$54 Trillion Will Transfer to Widows Through 2048; More Than 95% Will Go to Women
January 22, 2025 — Boston
Firms that can cater to the needs of women investors will be well positioned for decades to come
As $124 trillion changes hands through 2048, women are set to receive substantial sums of money. According to The Cerulli Report—U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024, of this $124 trillion, $54 trillion is expected to first be passed through inter-spousal transfers to widows, of which more than 95% will go to women.
As women are statistically more likely to outlive their husbands, Cerulli projects that control of nearly $40 trillion in wealth will be first transferred ‘horizontally’ to widowed women in the Baby Boomer and older generations between 2024 and 2048 (with $21 trillion of that moving between spouses who are currently considered high net worth, defined as those having $5 million or more in investable assets). Meanwhile, women in younger generations are expected to receive $47 trillion of wealth that is transferred intergenerationally. This creates a massive need, and opportunity, for providers across the wealth and asset management spaces to address.
“When husbands pass away before their wives, finances are understandably the last thing the surviving spouse wants to think about,” says Chayce Horton, senior analyst. “This is why Cerulli recommends establishing relationships with all members of the client household as early as possible in the client lifecycle.”
Nine out of 10 HNW practices report to Cerulli that clients’ partners are at least involved in the financial planning process, which can make approaching widowed spouses about financial issues less difficult for both parties—and has proven to increase asset retention when spouses inherit substantial wealth. For advisors, ensuring the strength and trust of that relationship in advance is key, as relationships are significantly more important for advisor choice among women investors (53%) than it is for men (42%).
Beyond establishing trusting and lasting relationships, women investors also have different advisory preferences and product needs. For instance, Cerulli data shows that women are much more likely than men to prefer that advisors lead with financial planning and other strategies rather than investments. HNW women also tend to be more inclined than men to prioritize philanthropic and sustainability goals. This further solidifies Cerulli’s thesis that adding an expansive service menu can provide a multitude of benefits.
Ultimately, with trillions of dollars poised to be passed on to women across all generations, Cerulli recommends advisory firms take substantial action toward addressing the service gap between men and women. Recruiting women advisors, adding value-add services, and offering comprehensive advice are several areas the research highlights. “To address the existing gap in women-focused advice, some firms have begun to make strides by establishing recruiting and mentoring programs for women advisors and offering clients dedicated resources that emphasize topics such as financial planning and philanthropy,” says Horton. “Cerulli believes that firms that can provide direct support for women will have a tailwind for decades to come.”
Looking for More Information?
Let's Connect
Looking for More Information?
For additional information regarding this material or to get in touch with our press team, please submit the below form.
Note to editors
These findings and more are from The Cerulli Report—U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024: The Great Wealth Transfer: Capturing Money in Motion.