Women shaping Australia’s wealth growth

Over the next decade, women are expected to inherit and control approximately 65% of the nearly $5 trillion set to change hands in Australia’s largest intergenerational wealth transfer (Philanthropy Australia, 2024). This shift is driven by several factors, most notably: longevity, inheritance and the ‘oldest daughter effect’.

• Longevity: Women’s longer life expectancy means they are more likely to outlive their partners and ultimately become the primary custodians of family wealth (Inspired Money, 2024)
  
  
• Multiple inheritances: According to a 2024 Forbes report, many women will inherit wealth from parents, in-laws, and spouses, often managing family finances for decades post-inheritance.
  
  
• The “oldest daughter effect”: Research shows the oldest daughter (not necessarily the oldest child) is 50% more likely to be entrusted with managing the family estate at the point of wealth transfer, reflecting growing confidence in women’s financial leadership (JB Were, 2024).

This unprecedented transfer of wealth will see women become the primary decision-makers for family and national wealth, requiring tailored advice and strategic planning to meet their unique needs and aspirations.

Accelerating growth in female wealth holders

According to JB Were, the number of female millionaires in Australia is growing at 5.7% per year - almost double the rate of male millionaires at 3.6%. Female entrepreneurs are growing three times faster than their male counterparts, with women now owning about one third of all small businesses in Australia. Female-founded businesses are projected to inject up to $135 billion into the Australian economy, if barriers to growth are addressed (Women’s Agenda, 2024).

More women are completing higher education and entering professional, scientific, and technical services, further driving wealth accumulation, and are increasingly represented in senior leadership and high-growth industries, including STEM fields, which offer higher earning potential (Women's Agenda, 2024).

Despite these gains, structural challenges persist. Australian women, on average, have 40% less net wealth than men, largely due to lower workforce participation, gender pay gaps, and superannuation disparities.

Women’s influence on investment priorities

As women’s share of wealth grows, their influence on investment strategies is becoming more pronounced. Female investors are more likely to prioritise long-term security, sustainability, and social impact, directing capital toward sectors such as healthcare, education, and ESG (environmental, social, and governance) investments. Women currently make up 42% of all Australian investors and show rising interest in diversified products like ETFs and listed investment companies (ASX Australian Investor Study, 2023).

When it comes to financial advice, women place a premium on trusted, personalised advice and are more likely to seek holistic, values-aligned financial guidance. While women are less likely than men to rate themselves as financially confident or literate, this is improving as more women take control of their finances and seek financial advice.

Leadership in family wealth management

Women are also increasingly taking leadership roles in managing family finances, particularly during and after wealth transfer events. As noted earlier, oldest daughters are often chosen to manage family estates, a trend that is expected to strengthen as more women gain financial expertise and confidence.

Higher divorce rates among high-net-worth individuals are resulting in more women independently managing significant assets, further increasing their influence on family wealth decisions. High-net-worth women are also showing a growing interest in charitable giving and investments with social impact, with one in five seeking investments that deliver social good (Philanthropy Australia 2024).

These trends reflect a broader recognition of women’s financial acumen and leadership within family structures, as well as their desire to align wealth management with personal and family values.

Bringing this to life: a client’s journey

The industry is evolving and women are stepping into wealth with both courage and care. One example is a client who sought advice after the sudden death of her husband a couple of years ago.

Before his passing, her husband had been very successful in business and was responsible for managing their finances with minimal involvement from her, and when he died, she was left with significant wealth across various complex investment structures. He had a high-risk threshold and many of his investments were in offshore start-ups and companies that the client wasn’t familiar with, so she was understandably overwhelmed, and this had created a significant level of discomfort and anxiety for her. 

Over several months, we worked with her to build her understanding and comfort level around different financial structures and investment options. We introduced her to various opportunities that matched her values and risk appetite. As the mother of two adult children in their thirties, she saw the importance of involving her children in family financial matters and started bringing them with her to advice meetings so they could learn about the complex family wealth structures and have input into decision making.

Over time, we significantly restructured our client’s investment portfolio, replacing higher-risk equity and share allocations with onshore property and bluechip investments that she was comfortable with and provided stable returns. We also devised a comprehensive, robust estate plan to ensure the family wealth would be protected and provide a lasting legacy for the client’s adult children, grandchildren and future generations. 

By seeking advice,the client not only took control of her financial situation but molded it to reflect her values and preferences. By involving her children in complex financial matters, the client has secured the family legacy for decades to come.

Factors impeding women’s financial evolution

Despite significant progress, barriers remain that impact the financial evolution of women.

• Gender wealth gap: The average Australian woman has $428,000 in net wealth, compared to $597,000 for men—a 40% gap (Morningstar, 2025). This is due to factors such as lower workforce participation, the gender pay gap, more time spent out of the workforce rearing children, and superannuation disparities.
  
  
• Financial advice: Women are less likely to seek or receive professional financial advice, with cost, trust, and perceived relevance key barriers. As of late 2024, only 22% of financial advisors in Australia are women (ASIC Financial Advisers Register), despite a clear preference among some high-net-worth women for female advisors. This is an issue Partners Wealth Group is addressing by taking a keen focus on providing career pathways for aspiring female advisors.

Bridging these gaps requires a concerted effort from the financial services industry to provide tailored education, holistic advice, and greater diversity among advisors, ensuring women’s needs and preferences are fully understood and met. 

Looking ahead

As women’s influence on Australia’s wealth growth continues to expand, the need for comprehensive, personalised advice is more important than ever. At 4C Wealth, our commitment to integrity, independence, and a holistic approach ensures we are well positioned to guide clients through both the opportunities and complexities ahead. 

 

This information is general in nature and is provided by Partners Wealth Group. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.