How Much Wealth Do Women Control?
Despite the economic downturn, women’s financial influence is on the rise.
According to survey data by Boston Consulting Group, women control 32% of the world's wealth and are adding $5 trillion to the wealth pool globally every year—faster than in previous years.
In 2019, women in North America held the largest share of wealth (37.3%), followed by Western Europe (30.9%), and Asia (32.2%). Women in the Middle East and Africa control a 20.4% share of global women's wealth, contributing to up to $786 billion. Specifically, in the U.A.E. and Saudi Arabia, women's wealth amounts to $103 billion and $224 billion, respectively, with women's fortunes expected to grow at a CAGR of 8.3% and 5.1% in the lead up to 2023.
Female rates of primary and secondary education participation are now similar to those of males, and women outnumber men at the university level in 15 out of 22 Arab countries. The number of women in leadership positions has been increasing by 2.4% in the U.A.E., while the numbers of women participating in entrepreneurial activities and the labor force in Saudi have climbed by 1% and 0.5%, respectively.
On wealth management, the research indicates that women manage to do it differently than men. By associating their wealth goals to specific life stages and targets, women are more likely to anticipate and plan for significant life events. Around 64% of women admitted they factor environmental, social and governance concerns into their investment decisions.
“Women do not just want to boost the bottom line; they also want to help develop the communities we live in, by investing in education, health care, and our planet,” says Tracey Woon, Vice Chairman of UBS Wealth Management for the Asia-Pacific region.