In early 2018, RBC Wealth Management commissioned The Economist Intelligence Unit (EIU) to survey 1,051 high-net-worth individuals (HNWIs) in Canada, the U.S., the UK and Asia (mainland China, Hong Kong, Singapore) on their definitions of wealth and legacy.
The study, labeled "The new face of wealth and legacy," targeted 502 women and 549 men to give us an insightful look at how wealth and legacy are being redefined across genders and generations. Women are assuming an increasingly prominent role in the high-net-worth (HNW) universe – they not only own and control greater wealth than ever before, they are also changing the direction of wealth management and legacy planning.
Our global research revealed:
- Although there are still far more HNW men than women, the proportion of the wealthiest women to men in the survey, those with US$5 million or more in investable assets, is roughly the same—27 percent men and 22 percent women
- Millennial women (born 1981-2000) are entering the highest circles of asset ownership faster than women born earlier: 22 percent of Baby Boomer women (born 1946-1964) have $5 million or more in assets, while Millennials come in at 32 percent
- Millennials more often than Boomers distinguish their legacy goals from their parents’ goals: 81 percent of Millennial men and 69 percent of women say they define their legacy differently from their parents, compared with 58 percent of both Boomer men and women
The results of this study highlight the importance of a wealth transfer and legacy strategy as a vital piece of your overall wealth management plan. You can find the full global and Canadian reports along with the region-specific reports on the RBC Wealth Management site.
Please feel free to contact us directly with your feedback and thoughts on the results. As always, our team is here to help with any questions you might have.