As International Women’s Day approaches on Saturday 8 March, we’ve taken a moment to reflect on women’s role in the shifting landscape of philanthropy.

With the Great Wealth Transfer underway, women are poised to inherit an unprecedented amount of wealth. Projections indicate that the next 40 years will see women inherit 70 percent of an anticipated $41 trillion intergenerational handover. Female entrepreneurs are innovating and building pioneering businesses. Globally around 10 per cent of ultra-high-net-worth individuals (UHNWIs) are now women – including 369 of Forbes’s 2024 list of billionaires.

Historically, philanthropy has been dominated by men. However, as women gain increasing economic power, they are giving more, more regularly, and reshaping the sector.

Research suggests that women approach philanthropy differently. They typically invest more time in researching charitable causes before making decisions. They often seek a deeper level of communication with organisations and beneficiaries. And they place significant importance on the impact of their gifts.

Collective giving is also on the rise, especially among women who are increasingly embracing the power of collaborative philanthropy. Approximately 70% of giving circles are now majority women, who value the shared decision-making and mutual support that come with pooling resources. By joining forces, they are amplifying their collective impact on the causes they care about.

Let’s consider three examples of women leading transformational change in philanthropy:

• Michaela Hoag and Part the Cloud:
  After donating $1m to the Alzheimer’s Association, Michaela Hoag formed a steering committee of women affected by Alzheimer’s in 2012. This effort launched the ‘Part the Cloud’ fundraising gala, now a global movement that has raised over $83m, funded 68 early-stage clinical studies in nine countries, and attracted an additional $1.4bn in follow-on funding.
• Women Moving Millions:
  This community of 400 HNWI women supports gender equality by committing a minimum of $1m each over ten years. Together, they have catalysed over $1bn in funding across 16 countries to improve the lives of women and girls.
• Newcastle University Women’s Giving Circle:
  This pioneering group of alumnae is fostering the next generation of female innovators in STEM. Their scholarships enable female students from disadvantaged backgrounds to study traditionally male-dominated subjects. Fundraiser Alexa Charlton explains the programme in the Women Who Give podcast hosted by Alex McCall.

There are of course many individual women demonstrating extraordinary philanthropic leadership – from Dame Vivien Duffield in the UK, whose estimated giving exceeds £200 million, to Melinda French Gates, who last year pledged an additional $1 billion to advance women’s health and influence globally, and MacKenzie Scott, whose giving is estimated to be around $15 billion. Alongside them sit a growing force of unsung heroines of philanthropy, whose everyday contributions fuel transformative change.

So what can charities learn from this?

Here are four strategies for organisations looking to engage and empower female donors:

• Build stronger connections: Develop opportunities for women to become meaningfully and collectively involved. This could include creating women-led events, or establishing funds or giving circles focused on supporting women and girls.
• Showcase female leadership: Highlight stories of successful women in your organisation and celebrate gifts from female donors. Feature brilliant women who are delivering life-changing programmes or groundbreaking research. Actively engage successful female philanthropists and inspiring women as ambassadors for your cause.
• Partner with experts: Build relationships with financial advisors, wealth managers and programme leaders who specialise in working with women, helping you to tailor projects and communications to their interests and needs.
• Emphasise impact and build relationships: Provide clear, detailed reports on how donations are used and the difference they make. Offering donors opportunities to engage directly with beneficiaries can foster trust and provide a real sense of reward.

In summary, the future of philanthropy is changing, with a new generation of empowered and proactive women coming to the fore. Recognising and embracing their unique contributions could expand funding possibilities to drive lasting, positive change.

 

For more insights on giving by and to women, check out:

• Indiana University’s Women’s Philanthropy Institute
• The Women & Girls Index of US charitable giving
• Give to Women & Girls Day each 11 October
• “Women are more generous with money than men, study finds” (The Times)