Women will become custodians of more than 65% of the $4.9 trillion intergenerational wealth transfer over the coming years, JBWere estimates. The number of female millionaires grew at a rate of 5.7% in 2023, almost double that of male millionaires.

Women became millionaires at twice the rate of men over the past decade, according to research from NAB, JBWere, and CoreData. The shift in the socio-economic status of women in Australia will continue to accelerate in the years to come, as we approach the largest intergenerational transfer of wealth in Australian history.

“The cohort of high net worth (HNW) women in Australia is growing at a faster pace than men, with increased workforce participation and surging female entrepreneurship,” says Maria Lykouras, the CEO of JBWere Australia.

Lykouras classifies the funds coming to women in the coming years as a ‘tsunami,’ and notes that women may prioritise different things when choosing a financial advisor to support them in investing their wealth.