Women as the New Face of Wealth

One of the apparent societal shifts globally is in that of women’s wealth. Wealth creation among women is growing. Women are creating wealth at a faster rate than at any one time in history. According to Consultancy group Boston Consulting Group (BCG), women hold nowadays an average of 40% of global wealth, and this could rise at a compound annual growth rate of 7.2% by 2023, outpacing the 5.2% compound annual growth rate projected for men. Women are adding $5 trillion to the wealth pool globally every year.

The rise of women as the new face of wealth is not just a trend but a reflection of the changing dynamics in the economy and society. Women are increasingly breaking through the glass ceiling and entering high-paying fields such as tech, finance, and entrepreneurship. They are also taking on leadership roles in companies and organizations, challenging the traditional male-dominated power structure.

Moreover, women's increasing financial independence and decision-making power has significant implications for the global economy. Women are more likely to invest in education, healthcare, and social welfare, which can lead to better outcomes for individuals and communities. Research has shown that investing in women can also lead to higher economic growth and stability.

However, it is important to note that women still face significant barriers to achieving financial equality, including gender discrimination, unequal pay, and limited access to financial services and education. Addressing these challenges will require concerted efforts from individuals, organizations, and governments to promote gender equality, improve financial literacy, and provide greater access to financial resources.

Individually, women must make the decision to believe that they deserve wealth in abundance, take it upon themselves to master financial literacy, and take action with the information they acquire. They must accept that risk is part of the game and even though with great risk may come a great loss, it could also come with a great reward. Either way, acting will teach practical lessons and with time one gets better in getting their wealth and money to multiply.

In conclusion, the emergence of women as the new face of wealth is a positive development that highlights the potential of women to drive economic growth and social progress. However, achieving full financial equality will require continued effort and investment in promoting gender equality and empowering women to reach their full potential.

Some interesting facts:

1.?Women control 40% of the world’s wealth,

2.?For women, wealth is a means to a number of ends, not an end in itself.

3.?Women are more likely to make investment decisions based on facts, not their gut.

4.?Millennial women are taking charge of their wealth.

5.?Unconscious bias still permeates the wealth management sector.