Women are closing in on the global gender wealth gap with females now controlling almost a third of the world’s riches.
According to the latest Boston Consulting Group report, 30% of private global wealth which amounts to $39.6 trillion is currently owned by women. Overall, women’s wealth has been steadily growing faster than global rates – 2015 figures showed them growing by 6.6% against the global growth of 5.2%.
These women, each owning a private net worth of $100,000 or more, got their money through hard work (44%), inheritance (27%) spouse (15%), divorce settlements (9%), and others (5%) reported Forbes.
By plowing through private financial statistics such as cash, deposits, and equities, debt securities, pension entitlements, mutual funds, and life insurance payments, the global management consulting firm was able to calculate people’s private financial wealth.
The current data saw a 3% increase from the last time the BCG specifically checked women’s data back in 2010, which showed females controlling a total of $20 trillion, roughly 27% of global private wealth.
The research also showed that women owns 22% of assets under management in global private banking. With its rapid growth, the total women’s AUM is projected to reach $72 trillion by 2020.
With the sole exclusion of Japan, the riches of Asia-Pacific women showed most promise and is projected to increase by 11%. Women in Latin America and the Middle East & Africa are also expected to grow 10%.