In the run up to International Women’s Day on March 8, a new survey from RBC Wealth Management finds that high net worth women in the US are rising to new financial heights and closing traditional gender wealth gaps.

A survey from RBC Wealth Management released today shows that Millennial women’s wealth in the US is outpacing that of men, signaling a new era in financial circles among younger wealthy clients. It is driven by wealth source diversification, executive roles, real estate and business ownership, the firm said in a statement.

The research covers three generations of women, surveying 2,010 high net worth individuals in the US (1,505 women and 505 men) with investible assets of at least $1 million. It was carried out in December 2025, featuring sample sizes for Millennials of 463, Gen X of 405, and Boomers of 511. It comes ahead of International Women’s Day on 8 March – designed to commemorate women’s fight for equality and liberation – with this year’s theme being “Give to Gain.”

The research is an example of a flurry of reports and analyzes women in business, financial services and other occupations, highlighted in International Women's Day, on March 8. (See an earlier story here.)

“We are seeing a transformative era where women are focused on growing their wealth but also redefining its purpose, integrating personal values with financial success,” said Angie O’Leary, head of wealth strategies at RBC Wealth Management. “This change recognizes that the growth of women’s wealth is not just a statistic but a testament to resilience, innovation and their capacity to carve out a legacy infused with purpose.”

The survey shows differences in how generations of women approach their finances. Millennial women have a dynamic approach to risk-taking and technology-driven financial planning, Gen X women are leading with resilience by balancing competing pressures and priorities and Boomer women are focusing on legacy and stability as they step into an historic role managing wealth – including $40 trillion through interspousal wealth transfer alone.

Growing financial empowerment of women
• Drivers of wealth: While investments remain the primary source of wealth for all generations (86 to 92 per cent), the survey shows that Millennial women are more likely to cite business ownership and innovation (62 per cent) and executive roles (43 per cent) as key drivers of wealth, compared with 20 per cent and 22 per cent respectively for Gen X women and 10 per cent and 14 per cent for Boomer women.

• Closing the gap: Millennial women surveyed outpaced men in higher total and investible assets, signaling a new era among younger wealthy clients.

• Risk-taking parity: The survey found no significant difference between women and men across generations in engaging with higher-risk investments, contrary to traditional views suggesting higher risk tolerance among men.

• Transformative female economy: RBC WM believes that women's growing economic power will transform the investment landscape and create a new female-focused economy driven by their spending on passions like adventure and luxury travel, cars, real estate, art, theater, gardening and jewelry.

“With women outliving their partners and the Great Wealth Transfer underway, there is a significant concentration of wealth among Boomer women who continue their long-standing commitment to philanthropy,” O’Leary said. “We’re seeing younger generations of women – particularly Millennials – following suit, prioritizing legacy and charitable giving earlier and faster than ever before as their economic power grows."

The survey shows that 61 per cent of Millennial women plan to transfer wealth to children during their lifetime, creating generational wealth and charitable giving earlier. Conversely, 50 per cent of Boomer women plan to transfer most of their wealth upon their passing, as well as needs-based gifting, adhering to more traditional inheritance models.

Overall, 35 per cent of women listed philanthropy as an important financial goal – 52 per cent of Millennial women emphasized the importance of giving back, nearly double the rate of Gen X (24 per cent) and Boomers (29 per cent).

Across all generations, 23 per cent of women list philanthropy/charity as a key beneficiary of their wealth, highlighting the charitable intent woven into their wealth plans, the survey reveals.

Meanwhile, half of Boomer and Millennial HNW women agree that they are able to enjoy life without concerns about money, compared with three in 10 Gen X women.

RBC WM highlighted that over 90 per cent of women working with an advisor also have a financial plan, saying that partnership helps them feel confident that they will achieve their financial goals. However, advisors must be flexible to meet generational preferences. Millennial women expect digital-first interactions and 24-hour response times, while Gen X and Boomers value the reliability of regular check-ins with clear agendas.