SUMMARY
Women have engaged in life-changing philanthropy for as long as men. Recognition of their vital contribution has been woefully inadequate, but this is now beginning to change.
Great acts of humanity do not always gain the recognition they so richly deserve. When it comes to female philanthropy, however, it is more a case of an entire tradition that has gone largely unhailed.
Women have made selfless contributions to improving the lives of their fellow beings since the dawn of time, acts traditionally underappreciated. Much of the early roots of philanthropy can be traced to religious affiliations in which nuns and women of all faiths delivered food, shelter, clothing, access to health care and education for the marginalized in their communities. Over the years, women of wealth carved out positions of leadership to advance a wide range of causes. In recent decades, as women have gained more influence and wealth than at any time previously, female philanthropy has intensified and, with that, comes recognition.
A Citi Global Perspectives and Solutions (GPS) report helps quantify the large and growing importance of women in this regard, one that the authors think could significantly change the philanthropic landscape.
We are currently in the throes of the largest wealth transfer in history, with women poised to control a substantial share of this wealth. By some accounts, nearly $105 trillion is expected to be transferred globally by 2045, with women inheriting nearly 70%. But make no mistake: women aren’t just inheriting wealth; they are building it from the ground up on their own terms. The number of self-made women billionaires is on the rise, reaching a record high of 150 in 2026, up from 28 in 2011.1 Women are statistically more likely to deploy capital into the real economy through impact investing, real estate and philanthropy. This “feminization of capital”, as it is often referred, signifies a structural shift in how capital is controlled, allocated and preserved. It is reshaping the philanthropic landscape, not just in the amount of money being donated, but also the priorities, strategies and overall approaches. Philanthropy will be influenced by a different character of charitable giving than the traditions established primarily by men. Women exhibit different donation patterns compared to their male peers, they adopt different areas of focus, employ strategies of collaboration, and are at the forefront of aligning investments with their personal values.
Female profile of charitable giving
Research has highlighted trends in women’s philanthropic behaviors as compared to their male counterparts, although precise global data directly comparing the monetary amounts given by women versus men is not available. Research finds that single women are more likely to donate to charity than single men. Although men tend to give larger amounts, women tend to donate a larger percentage of their income, spreading their giving among a higher number of charities and sectors. In the U.S. married women frequently influence household giving decisions, making 85% of the family’s philanthropy-related decisions. The motivations of women are often driven by personal experience and community values.2
Recent data from 2022-2025, shows notable differences in volunteerism between women and men. Overall, while women generally contribute more to informal volunteering, men tend to participate more in formal volunteering. This may be due in part because women globally dedicate significantly more hours to unpaid domestic and care work than men, impacting their capacity for other activities. There are significant variations across regions. For example, Asia and the Pacific have the highest monthly volunteer participation globally, with the lowest share of female volunteers among regions. Latin America and the Caribbean boast the highest rate for female volunteers.
Areas of focus
Women are more likely to support gender-specific issues such as women’s health, education for girls, leadership development programs and efforts to combat gender-based violence. Women are united in the belief that giving to causes that have some bearing on their own identity as women, and particularly supporting causes that advance gender equality leads to societal progress, that funding women is a nexus for many other issues3. A recent study by Bloomberg Philanthropies and Johns Hopkins University provides evidence, that investments in women lead to more positive outcomes for their families and communities as well. The study consistently shows that investing in women’s economic empowerment directly leads to improved economic conditions, enhances decision-making power within households, and ultimately better outcomes for entire families and communities4.
Females often prioritize social justice, racial equity, and community-led movements. From Nobel Peace Prize laureate, Malala Yousafzai’s fierce advocacy for female education and human rights beginning in 2009 in Pakistan, to Greta Thunberg, who at age 15 became an environmental activist for her global campaign to demand urgent action on climate change, to former Prime Minister of New Zealand, Jacinda Arden whose leadership style focused on social welfare, addressing issues like child poverty, climate change and promoting multiculturalism. As philanthropists, women are more likely to support grassroots organizations working to address systemic inequalities. For example, Pivotal Ventures founder Melinda French Gates, has heavily invested in initiatives that promote gender equality, women's empowerment, and economic opportunity, which often intersect with racial equity given systemic disparities. Laurene Powell Jobs, founder and president of Emerson Collective, focuses on social change through entrepreneurship, advocacy, and direct investments. Her philanthropic efforts span education reform, environmental conservation, immigration reform, and racial justice, with a strong emphasis on empowering underserved communities and addressing systemic inequalities.
There is growing recognition that climate change disproportionately impacts women and girls, with some projections estimating an additional 158 million women pushed into poverty by 2050 due to climate impacts. Women, particularly in younger generations, show a strong inclination towards supporting environmental and climate-related causes, often with a focus on sustainability and environmental justice.
The broader philanthropic ecosystem concerning women’s and girls’ causes is actively evolving, marked by strategic initiatives of The United Nations, The Global Education Summit, The World Health Organization, and UNICEF’s Child Protection Strategy, among many others. Despite this, funding for women’s and girl’s causes remains disproportionately low compared to overall giving.
Collaborative strategies
Rather than simply writing a check, many women prefer to be actively involved with the organization they support, offering their skills, expertise and networks in addition to their financial contribution. This often includes strategic engagement, advocacy, and hands-on leadership. Oprah Winfrey Leadership Academy for Girls in South Africa is a prime example of direct philanthropic involvement. She has been intimately involved in the school's development, curriculum, and the lives of its students, showcasing a commitment far beyond financial contributions.
Trust-based philanthropy, which includes among its tenants unrestricted giving, placing fewer requirements upon how money is used is preferred by women. This strategy doesn’t mean organizations are not held accountable or there is no data to support their impact. Rather, this approach to grant-making seeks to redistribute power in philanthropy by building more equitable relationships between funders and grantees. It operates on the core principle that grantees are best equipped to identify solutions to the challenges they face and that traditional philanthropic practices often create unnecessary burdens and power imbalances. It is a model that aligns with a more collaborative and less top-down style of giving. One need look no further than MacKenzie Scott, who has given away more than $26.3 billion with this strategy; adding value by prioritizing large, unrestricted donations to community-led organizations and underserved institutions.
Giving Circles, are another forum where collaboration, patient capital and catalytic funding is inspiring women to fund organizations that reflect the world they want their daughters and sons to inherit. A form of collaborative decision-making and pooling of resources to make a larger collective impact, Giving Circles are becoming a significant force in philanthropy. While the data is difficult to ascertain, it is estimated that there are about 4,000 groups in the US alone and another 500 outside of the US which have moved more than $3.1 billion and $45 million, respectively. Giving Circles are predominantly made up of women and often women of color, with 60% of the groups made up entirely of women.5
Catalysts for change
A recent United Nations Sustainable Development Goals (SDGs) Report notes that only 35% of the goals are making adequate progress, which means that 65% are not. In fact, only 18% are on track, with 48% of targets showing insufficient progress, 17% with no progress at all and 18% have regressed below their 2015 baseline levels. While there will always be a need for traditional grant making, this model alone cannot solve the complex global challenges we face.
It’s time to move beyond traditional grantmaking models towards financial structures that can unlock significant private sector capital, scale solutions, and drive measurable change far beyond what philanthropy can achieve alone through grant making. Women and younger generations are leading the way. They are more likely to be interested in and adopt an impact investing strategy, not only for charitable assets, but for non-charitable assets as well. Impact investing is typically defined as investments made with the intention to generate positive, measurable social and environmental impact alongside financial return. Recent years have seen remarkable progress. They invest in companies and funds that prioritize sustainability, ethical practices and positive community impact. This approach reflects a deeper understanding of how interconnected our world is and a commitment to nurturing a healthier, more equitable society.6
Women are emerging as powerful catalysts for change, not just through traditional giving, but by strategically investing capital and establishing their own funds to drive impactful social and environmental outcomes aligned to their distinct philanthropic focus. Take for example Mellody Hobson, Co-CEO and President of Ariel Investments, the first Black-owned mutual fund and investment management firm in the US. She is a prominent voice advocating for financial literacy and diversity in leadership. Founder of Backstage Capital, Arlan Hamilton invests in over 200 companies led by founders who identify as women, people of color, and/or LGBTQ+. Her work directly addresses funding disparities for underrepresented founders.
Building on the catalytic role of individual women investors, there is a growing ecosystem of impact investment funds specifically designed to channel capital towards these same social and environmental priorities. Some examples include the Alitheia IDF Fund is a $100 million gender-lens private equity fund investing in growth-stage small and mid-sized enterprises with gender-inclusive management teams across sub-Saharan Africa, the IIX’s Women’s Livelihood Bond™ (WLB) series which has mobilized over $228million for women-focused, climate-resilient enterprises, primarily in emerging markets, and 2X Challenge initiative which has committed to invest at least $20 billion between 2024-2027in private sector investments for gender equity and women’s economic development.
These examples illustrate that women are not only key decision-makers in impact investing but are also actively shaping its direction and focusing on areas that lead to profound social and environmental impact.
A future shaped by women
Despite the historic underfunding of women's and girls' causes, which receive less than 2% of global giving, the deliberate, values-aligned investments led by women is gaining traction. The rising tide of female wealth and leadership is not just reshaping the philanthropic landscape; it is fundamentally redefining the very essence of giving. As women continue to control an ever-larger share of global assets they become the decision-makers and will set the philanthropic agenda in terms of focus areas and models for giving and investing.
Looking ahead, as the leadership and power of ultra-high-net-worth female philanthropists increases, they will continue to harness their wealth and influence to create a more just, equitable and sustainable world for everyone.
