Far less attention goes to a structural shift in economic power: the growing wealth women are building and inheriting, and the businesses and services that stand to benefit.
Women’s homeownership has risen from roughly 25% to 50% over four decades, reflecting their ability to accumulate assets independently. That trend is likely to continue: Cerulli Associates projects $124 trillion in U.S. wealth transfers through 2048, including $54 trillion passing between spouses, more than 95% of it to women.
Traditional advisory relationships often center on the primary earner, overlooking the spouse who may ultimately inherit and manage the assets. That creates an opening for firms that engage spouses earlier and build longevity and lifetime income planning into their advice.
A new class of financial decision-makers
Inheritance will add to a shift already underway: more women are earning and accumulating assets in their own right.
Cerulli estimates that nearly $40 trillion will flow to widowed women, mostly from Baby Boomer and older households, and that younger women will receive about $47 trillion through 2048. The two figures overlap, because some of the money passed to widows later passes to children, so they should not be added together.
Most inherited money has been managed by men, and the firms holding it have often been slow to adapt to women’s preferences. Research indicates women investors often focus on long-term goals and pay close attention to risk, though preferences vary widely. For advisors, an inheritance can also trigger a reassessment of a financial relationship built primarily around the husband.
The power behind everyday spending
Women are the principal shoppers in roughly 72% of households, according to consumer surveys conducted by MRI-Simmons. In many households, women decide how money is spent on groceries and healthcare, and on education and care for aging parents. Yet many companies still design and sell products without them in mind.
For investors, the test is whether a company understands who is making the decision to buy, whether or not the product is aimed at women.
The growth market still waiting for capital
Funding for women-owned businesses has lagged. According to PitchBook, startups founded exclusively by women accounted for 5.2% of U.S. venture capital deals in 2025 but received just 1.1% of the funding.
Research links gender-diverse leadership with stronger financial performance, though results vary and correlation does not establish causation.
The open question
Investors should look for companies positioned for changing patterns of spending, homeownership and wealth management, and avoid those still operating on outdated assumptions about who controls capital.
Women’s economic influence is already measurable, and investors can start asking which businesses are responding to it.
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune. This material is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or investment product. The views and opinions expressed are those of the author as of the date of publication, are subject to change without notice, and may not reflect the views of all parts of Morgan Stanley. References to companies, industries, market segments or investment themes are illustrative only and should not be viewed as investment recommendations. Statements regarding future wealth transfers, consumer behavior, homeownership, business funding and potential market opportunities are estimates, projections or forward-looking statements. Actual results may differ materially due to economic, market, demographic, regulatory and other factors. There is no assurance that the trends discussed will continue or that any company, industry or investment strategy will benefit from them. Data and statistics attributed to Cerulli Associates, MRI-Simmons, PitchBook and other third-party sources are believed to be reliable, but Morgan Stanley has not independently verified all such information and does not guarantee its accuracy, completeness or timeliness. Observations about investor or consumer preferences are generalizations based on research and survey data; individual preferences and circumstances vary. Research showing an association between gender-diverse leadership and financial performance does not establish causation. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Investors should consider their individual objectives and circumstances and consult their financial, legal and tax advisors before making investment, estate-planning or wealth-transfer decisions. ©2026 Morgan Stanley Smith Barney LLC. Member SIPC. CRC#6065600 10/2026
The post Morgan Stanley’s Ellen Zentner: Women are reshaping the economy. Markets haven’t caught up appeared first on Fortune.
