Three generations are redefining financial success

Women are transforming the landscape of wealth in America, accumulating unprecedented financial resources and reshaping what wealth means, how it’s created and the impact it can have on families and communities.

A new survey from RBC Wealth Management reveals how three generations of high-net-worth women are charting distinctive paths to prosperity—from millennial women closing gender gaps and achieving new milestones in wealth creation, to Gen X balancing competing priorities while building financial security, to baby boomer women assuming stewardship of historic family wealth through the Great Wealth Transfer.

“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,” says Angie O’Leary, head of Wealth Strategies and Solutions for RBC Wealth Management–U.S.

The survey of 2,010 high-net-worth Americans with investable assets of at least $1 million—1,505 women and 505 men—shows notable differences in how each generation of women approaches building and using their wealth, but a common thread among these cohorts is a commitment to using it intentionally.

Millennial women are creating wealth on their terms

One of the most striking findings is that millennial women surveyed aren’t just keeping pace with their male counterparts—they’re surpassing them in both total and investable assets. This reversal of traditional gender wealth gaps marks a new era of financial dominance among younger wealthy women.

The path to wealth for these women looks markedly different than those before them. Unlike previous generations who often built wealth primarily through inheritance or traditional portfolios, millennial women are creating substantial assets through business ownership, executive roles and diversified investment strategies.

While investments remain the primary source of wealth across all generations surveyed, far more millennial women point to their careers and business ventures as key drivers. Nearly two-thirds of millennial women cite business ownership and innovation as central to their wealth creation, compared to just 20 percent of Gen X women and 10 percent of baby boomer women. Similarly, 43 percent of millennial women surveyed attribute their wealth to leadership positions, versus 22 percent of Gen X women and 14 percent of baby boomer women.

The Great Wealth Transfer and women’s economic power

Meanwhile, baby boomer women stand at the threshold of a historic concentration of wealth through the Great Wealth Transfer, where Cerruli estimates $124 trillion will change hands in the coming decades—$40 trillion through interspousal wealth transfers alone. As women frequently outlive their partners, baby boomers will take control of more assets than any previous generation of women in history, gaining significant influence over spending and investment decisions.

Women’s growing economic power has implications across multiple sectors, from philanthropy and investment choices to how wealth moves between generations. The survey identified emerging patterns in women’s spending on passions and hobbies, such as luxury and adventure travel, real estate, fine art, gardening and jewelry. This shift is set to transform the investment landscape and create a new female-focused economy.

“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,” O’Leary says.

The survey findings also challenge long-standing assumptions about risk. Despite traditional views suggesting higher risk tolerance among men, the survey found no significant difference between women and men across generations in their willingness to engage with higher-risk investments.

More than money: The rise of “inner wealth”

While the numbers tell one story, the survey reveals another dimension to women’s relationship with money. The findings show a trend toward “inner wealth”—the integration of personal values, priorities and passions with financial goals.

Over 80 percent of women surveyed prioritize values related to “body, spirit and soul,” indicating that for them, true wealth begins internally with clarity, well-being and emotional alignment. Similarly, 80 percent emphasize “ethics, trust and social order” as core personal values, focusing on fairness and moral responsibility. The message is clear: most women believe that wealth comes with responsibility.

This holistic mindset distinguishes women’s financial strategies from purely growth-focused approaches. The survey finds women prioritizing family security and philanthropy alongside portfolio performance, creating a broader vision of financial success.

For many, it’s not simply about having substantial assets—it’s about the freedom to enjoy life without constant financial anxiety. Nearly half of baby boomer and millennial women surveyed say they can completely enjoy life without money concerns. However, only 28 percent of Gen X women report the same level of comfort, perhaps reflecting the unique pressures of the “sandwich generation” managing both aging parents and growing children while building their own wealth.

Professional guidance is a crucial factor in women’s financial empowerment. Across generations, over 90 percent of women say their financial advisor helps them feel confident they will achieve their financial goals. And those with a financial plan report higher confidence in their ability to maintain their desired lifestyle in retirement.

A generational shift in legacy planning and philanthropy

With 58 percent of women respondents noting “contribution, impact and legacy” as important personal values, the majority believe wealth is most meaningful when it creates lasting good. However, when it comes to passing on wealth, the survey found differing generational philosophies about timing and approach.

Millennial women are embracing “giving while living,” with nearly two-thirds planning to transfer wealth to their children during their lifetime. In contrast, older generations tend to favor traditional inheritance models, with half of baby boomer women and 56 percent of Gen X women planning to transfer most of their wealth upon their death.

Generational differences are also evident around giving outside the family. While 35 percent of all women surveyed cite philanthropy as an important financial goal, millennial women are leading the charge, with 52 percent emphasizing the importance of giving back, compared to 24 percent of Gen X women and 29 percent of baby boomer women.

“We’re seeing younger generations of women—particularly millennials— prioritizing legacy and charitable giving earlier and faster than ever before,” O’Leary says.

Rising to new heights

Despite their different approaches and life stages, these three generations of women are united by a desire for their wealth to reflect what matters to them: taking care of family, supporting causes they believe in and living well without financial stress.

“Values and passions aren’t secondary considerations anymore—they’re central to how women build and manage their wealth,” O’Leary says. “That integrated mindset is fundamentally reshaping what it means to be wealthy.”

About the Women and Wealth survey

RBC Wealth Management’s 2026 Women and Wealth research is based on a 15-minute online survey conducted in Dec. 2025. Respondents were 2,010 high-net-worth adults in the U.S. (1,505 women and 505 men) with investable assets of $1 million or more, with some exceeding $20 million. Of the women respondents, majority were baby boomers (511), Gen X (405) and millennials (463).

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