Women’s growing wealth prompts need for changes in the banking sector

Women’s growing wealth prompts need for changes in the banking sector

JEDDAH: As women increase their financial independence faster than ever before, adding $5 trillion dollars to the global wealth pool each year, this is leading to a change in family and banking dynamics, according to new research by Barclays Private Bank.

A substantial wealth transfer is set to happen over the next 20 years, with an estimated $15 trillion set to pass to the next generation. Research has estimated that four in five women from high-net-worth (HNW) families are getting ready to inherit substantial wealth over the next decade or two.

Rasha Badawi, director at Barclays Wealth and Investment Management in the Middle East said: "As traditional family roles change and more women hold prominent positions in international business, their growing global influence is going to be a major economic force over the next decade, redefining areas that have historically been focused on, and dominated by, men.“

A HNW individual is someone with at least $1 million in cash or assets that can easily be converted into cash.

The research investigating the role of women in wealth was conducted in the second quarter of 2020, targeting 402 HNW families with at least £5 million ($6.83 million) in assets and living in France, Germany, Hong