Millennial Women Are Catching Up to Men by Leaps and Bounds When It Comes to Wealth, Report Finds

Millennial women’s wealth is outpacing men’s as a new generation inherits and grows their assets at a wider scale than ever before, according to RBC Wealth Management.

In a survey of roughly 2,000 men and women with at least $1 million in investable assets, millennial women respondents had an average of $4.6 million, compared with $3.8 million for women of all age groups and $4.5 million for all men.

Inheritance is one part of the picture, as baby boomers are expected to transfer $124 trillion to the next generation, but so is the progress millennial women have made in the world of business, investment and lucrative professional careers as they close the gap with men.

“Millennial women are catching up, or have outpaced the males as far as their wealth building,” said Angie O’Leary, head of wealth strategies at RBC. “We know that’s coming from a more diversified set of investments, such as entrepreneurship, real estate and of course, investments [in financial markets].”

Millennial women, now in their 30s and 40s, tend to differ from earlier generations of women more than they do from men in terms of their source of wealth. While investments were the largest driver of wealth across all categories, millennial women cited business ownership, innovation, and executive roles far more than Gen X or boomer women.

More than 60% of millennial women cited business ownership and more than 40% mentioned executive roles, but neither exceeded 22% for either Gen Xers and Boomers. Younger women also grew their fortunes from professional sports or arts 39% of the time, compared with just 6% and 1% for Gen Xers and Boomers, respectively.

In terms of inheritance, the gap between generations was smaller. About 37% of men and 35% of women cited family money as a source of wealth overall, breaking down to 44% of millennials, 30% of Gen X and 33% of boomer women.

With women controlling so much wealth, their spending and investments as a group are evolving and extending into areas previously considered stereotypically male such as real estate, cars and watches, O’Leary said. “Women are starting to look a lot like their male counterparts when it comes to investments, real estate, philanthropy,” she said. “That’s a really interesting emerging female economy.”

In real estate, for example, single women made up 20% of home buyers in 2024 up from 11% in 1981, when the National Association of Realtors began tracking the data. By contrast, single men make up 8% of the market and have never exceeded 10%, according to NAR.

While men and women shared largely similar priorities overall in terms of well-being, relationships, legacy and personal drive, younger generations of women were successively more likely to value drive and personal power, and successively less likely to rank relationships and social bonds—though that could also be a function of age and stage of life.

“This generational shift suggests evolving societal norms and responsibilities, where younger women seek personal achievements, while older cohorts value nurturing connections and community stability, affecting their financial and lifestyle choices,” the report said.

Victorian auction buyers will soon receive a piece of information that has traditionally been withheld until bidding reaches it: the vendor’s reserve price.

Under new property-sale and underquoting laws, agents must publish the agreed reserve at least seven days before an auction or fixed-date sale. Most changes begin on 1 October 2026 and apply to auctions and fixed-date sales held from 16 October.

The reserve must be presented as a single dollar amount. Advertising and the new Property Price Statement must be updated to match it, without qualifiers such as “from”, “over” or “starting at”. If the reserve has not been published seven days before the scheduled sale, the auction or fixed-date sale cannot proceed and penalties may apply.

For buyers, the immediate benefit is clearer budget discipline. A purchaser should be less likely to pay for inspections, strata reviews, contract advice and loan preparation on a property whose seller will not accept a price within the advertised range.

That does not mean the published reserve predicts the result. Competitive bidding may still carry a property far beyond it. Nor does it remove the need to value the property independently. The reserve is the seller’s minimum at that stage of the campaign, not an expert statement of market value.

The Statement of Information will be replaced by a more prominent Property Price Statement. Agents must disclose key features of the property and of the comparable sales used to support the quoted price. Where three appropriate comparables cannot be identified, one or two must be supplied if they exist.

Sold-price transparency will also increase. Agents must add the unconditional sale price to the Property Price Statement within seven days and keep that statement available publicly for at least 18 months, subject to limited exemptions including personal or family-violence concerns.

Later changes will require Section 32 vendor statements to be made available earlier, including at least 14 days before an auction or fixed-date sale from June 2027. From July 2027, agents will be prevented from taking commission from deposits released before settlement.

Vendors and agents will need to adjust campaign strategy. Setting a reserve earlier may reduce last-minute flexibility and make price expectations more visible to competing buyers. Some vendors may prefer private treaty campaigns, although those sales remain subject to broader pricing and disclosure laws.

For buyers, the practical response is not simply to bid up to the disclosed reserve. Use it as one data point alongside comparable sales, building and pest reports, owners-corporation records, planning constraints and finance approval. Decide on a maximum before the auction and do not confuse the seller’s minimum with your own valuation.

Key dates

– 1 October 2026: Most new rules commence
– 9 October 2026: First reserve disclosures may be required for sales on 16 October
– 16 October 2026: New reserve rules apply to auctions/fixed-date sales from this date
– 1 June 2027: Earlier Section 32 availability begins
– 1 July 2027: Restrictions on commission from released deposits begin
– 1 December 2027: Broader sold-price reporting to Consumer Affairs begins

Millennial Women Are Catching Up to Men by Leaps and Bounds When It Comes to Wealth, Report Finds

A survey of people with at least $1 million in investable assets found women in their 30s and 40s look nothing like older generations in terms of assets and priorities