Transforming Capital for the Next Era 2025

Foreword Katherine Garrett-Cox Chief Executive Officer, Gulf International Bank (UK)Silja Baller Head of Economic Inclusion, Centre for the New Economy and Society, World Economic Forum Transforming Capital for the Next Era: Gender Parity and the Expansion of the Investable Frontier December 2025 As we head into 2026, a volatile and unpredictable economy intersects with a historic force that has the power to reshape capital markets – the largest inter- and intragenerational wealth transfer to women in history. This white paper highlights how this great wealth transfer, combined with the expanding wealth women are generating through entrepreneurship and investment, can ignite a major leap towards gender parity in financial markets and unlock economic dynamism and long-term resilience. It explores how greater female ownership of capital can shape the economy we create next. Leveraged effectively, this shift in wealth can direct capital towards a future powered by new engines of growth and the ideas of a far wider range of innovators, accelerating as rising wealth parity is matched by a financial system designed to be more inclusive and open to opportunity. The paper draws on a series of virtual and in- person discussions among members of the Global Future Council on Investing in Gender Parity. It also synthesizes the latest thinking and evidence from international organizations, academic researchers, think tanks, businesses and other stakeholders, and connects directly to the Forum’s broader body of work. The Global Future Council on Investing in Gender Parity is a frontier council hosted by the Forum’s Centre for the New Economy and Society. It is part of the World Economic Forum Network of Global Future Councils (GFC), comprised of nearly 1,000 leading experts, practitioners and thinkers who provide foresight, generate insights and identify solution frameworks for the world’s most urgent challenges. At the World Economic Forum, the Centre for the New Economy and Society engages business leaders, leading representatives of government, international organizations, academic experts and civil society in shaping economies and societies that create economic opportunity for all. The Forum’s Global Gender Gap Report has tracked labour market-related economic gaps for nearly two decades – including women’s representation in technical roles, leadership and income parity – and the work under the GFC extends this agenda into financial markets. It also connects to the Forum’s 2025 analysis on gender parity in the intelligent age marked by the emergence of genAI, highlighting how greater parity in innovation ecosystems could establish a technological future that creates greater convergence in economic outcomes between men and women. We are grateful to the members of the Global Future Council for their inputs and feedback and to LinkedIn for its collaboration in providing unique data to offer novel insights into women’s representation in the financial services workforce. We would like to thank the members of the Centre for the New Economy and Society Advisory Board, nearly 200 centre partners, academic experts and a network of national ministries working with the centre to advance economic opportunity for all. We would also like to express our gratitude to Saadia Zahidi for her support and leadership and to the project team, Rabab Fayad, Yanjun Guo and Kim Piaget, for the unwavering dedication and expertise they brought to this paper. The great wealth transfer marks a historic opening. As women’s ownership rises, transforming the financial system around this shift can unlock a wider investable universe, sharpen decision-making and drive a more dynamic, resilient economy. This paper seeks to catalyse the next steps in accelerating this transformation. Transforming Capital for the Next Era: Gender Parity and the Expansion of the Investable Frontier 3