Chairman of North America
November 11, 2015Posted InCiti
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We are keenly aware in the Private Bank of the increasing role women play in the world of wealth and investing, and we spend a lot of time educating and advising women on the importance of having a well-constructed, customized investment portfolio and estate plan, based on their individual or family’s goals and objectives.
Women today control 27% of the world’s total wealth, regardless of the source, whether they created it themselves, inherited it, or manage wealth created by their spouse. In the US, women control 51% of assets, and this is expected to jump to 67%, or $22 trillion, by 2020.* More women today are not only making their own money— they are keeping control of it, if and when they marry: 84% of married women are solely or jointly responsible for household financial decisions.**
At Citi, we are also examining the role women play in the global economy. Citi GPS reports are designed to help our clients navigate global economic challenges, identify future trends, and profit in a fast-changing and interconnected world. A recent Citi GPS report entitled, Women in the Economy: Global Growth Generators, reflects Citi’s belief that the role of women in the global labor force should be a key topic in discussions of global growth. The report notes that: “The unlocking of women’s potential in the global economy may well prove to be the key factor that tips the balance from a future of weak growth to one of sustained, inclusive and improving growth over time.” Read more.
As global Co-head of Citi Women, our company-wide focus on the advancement of women as leaders and business drivers, I am particularly proud of the work we are doing in the Private Bank to assist women and their families in building their wealth and preserving it for generations to come, as well as the work Citi is doing to assess the role women will continue to play in the global economy.
*CFA Institute, 2015
**May 2014 report from the Center for Talent Innovation