Far less attention is paid to a structural shift in economic power: the growing wealth women are building and inheriting, and the businesses and services that stand to benefit from it. That is the core argument of a Fortune.com commentary by Morgan Stanley's Ellen Zentner, who contends that markets have yet to catch up with women's rising financial influence.

The data point to durable momentum. Women's homeownership has climbed from roughly 25% to 50% over the past four decades, reflecting their ability to accumulate assets independently. The trend is likely to continue: Cerulli Associates projects $124 trillion in U.S. wealth transfers through 2048, including $54 trillion passing between spouses — of which more than 95% is expected to go to women. Transfers on that scale stand to redistribute who holds and directs household wealth, with implications reaching housing, consumer markets, and business funding.

Traditional advisory relationships, however, often center on the primary earner, overlooking the spouse who may ultimately inherit and manage those assets. In Zentner's view, 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 their children, so they should not be added together.

Most inherited money has historically been managed by men, and the firms holding it have often been slow to adapt to women's preferences. Research indicates that 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, as well as on education and care for aging parents. Yet many companies still design and sell products without them in mind, even in categories where household spending recurs year after year.

For investors, the test is whether a company understands who is actually making the buying decision — whether or not the product itself 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 — a gap that implies the average round for an exclusively women-founded startup was smaller than the market-wide average. 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; the question investors can start asking is which businesses are responding to it. The data cited here — homeownership rates, wealth-transfer projections, household spending surveys, and venture funding tallies — offer benchmarks that can be tracked over time to see whether the market's response is catching up.

Disclosures

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, and 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, and 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

This story was originally featured on Fortune.com.