Why Women's Wealth Is Poised to Surge

Summary

Podcast Summary: Bloomberg Businessweek

Episode: Why Women's Wealth Is Poised to Surge
Date: October 15, 2025
Hosts: Carol Massar and Tim Stenovec
Guest: Jamie Madera (Head of US Wealth Advisory & Retirement, BlackRock)

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Episode Overview

This episode explores the rapidly changing dynamics of wealth ownership and management, specifically focusing on the increasing influence and control women hold over global wealth. Through analysis and expert insight from Jamie Madera of BlackRock, the discussion delves into the scale and implications of intergenerational and "horizontal" (spousal/divorce) wealth transfers, shifts in investment preferences, opportunities and challenges for the financial industry, and the broader societal impact of women's rising financial power.

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Key Discussion Points & Insights

1. The Scale of Women's Growing Wealth

• Overview of the Wealth Transfer:

  • Wall Street has been anticipating a $105 trillion intergenerational transfer from elderly parents to children.
  • The discussion notes a "different kind of wealth transfer"—notably, women among the world's richest 500 have often become billionaires after a spouse’s death, making this dynamic significant and historically large ([01:24]).

• Demographics and Logic:

  • The fact that women outlive men, combined with changing patterns in marital wealth distribution (including divorce), is driving this shift ([01:43]).

Quote:
"More than a dozen women in the world’s 500 richest people have become billionaires after the death of a spouse... It’s the highest number ever."
— Carol Massar ([01:24])

2. "Feminization of Wealth" and How Money Moves

• Major Forces at Play:

  • Increasingly, women are the primary breadwinners and decision makers in families. They're acquiring wealth not only from parents but also through “horizontal” transfers (e.g., death/divorce of a spouse) ([04:01]).
  • There’s industry acknowledgment that women have not been adequately served by traditional wealth management models.

• Statistical Highlights:

  • "Cerulli estimates that globally, $124 trillion will change hands in this silver tsunami...their forecasts are that $54 trillion will be passed to spouses first before it goes down another generation. 40% of those spousal transfers will be to women." ([04:56])
  • Prediction: Women will control 50% of the world's wealth by 2030, and 70% by 20XX. Currently, women control 30% ([05:41]).

• Behavioral Changes:

  • "70% of women leave their husband's financial advisor after a divorce or death within one year." ([06:20])
  • Reasons: Feeling unheard and uninvolved in prior financial decisions.

3. Investment Styles and Stereotypes

• Risk Tolerance:
  • Women are not a monolith; BlackRock’s survey of 2,500 female investors showed most are "moderate to aggressive" investors, aiming to grow wealth through capital markets, not just earn/save ([06:53]).

Quote:
"Majority of them were actually moderate to aggressive, because they saw the power of not just gaining wealth through working or through transition, but actually gaining wealth through the capital markets."
— Jamie Madera ([06:56])

• Misconceptions:
  • The show dispels the stereotype that women are universally risk-averse.
  • A third of US households have women as the primary financial decision makers ([06:42]).

4. Women & Purpose-Driven Investing

• Purpose vs. Impact:
  • Women (and younger investors) are more likely to align investments with values and social purpose, such as through impact investing, direct indexing, or philanthropy ([08:27]).
  • The line between philanthropic goals and financial planning is increasingly blurred, with holistic strategies being sought ([09:11]).

Quote:
"People are looking to put their money to good cause...that might be aligning with the values I have, sending my children to school, helping my elderly parents, or starting a new business. How about that for purpose?"
— Jamie Madera ([09:11])

5. Industry Implications & Market Environment

• Advisor Opportunity:

  • Advisors must adapt to serve women better and offer solutions that can attract—and retain—this demographic, given that many women change advisors after major transitions ([05:41]).

• Market Conditions & Sentiment:

  • Investors (women included) remain engaged with markets, despite short-term volatility and uncertainty.
  • "It’s not time in the market or timing the markets, it’s time in the markets." ([10:15])
  • BlackRock has seen rising flows into diverse portfolios over recent months ([11:10]).

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Notable Quotes & Memorable Moments

• On Wealth Transfer:
  "When wealth is passing to them either through their parents and family or through their spouses, they want to do it differently. They want to be served differently."
  — Jamie Madera ([05:41])

• On Women & Advisors:
  "70% of women leave their husband's financial advisor after a divorce or a death within one year."
  — Jamie Madera ([06:20])

• On Investment Approach:
  "Majority of [the women surveyed] were actually moderate to aggressive, because they saw the power of...gaining wealth through the capital markets."
  — Jamie Madera ([06:56])

• On Investing with Purpose:
  "I like to use the word purpose because actually impact has many different meanings...You could invest in a way that maybe aligns with your values."
  — Jamie Madera ([08:28])

• On Market Uncertainties:
  "There is volatility...Everyday people need professional advice. They need someone they can trust that will help them navigate that."
  — Jamie Madera ([10:15])

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Timestamps for Major Segments

• 01:24 — Overview: Wealth transfer and rising number of female billionaires
• 04:01 — Breadwinning women and horizontal wealth transfers
• 04:56 — Trillion-dollar "silver tsunami" of wealth transfer to women
• 05:41 — Women’s changing attitudes toward wealth managers
• 06:53 — Women’s investment preferences and risk tolerance
• 08:27 — Purpose-driven and values-aligned investing
• 09:11 — Blending philanthropic and financial goals
• 10:15 — Current market concerns, volatility, and need for advice
• 11:10 — Ongoing flows into diversified portfolios

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Conclusion

The episode underscores a "seismic shift" in global financial power as women increasingly acquire and control wealth. This transformation is set to redefine not only financial markets but also philanthropy, investing norms, and the financial advisory industry. Advisors and institutions failing to adapt risk losing relevance, as women demand new approaches, respect, and holistic planning.

Main Takeaway:
Women’s wealth is surging—not just in amount, but in influence. The era of the “feminization of wealth” is here, and it’s set to reshape financial advice, investment strategies, and societal outcomes for decades to come.

Transcript

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[A]

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[C]

You're listening to Bloomberg Business Week with Carol Massar and Tim Stanovec on Bloomberg Radio.

[A]

Well, Wall street has spent years preparing for 105 trillion to pass from elderly parents to their kids, but a different kind of wealth transfer is already underway. We talked about this a little bit yesterday, Matt. More than a dozen women in the world's 500 richest people have become billionaires after the death of a spouse. So watch it, guys. No, I'm just kidding. It's the highest number ever.

[D]

It makes sense because men naturally die at an earlier age than women.

[A]

I don't mean anything sketchy there.

[D]

If you marry a woman who is your age, which I guess is not so normal among the ultra wealthy, you're likely to die before her.

[A]

Yeah, yeah. It's just logical. And people have reported on this so it's nothing crazy like, you know, a bad murder series or something.

[D]

Did you see what Stephen Colbert said?

[A]

What did he say?

[D]

He said his wife dies. He's going like within a month because he can't imagine life without her. I think that's. Yeah, that's probably also something that happens.

[A]

Would do the same thing. But let's talk about it because there is this incredible wealth transfer and also wealth concentration when it comes to women. Get into it. In this week's Women, Money and Power, we're exploring how this shift is creating huge implications for how vast sums of money are invested, philanthropy, and the way that wealth is passed on to the next generation. Back with us is Jamie Ma. She is head of US wealth advisory and head of retirement at BlackRock. It's the world's largest asset manager. They notched a record 13.5 trillion in assets. It's up from a million when we last talked in June and we got the figure when BlackRock reported. I don't know that I said your name correctly.

[D]

Majera Matiera.

[A]

Matiera. Okay.

[B]

It was great. It's just like, just like it.

[A]

I really like Jamie, so I want to get it right. Great to talk with you. How are you?

[B]

Great. It's really good to be back with you.

[A]

Well, you know, we are talking about the environment generally, so let's start there. I know we did that over the summer when we talked because BlackRock just sees so much in terms of the funds it oversees and the flows. And the flows continue to grow. But that doesn't mean the flows are always going in the same places.

[C]

We.

[A]

What can you give us insight in terms of where money is going and where money is going out of.

[B]

Yeah. So first of all, excellent to be here. And you started by talking about flows. I'm going to take a gender perspective on flows.

[A]

Yeah.

[B]

And talk to you a little bit about where we see money going globally with women. And so women more and more are earning wealth, they're acquiring wealth, they're owning wealth. They're playing a larger role in capital markets. They are investing and benefiting from these capital markets. And we think there's no better sign of hope in the future than having people invest and grow at along the capital market.

[A]

Is it because they're earning in it themselves and they're having some say, or is it also in terms of couples because they are often breadwinners as well, that they also have a say at the table.

[B]

Yeah.

[A]

So it's both.

[B]

Right. So when you think about women, women are more often now becoming breadwinners, primary breadwinners, quite often. They're also contributing to household along with their spouses. They're earning more money, but they're also acquiring. And you mentioned the wealth transfer. You know, we think about that in two ways. There's the intergenerational wealth transfer where they're gaining assets maybe from their parents as they pass away. But the more interesting one is this horizontal transfer. Right. So if a spouse passes away or if, if there is a divorce, women are acquiring assets in that way and they need financial advisors to help. They're reshaping the industry. And women have just not been served in the way they need to be served in the.

[A]

Think about that.

[B]

Right.

[A]

With Melinda Gates. Think about it with, you know, Jeff Bezos.

[D]

No one died in the Gates.

[A]

No. But I'm just saying there was two big divorces. All of a sudden you had significant players, certainly in wealth overall, but also in philanthropy.

[B]

Yes, yes.

[D]

Actually, Cerule estimates that globally, $124 trillion will change hands in this silver tsunami. And then, and then their current forecasts are that 54 trillion will be passed to spouses first before it goes down another generation. So 40% of those spousal transfers will be to women. So this is what Sally Kroczyk calls the feminization of wealth. And the idea that when are. The important idea, I think here for, for you, for your industry, is that when women get hold of this money, they often don't stick with their same wealth managers. They often say, you know what, I'm going to go with someone else now. So what do you do if you want to get hold of a piece of that pie?

[B]

Yeah. So maybe I might even just dimensionalize what you mentioned because I think about it in percentages. So today, let's call it Women responsible and controlling 30% of the world's wealth. That will be 50% by 2030. That will be 70% by 20. These are big numbers. Amazing, big numbers. Yeah. And women, as you say, they do things differently, right? And they want to do things differently. And oftentimes when they're getting a hold of this wealth, right. When wealth is passing to them either through their parents and family or through their spouses, they want to do it differently. They want to be served differently. 70% of women leave their husband's financial advisor after a divorce or a death within one year.

[D]

Wow.

[B]

70%.

[A]

Why is that?

[B]

Because they oftentimes felt, not heard, not part of the conversation, not at the table and making decisions. You know, there's a lot of misconceptions around women, right. People think women aren't engaged with finances. Just not true. A third of US households have women as the primary financial decision maker. People think women, or call women perhaps a bit risk averse.

[A]

Well, that's what I wanted to ask you. Are women risk averse? Like, give me an idea when you're talking about investments. I mean, we've been thinking about the AI trade or private assets. Are they risk averse?

[B]

So we did a study to make.

[A]

Generalization, but I'm curious if there are.

[B]

So, okay, so not a monolith, Right. Women are very different. All my friends are different than me. We all do different things and need different things. But generally speaking, we did a study with 2,500 female investors. When we talked to them about their risk tolerance, the majority of them were actually moderate to aggressive because they saw the power of not just gaining wealth through working or through transition, but actually gaining wealth through the capital markets. Right. Investing in items that will and securities and portfolios that will actually help them grow their portfolio. Private markets is a great example, again, for a financial advisor to play that role and help a. And coach and guide a woman and how she thinks about her portfolio across public and private. Last time we were together, we talked about direct indexing and the role of taxes or, you know, women oftentimes want to. You're laughing.

[D]

Gets me excited. Direct index. Yeah. You know what? I anchored the ETF show for a long time. That's a big part of that discussion as well. Know what? It's not just women. Obviously kids are going to get hold of a lot of this money. And I think. I'm not sure about women, but I know with younger people, they want to do more impact investing than their parents did or their grandparents did. So is that also a key to try? Because I'm thinking from the perspective of a wealth manager who wants more business. So what I need to do is say, hey, I can, I can set up some direct indexing for you and I can help you make an impact with the money you invest. It's not just to make more money. You're also going to change some part of the world that you want to. Is that the case?

[A]

It is.

[B]

And I like to use the word purpose because actually impact has many different meanings. And so if I'm a financial advisor and I'm working with a younger client or a woman, I'm going to be talking to, by the way, men too. Right? It's not just about the impact you're having. You could invest in a way that maybe aligns with your values, maybe of certain values that are important to you to hold in that portfolio.

[D]

I love motorcycles, so I would want to buy holding. There we style.

[B]

There we go.

[A]

But you know, I often wonder about, about that because, you know, if you care about the environment, but if an, if an investment doesn't pay, do people. Are people doing that because they believe in it, but it may not return as much as something else?

[B]

I'm going to give you an answer that will be terribly unfulfilling. It depends.

[A]

Okay.

[B]

Right. So there are people. And by the way, let's step away from the portfolio for a moment and say, what about philanthropy? This is where I come Back to purpose, Right. People are looking to put their money to good cause and that might be philanthropic, it might be impact in their portfolio. It might be aligning with the values I have. It might also be sending my children to school or helping my elderly parents. Right. Or starting a new business. Right. How about that for purpose?

[D]

Or shielding your money from taxes. Right. I mean, I guess I'd be willing to take somewhat of a loss by putting my money into a philanthropic vehicle, especially if it's compared to a much bigger loss by giving it away to Uncle Sam and state and local and federal taxes.

[A]

And again, that's where look at things in a vacuum. You have to look at them. Right.

[B]

Overall holistic wealth planning. And again, the role of a financial advisor is critical there.

[A]

Got to ask you, just in general, when you look at this environment and we talk a lot about a bubble right now, I don't know what is, what is your take on it? What are you or what are the conversations you're having with clients about how they feel about, are they a little nervous about that trade?

[B]

Yeah, we talk about, I mean we talk to clients, advisors and clients, institutions globally all the time. Look, the markets are the markets and there are long term investors that need to just keep staying with the markets. We talk about it's not time in the market or timing the markets, it's time in the markets. The other thing though is you just have to acknowledge that there's uncertainty out there, right? There is volatility. There are things going on in the markets that again, everyday people, let's take it to America and Americans. Everyday people need professional advice. They need someone they can trust that will help them navigate that through professionally managed solutions or through advice. But there is uncertainty out there. But again we come back to it's time in the market, not timing the market.

[A]

20 seconds, Jamie. I mean are more people feeling comfortable putting money to work? Are they after kind of a nice bounce from the April lows or they're like, I'm good, I'm done. I want to be a bit more conservative.

[B]

Just quickly now we are seeing, we are seeing flows into portfolios in ways that are across.

[A]

I said blackrock was up a trillion dollars since the summer.

[B]

We talk, we are having the best conversations we have ever been having with financial advisors, institutions and wealth managers across the world. People are very interested.

[A]

Interested. Okay, good. Jamie, thank you so much. So we got some time. Jamie Madera, she's head of US Wealth Advisory, head of retirement over at BlackRock joining us here in studio.

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