Women Millionaire Decision-Makers

While relatively small in number, wealthy women who are the primary financial decision-maker in their household have some distinctive attitudes towards investing, retirement, and their lifestyle that sets them apart from their male decision-maker counterparts.

Phoenix Marketing International estimates that there are about 611,000 U.S. households with $1 million or more in investable assets that are headed by a woman who is the primary financial decision-maker. This compares with about 3.5 million households in the $1 million+ market where a man is the primary financial decision-maker for the household.

Demographically, millionaire women decision-makers are slightly wealthier: they have higher average investable assets , higher total net worth and higher average incomes. Women millionaires tend to favor full service brokerage firms, as over half (51%) said that their primary advisor worked for one of these traditional companies (versus 39% of millionaire men). These women are less likely to use an independent advisor than are men, but are more likely to consider a friend or relative as a primary advisor.

These wealthy women are, on average, about six years younger than their male counterparts and are much less likely to be retired. Significantly, over half of millionaire women who are currently working plan to retire in the next ten years, creating a great deal of demand for retirement and income planning services. The need is there: 50% of millionaire women decision-makers cite “planning for retirement” as a strong concern, versus only 28% of millionaire men.


In comparing attitudes toward finances and wealth there are strong differences between millionaire women primary decision-makers and men. For example, wealthy women are somewhat less risk tolerant than wealthy male decision-makers and accordingly, more likely to place importance on wealth protection as a top financial goal. They admit to having less time to devote to their finances then their male counterparts. Because they are more advisor-reliant, millionaire women are more likely than male millionaires to have improved the diversification of their portfolios in recent years.

Women millionaires are more likely to exhibit a need for advice and are more reliant on their advisor. Their stronger advisor-orientation pays off: millionaire women are more likely than their male counterparts to have a written financial plan for investments or retirement. The women give their advisor higher marks for loyalty than do men. The bottom line: millionaire women decision makers have entrusted more assets to their primary advisor than their male counterparts.

Although men and women have strong differences in attitude regarding money, both sexes agree on one important point: Money does not buy happiness.

2 thoughts on “Women Millionaire Decision-Makers

  1. “Women millionaires are more likely to exhibit a need for advice and are more reliant on their advisor. Their stronger advisor-orientation pays off” …very true, I agree

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