Women to benefit from huge wealth transfer in coming decades

Women will benefit from a huge wealth transfer in the coming decades, new research showed.

An estimated $124 trillion is set to be handed over to family members by 2048, roughly 80% of which is estimated to go to women, either because they are the surviving spouse or because they are the child of a person who died. As a result, women will control around two-thirds of all private wealth in the US by 2030, according to a McKinsey estimate.

That could drive growth in women’s sports, refashion the travel industry, and narrow long-term gaps in health care provision, Bank of America said in a recent report. “Women will soon control more money than ever before,” the bank’s economists wrote.