Welcome back to our series on “The Wealthy Matriarch”. In this edition we would be discussing “Women and Purpose”.
In the very interesting journey of the wealthy matriarch lies a narrative rich with the essence of purpose which has propelled generosity and philanthropy as well as impact.
For women at the wealth table, financial success often intertwines with the need for significance, influence and having an impact in their families, communities they serve and the general society at large.
The modern wealthy matriarch is characterized by her adept navigation of family, finance and legacy, which plays an essential role in shaping the course of adopted philanthropic initiatives.
The modern matriarch has been defined as a woman who forges her own path in advancing the financial success, culture and values of her family with the focus of partnering with her spouse and preparing her children for a life of passion, purpose and family harmony.
To help identify and define purpose, some questions to be answered include:
- What does success mean to you?
- What are the values, traits, and practices that underpin success for you?
- What does your wealth allow you to do today?
- What do you want your wealth to help you do in the future?
- If you had more wealth, how would your life be different?
- On a scale of 1 to 10, how important is leaving a financial legacy/inheritance to your heirs, family, dependents vis-a-vis leaving it for charitable purposes?
- What are the risks to your wealth in the short term and long term?
Could you identify 3 main ambitions you have as well as 3 critical concerns and worries?
Articulating a purpose for wealth helps women with wealth to have clarity and set clear objectives for their wealth and to make better decisions with respect to wealth preservation, sustenance, transfer, and intergenerational legacy.
Shared Purpose
For wealthy matriarchs, it is important to ensure that individual family members and the business (where a family business exist) all share a sense of purpose—otherwise called a shared purpose. Without this, there is a risk of family members and other competing interest pulling in different directions, leading to conflict within the family or even between the family and the family business.
In families of wealth, shared purpose refers to the goals, objectives, or outcomes the family members strive for by being together to share in a common legacy and their collective well-being. In a family business, shared purpose represents a voluntary commitment by members of a family to be or remain in business together and is usually a combination of financial and emotional reasons. Aligning purpose within a group of family owners is seen as the “holy grail” of a family business, as it enables them to speak with one voice, provide capital for a common set of objectives, and provide clear direction to the business.
Meaningful discussions about the vision for the family wealth (family business) are essential. This can help to debunk myths and assumed expectations, or even inspire action. The strongest families are those that treat this conversation as an ongoing dialogue, as the shared purpose for families may change over time and across generations. By regularly engaging in discussions to ensure the shared purpose remains relevant, families can build stronger familial relationships and reduce the risk of conflicts.
In articulating a shared purpose some questions to work through includes:
- Do you and your family share a vision for the family wealth?
- What are your ambitions and concerns for the family business?
- Is there an agreed framework for family decision-making?
- How are you preparing those who will inherit the family’s assets/wealth?
- Have you discussed the practicalities of the transition with your heirs/beneficiaries?
Philanthropy and Impact
The increasing rise of female philanthropy further emphasizes the importance of purpose-driven wealth management. Affluent women are not only shaping their own legacies but also making a profound impact on the society at large. As they navigate the complexities of wealth, these women are guided by a clear sense of purpose—a driving force that empowers them to make informed decisions, preserve wealth for future generations, and leave a lasting legacy that transcends financial prosperity.
Historically being unheard voices, women have been the uncelebrated heroes of philanthropy both as dedicated employees and as generous donors. In the United Kingdom alone, women make up 68% of staff in charitable organisation according to a Pro Bono Economics report and 72% of female are donors compared to 61% of men according to data from statista.com. However, the size of the contribution made by men largely overshadows donations from women owing to their ownership and control of wealth.
With the number of women inheriting substantial wealth continually growing and increasing number of women wealth creators, recent trends suggest a gradual departure from the norm. Wealthy Matriarchs such as Melinda Gates, Mackenzie Scott and Priscilla Chan are being really generous with their giving. Mackenzie Scott’s website for donation “Yield Giving” has it that she has given out over sixteen million dollars in donations and most recently, Dr. Ruth Gottesman made a billion-dollar donation. The $1 billion dollar donation will provide tuition-free education for all students at Albert Einstein College of Medicine in New York City where she has been a professor for 50 years.
One of the most striking facets of female philanthropy is its unwavering focus on overlooked issues, such as gender inequality and income disparity. By prioritizing these causes, women donors are diversifying philanthropic efforts and shining a spotlight on issues that have long languished in the shadows of neglect. Their investments are not just financial—they are investments in humanity, in dignity, and in a future where every individual can thrive.
The rise of female philanthropy heralds a new era of inclusive giving—one characterized by empathy, collaboration, and a shared commitment to effecting lasting change. As affluent women continue to ascend to positions of influence, their contributions to philanthropy grow ever more impactful, amplifying voices that have long been marginalized and catalyzing positive societal transformation.
Our series on the Wealthy Matriarch continues in subsequent editions
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