Women And Wealth
Given that this month is all about celebrating women making history, I wanted to share a few statistics with you about women and wealth that apply to women right here in Alexandria, and around the world. There is no doubt that the percentage of women who are either already millionaires or will be in the not-so-distant future is on the rise. The following information comes from a recent study titled “What Millionaire Women Want” that was conducted by Fidelity Investments in 2022.
Madam C.J. Walker was recorded as the first female self-made millionaire in the United States in the Guinness Book of World Records. She amassed her wealth with a hair product line called “The Walker System.” By the time of her death in 1919 at age 51, she had a business earning more than $500K annually and a large real estate portfolio.
Madam C.J. Walker by Addison N. Scurlock, around 1914. Photograph from the National Portrait Gallery, Smithsonian Institution; gift of A'Lelia Bundles/ Walker Family.
As of 2021 in the United States, 75 percent of millionaire women were working with a financial advisor compared to 72 percent of men. Additionally, between 2016 and 2021, the number of Gen XYZ millionaire women grew from 19 percent to 25 percent. As of 2020, 44 percent of millionaires across the world were female. Wealth is shifting, and this is going to continue.
I imagine that there will be more millionaire women right here in Alexandria five years from now compared to the number today. I hope that if you’re reading this, you are getting closer to reaching your financial goals and you are on your way to becoming a millionaire if you are not there already!
No matter where you are in your financial journey, I would be honored to be a resource for you and answer any questions that you may have about your current financial situation. Please don’t hesitate to reach out if you’d like to connect. Thanks for reading!
