Women often find that wealth managers talk down to them and assume they don’t care about investing details or didn’t earn their own money. Wealth management industry attitudes are not keeping pace with women’s ascendance in wealth acquisition, according to this study by the Boston Consulting Group, which details how women must battle wealth managers’ sexist attitudes and stereotypes. Anna Zakrzewski, Kedra Newsom, Michael Kahlich, Maximilian Klein, Andrea Real Mattar and Stephan Knobel detail the necessary changes wealth managers must embrace to serve women today and in the decade to come.
Pre-COVID-19 projections suggested that women would come to own $93 trillion of the world’s wealth.
In certain nations, women attend university in greater numbers than men. This launches them toward higher-paying jobs and a greater share of the world’s wealth. Women now manage 32% of the world’s money – a historic high.
Before the novel coronavirus, projections suggested that women’s share of the globe’s wealth would reach $93 trillion by 2023. Experts outline three likely post-COVID-19 scenarios for women’s wealth:
- The “V-Shaped Scenario” – Expect a sharp dip in GDP followed by a speedy recovery. Women will stay on track for a compound annual growth rate (CAGR) of 7.2% and hit the $93 trillion mark in 2023 as per pre-COVID-19 projections.
- The “U-Shaped Scenario” – The economic effects of COVID-19 will persist into the future; a CAGR of 4.9% in women’s wealth will help their share rise to $85 trillion by 2023.
- The “L-Shaped Scenario” – Structural damage to labor, capital creation and production would drive a drastic...
Anna Zakrzewski, in Zurich, and Kedra Newsom, in Chicago, are managing directors and partners in the Boston Consulting Group. Michael Kahlich, Maximilian Klein, and Andrea Real Mattar work in the BCG’s Zurich office and Stephan Knobel is a BCG Lead Analyst in Frankfurt.