Women Gain Economic Power Amid Massive U.S. Wealth Transfer
Morgan Stanley analyst Ellen Zentner reports a structural shift in economic power as women increasingly accumulate and inherit trillions in U.S. wealth.
Ellen Zentner, an economist at Morgan Stanley, identifies a structural shift in economic power as women increasingly accumulate and inherit wealth. Data from Cerulli Associates projects that 124 trillion dollars in U.S. wealth will transfer through 2048, with women receiving over 95 percent of the 54 trillion dollars passing between spouses.
Zentner notes that financial markets and advisory firms have been slow to adapt to women's preferences despite their growing influence. While women are the principal shoppers in approximately 72 percent of households and homeownership has risen to 50 percent over four decades, institutional gaps remain.
A significant funding disparity persists for women-led enterprises. PitchBook data shows that startups founded exclusively by women received only 1.1 percent of U.S. venture capital funding in 2025, even though they accounted for 5.2 percent of total deals.
