Women in finance: key figures in eight points
A series of figures relating to the issue of gender in finance were highlighted by Billyana Kuncheva, Director, M&G Investments, Finland, during the conference "Gender perspective in the financial industry".
The facts are set out in eight points:
- Women's overall purchasing power has never been as high as it is today.
- According to estimates drawn up in 2014, women's income worldwide is estimated at an average US$ 15 billion; an amount which is 40% higher than that of the Chinese economy, and greater than any other economy, except the United States.
- Over the next 10 years, women will control two thirds of household wealth in the United States and will benefit from the greatest transfer of wealth in the country's history, which, according to the most recent estimates, will increase from US$ 12 million to approximately US$ 40 million. Because of their life expectancy, many women from the baby boom generation will inherit from both their parents and husbands.
- The role of wealthy women should change considerably over the next 30 years. At present, only 34% of women are in this category through their own efforts as opposed to those who have inherited all or part of their wealth. By 2040, 55% of women will be in this category as a result of their own efforts.
- Wealthy women account for 39% of those at the top of the income scale in the United States; 2.5 million of them have a combined total of US$ 4.2 billion in assets.
- More than 1.3 million working women earn more than US$ 100,000 per year. 43% of Americans with more than US$ 500,000 in assets are women. The CFA institute estimates that women's income worldwide should increase from US$ 13 billion to US$ 18 billion over the next five years.
- Women already control 14 billion of individuals' wealth in the United States alone, i.e. 51% of the total.
- Globally, there are currently more multimillionaire self-made women in the world than ever before; Forbes magazine lists 56 of them, a figure which has doubled since 2009. Most of them are from Asia or North America.
The Bank of Luxembourg – which recognises women's ever-increasing involvement in finance – has created the Femmes & Patrimoine programme. The aim of this programme is to offer all women dedicated wealth planning, designed specially for women.