Women Stand To Inherit Trillions from Spouses During the Great Wealth Transfer

Women, especially widows, are poised to inherit trillions of dollars over the next few decades.

Widowed women in the Baby Boomer generation, or those generally born between 1946 and 1965, are expected to inherit roughly $40 trillion between 2024 and 2048, according to Cerulli Associates.

That’s roughly a third of the $124 trillion that will be transferred over the next few decades, a phenomenon dubbed the Great Wealth Transfer.

More than half, or $21 trillion, of the money inherited by widowed women will go to high-net-worth spouses, or those who have $5 million or more in investable assets.

Women tend to live longer than men, and with or without an inheritance, they need to make that money last.

Women View Financial Advice Differently

With many women potentially receiving significant windfalls in the future, financial planners may need to shift their approach, as women may have different preferences than male clients.

Cerulli’s research shows that women were more likely than men to say they value relationships when selecting an advisor. For example, most high-net-worth practices report that women are at least involved in client household financial planning, which makes it easier for advisors to engage with them later as widows and to increase asset retention when they inherit wealth.

“When husbands pass away before their wives, finances are understandably the last thing the surviving spouse wants to think about,” Chayce Horton, a Cerulli senior analyst, said. “This is why Cerulli recommends establishing relationships with all members of the client household as early as possible in the client lifecycle.”

Women also may have different ideas about what do with their money. Cerulli found that high-net-worth women showed a greater preference for philanthropy and sustainability goals when compared with men.

This trend has also been shown in other data, too. A 2023 Bank of America survey found that the majority of household charitable-giving decisions were made or influenced by women.