% planning to transfer wealth to their kids during their lifetimes, creating generational wealth and charitable giving earlier than in the past, according to RBC.
Half of boomer women plan to transfer the majority of their wealth upon their passing, as well as needs-based gifting, sticking with more traditional inheritance models, the firm said.
Overall, 35% of women listed philanthropy as an important financial goal, RBC said in the news release, noting that 52% of millennial women emphasize the importance of giving back, almost twice the rate of Gen X (24%) and boomers (29%).
Across all generations, 23% of women listed philanthropy/charity as an important beneficiary of their wealth, highlighting the charitable intent built into their wealth plans, the firm said.
The 2026 RBC Wealth Management Women and Wealth report was based on a survey conducted in December among 2,010 high net worth respondents in the U.S., including 1,505 women and 505 men. Respondents were required to be 18 years of age or older and have investable assets of $1 million or more, the company said. The study included 463 millennials, 405 Gen Xers and 511 baby boomers.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
