How women are transforming philanthropy and social impact

Women’s philanthropic approaches

The increased agency that wealth affords them is allowing women to shift the focus of philanthropy away from legacy and merely soothing the symptoms of social challenges, towards tackling their root causes with bold, innovative strategies. Today, the conversations we have about philanthropy are rarely about polish. They are about power, systems and time horizons. They are about asking the hard question – what would it take to change the conditions that make this problem inevitable?

This approach marks a notable departure from the trends that have dominated in the past, when the centre of philanthropic gravity often leaned towards established institutions: big programmes, big galas, big buildings, big brand-name grantees. There were exceptions, of course. But the default position was frequently cautious: fund what is proven, avoid controversy, steer clear of politics and measure success by how clean the reporting looks. Over the last decade, however, a growing number of philanthropists – many of them women – have begun to challenge these conventions, pushing for more ambitious, systemic, collaborative and risk-tolerant approaches.

“We believe that real, lasting change comes from working together across sectors and generations, using all the tools and capital (not only financial but also social, cultural and symbolic capital) at our disposal to build a more sustainable and inclusive future,” says Maria Ahlström-Bondestam, a driving force in building philanthropic collaboratives, and one of several leaders we have had the opportunity to speak with in the course of preparing a forthcoming study on women’s philanthropy.

From wealth creation to social impact

The change of emphasis is being facilitated by women’s growing share of global wealth. Women are creating wealth for themselves at a faster rate than at any point in history. More of them are climbing the corporate ladder, and more of them are entering the entrepreneurial space to launch successful businesses than ever before.

Between 2018 and 2023, women’s wealth rose by 51%, compared with a 43% global rise. This is facilitating the shift in emphasis to asking the hard questions about the root causes of social challenges and then showing the patience – and having the courage – to fund the answer, whether through gifts or market-based alternatives.

“We believe that lasting social change demands a strategic mix of capital, from philanthropy and catalytic investments to networks and partnerships. By aligning these resources around the lived experiences of the people closest to the challenges, we can address root causes instead of temporary symptoms and build scalable solutions with long-term impact,” said Annika Sten Pärson, co-founder of The Inner Foundation, with whom we also spoke in preparation for the study on women’s philanthropy.

Women increasingly stand at the forefront of philanthropy, not just participating in its evolution but accelerating and redefining it. Now, when we think of the most influential names in global philanthropy, it is women – like MacKenzie Scott and Melinda French Gates – who symbolise this new era. Their approaches have become touchstones for a broader movement.

Scott’s bold, trust-based giving – large, unrestricted gifts with minimal bureaucracy – has upended traditional grantmaking and given other donors “permission” to act with similar speed and trust. French Gates has made the empowerment of women and girls not a niche cause but a lever for societal transformation, famously stating, “If you want to lift up humanity, empower women.”

These women are not outliers; they are now the reference points for what ambitious, strategic philanthropy looks like. It is telling that on Forbes’ most recent list of America’s top philanthropists, 46% are women – further evidence of this shift in both visibility and influence.

Women’s commitment to systemic philanthropy

Today, research from the Lilly Family School of Philanthropy suggests female philanthropists take more time to fully understand issues, are driving greater collaborative giving, are seeking greater proximity and are more open to funding initiatives that tackle the root causes of social challenges. The questions they are asking are deeply rooted in impact, justice and shared power. They also seem more likely to focus on issues that have long been underfunded – e.g. mental health, gender-based violence, dignity and inclusion – and to do so with a focus on long-term, systemic change. Over the past decade, women have been at the forefront of redefining what it means to use wealth for good.

They tend to see wealth as a tool for social change, aligning their financial decisions with their values and using every lever – donations, investments, networks and influence – to drive impact. Beyond charitable giving, they are leveraging their resources through impact investing, advocacy, entrepreneurship and social innovation.

Ultimately, women are moving philanthropy from legacy to accountability, from solo heroics to collaboration, and from “safe” issues to those that have been ignored for too long. They are asking not just what they can give, but what must be changed – and how to do it thoughtfully, thoroughly and boldly.

“When women recognise how to use their wealth to drive change and define their own legacy, they unlock extraordinary potential for impact,” says Anouk Hilti-Zingg, founder of Assarée and the Female Wealth Owners: Empowerment for Impact Initiative. “It’s not just about giving – it’s about using every lever we have as wealth owners, family members and professionals to drive meaningful social and environmental impact.”