In recent years, there has been a notable surge in women entrepreneurs and wealth creators globally, indicating a shift towards financial autonomy and the potential for multigenerational wealth creation. While not every woman entrepreneur may journey into multigenerational wealth, this upward trend underscores the increasing influence of women in steering their financial destinies.

 
Financial literacy emerges as a crucial factor, providing individuals, regardless of gender, the tools to make informed financial decisions and potentially leave a legacy for generations to come. The evolving societal norms, granting women greater access to education, careers, and property ownership, further empower them to actively participate in wealth creation and leave a lasting financial impact.
 
However, these positive trends are met with significant challenges that must be addressed for women to fully realise their wealth-building potential. Unequal access to resources, including education, capital, and financial services, poses a barrier, limiting opportunities for wealth creation.

Cultural and societal norms around inheritance and wealth distribution can also disadvantage women. It is imperative to address these inequalities and advocate for equitable practices to ensure women can build and pass on wealth across generations.
 
The benefits arising from women building multigenerational wealth extend far beyond individual prosperity, creating a ripple effect that positively influences families, communities, and societies. As women amass financial security and accumulate assets, they gain the capacity to provide better education and opportunities for their children, fostering a cycle of continuous improvement. The impact transcends generations, breaking the chains of poverty and empowering families to reach new heights of success.

 
Moreover, women who build and manage wealth become influential role models, challenging societal norms and inspiring others to pursue financial independence. Communities benefit as well, as financially empowered women contribute to local economies, initiate philanthropic endeavors, and actively engage in societal progress.
 
The enduring legacy of multigenerational wealth built by women not only transforms their immediate surroundings but also contributes to the broader narrative of economic empowerment, paving the way for a more inclusive and equitable future.
 
Here are practical ways that women can buildmulti-generational wealth:
 
Education and upskilling:
Investing in education and relevant skills not only enhances personal development but also opens doors to better job opportunities and business ventures. It positions women as leaders in their financial journey, providing the knowledge and expertise needed to navigate the complexities of wealth-building. Without continuous learning, women may miss out on crucial advancements in their respective fields, stalling their financial growth and potential to create multigenerational wealth.
 
Financial mastery:
Mastering the art of saving, investing, and managing finances wisely is the cornerstone of wealth-building. Financial literacy empowers women to make informed decisions, ensuring their economic well-being and the potential to leave a legacy for future generations. Neglecting financial mastery poses the risk of poor financial decisions, missed investment opportunities, and vulnerability to economic downturns. Without a solid understanding of financial principles, women may find it challenging to accumulate and preserve wealth over time.
 
Calculated risk-taking:
Seizing promising opportunities through informed decisions is a key trait of successful wealth builders. Calculated risk-taking allows women to embrace ventures aligned with their goals and values, fostering financial growth and resilience. Avoiding strategic risk-taking can lead to missed opportunities and stagnation. Playing it too safe may hinder potential financial advancements, preventing women from realizing their full wealth-building potential and impacting their ability to create a lasting legacy.

Business ownership:
Cultivating an entrepreneurial spirit by starting and growing a business not only generates wealth but also empowers women to shape their destinies. Owning a business provides a platform for innovation, impact, and leaving a lasting imprint on the entrepreneurial landscape. This does not necessarily mean every woman must own a business but achieving wealth building objectives would require a strategic investment in sustainable sources of income. Women who shy away from entrepreneurship may limit their ability to create wealth that can transcend generations, impacting the legacy they leave behind.

Long-term investments:
Strategic investments in various asset classes such real estate, financial instruments and strategic opportunities provide a solid foundation for generational wealth. Long-term investments ensure financial stability, offering security for women and their heirs well into the future. Neglecting long-term investments may lead to financial vulnerability and lack of generational wealth preservation. Without strategic investments, women may face uncertainties in their financial future, compromising the potential for a lasting impact on future generations.
 
Community empowerment:
Collaborating, and sharing knowledge with other women creates a supportive network for success. The strength of a community is a powerful resource, amplifying the impact of individual efforts and fostering a collective environment for wealth-building. Without a network of like-minded individuals, women may lack the valuable insights, resources, and encouragement needed for successful wealth creation.

 
Mentorship & tech leverage:
Seeking guidance, empowering future generations, and utilising online tools streamline the wealth-building journey. Mentorship bridges the gap between experience and aspiration, while technology enhances efficiency and effectiveness in achieving financial goals. Lack of guidance and reluctance to embrace technology may impede progress, hindering women from maximising their potential in creating multigenerational wealth.
 
Strategic partnerships:
Being deliberate about the partnerships formed, whether in marriage or business, is crucial for women building multigenerational wealth. Strategic partnerships can provide support, shared responsibilities, and synergies that amplify financial success and long-term stability.

Neglecting careful consideration of partnerships may lead to financial and emotional strain. Ill-considered alliances, whether in marriage or business, can pose risks to wealth accumulation and potentially disrupt the path to creating a legacy. It’s essential to approach partnerships with discernment and ensure alignment with long-term financial goals.
 Kemi is a family wealth advisor at the Meristem Family Office.