Women controlling more wealth in Canada

24 January, 2017

As women break through corporate ceilings and start and grow successful businesses in increasing numbers they are garnering a larger and larger share of the country's wealth. Recent statistics and reports show that women have captured an equal, if no

Filed Under: Financial Planning | Special Reports and Newsletters

As women break through corporate ceilings and start and grow successful businesses in increasing numbers they are garnering a larger and larger share of the country's wealth.

Recent statistics and reports show that women have captured an equal, if not greater, share of wealth than men. More and more women are becoming self-employed and they are contributing more and more money to the Canadian economy.

According to Investor Economics, the share of wealth controlled by High Net Worth (HNW) women who have more than $500,000 in investable assets is forecast to grow to $2.7 trillion by 2024 from the $1.2 trillion they controlled in 2014.

On a broader scale women control about one third of all wealth in North America and that figure is believed to be growing by eight per cent a year.

"Women certainly are breaking through many of the old stereotypes," says Sam Febbraro, executive vice president of Investment Planning Counsel and author of a report on the Canadian HNW market.

"In the past, the handling of money usually was done by men as the head of the household," says Febbraro." Today, however, they have captured an equal if not greater control of the wealth in the family due in part to their longer life spans, their ability to create and build their own net worth and their success in breaking through historical stereotypes in the workforce."

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Written by:Talbot Boggs, The Canadian Press

Source: The Winnipeg Free Press