“In Scotland, greater female control of assets could influence how capital is allocated, from preventative health and longevity to innovation-led growth”
Over the next 20 years, Scotland is set to experience a quiet but consequential shift in economic power. As wealth passes from one generation to the next, a growing share will move into the hands of women through inheritance, business exits and entrepreneurship.
Known as the Great Wealth Transfer, this has the potential to influence how capital is deployed, which sectors attract investment, and how Scotland’s business landscape evolves.
One area where this shift is likely to become particularly visible is healthcare. As a major sector within Scotland’s economy, it sits at the intersection of capital allocation and lived experience, and as more wealth moves into female hands, investment decisions in health innovation, prevention and care may begin to reflect that change.
What is the Great Wealth Transfer?
Over the next two decades, we will witness one of the most significant reallocations of capital in modern history through the intergenerational shift of assets from baby boomers to both younger generations and surviving spouses. In many cases, that means wealth moving into the hands of women who may not previously have been the primary wealth holders in their families and who, on average, outlive their male partners.
UBS estimates that some $83 trillion is set to change hands over the next 20-25 years, with $9 trillion transferring between spouses. This substantial figure does not account for wealth being created directly by Scotland’s female entrepreneurs, with recent research indicating that women in Scotland are now just as likely as men to start and run businesses.
The implications are not confined to family offices or private portfolios. When the control of capital shifts, so too does the direction of investment, philanthropy and business growth.
Scotland’s economy is anchored in energy, life sciences and technology, alongside a growing ecosystem of scaling businesses, many of which will likely be approaching succession or exit over the coming decade.
As more women build businesses, inherit assets and assume board-level responsibility, the centre of financial decision-making is shifting. Research suggests women investors are more likely to adopt a long-term perspective and to align capital with areas that carry social and health impact alongside financial return.
That shift matters in a Scottish context. Women already make around 80 per cent of household healthcare decisions, and Scotland’s health and life sciences sector is a significant and investable part of the national economy. As wealth increasingly moves into female hands, capital flows into life sciences, medtech and preventative healthcare could massively accelerate.
Healthcare brings the consequences of the wealth shift into sharp focus because it combines economic scale with lived experience. As more wealth moves into the hands of women, investment decisions in this sector are likely to reflect not only market dynamics but the realities women encounter throughout their lives.
UBS’s Women and Health report notes that women spend around 25 per cent more of their lives in poor health than men, despite living longer, and that almost half of the female health burden relates to conditions that affect women disproportionately rather than to women-specific diseases. Yet research funding and clinical focus have not kept pace with that burden.
The gap is not only medical, but economic. Closing the women’s health gap could contribute up to $1 trillion annually to global gross domestic product (GDP) by 2040, and each dollar invested in women’s health has the potential to generate three dollars in economic growth. The commercial signal is already visible: the global “femtech” market was valued at about $39.3 billion in 2024 and is projected to reach $97.25bn by 2030.
For Scotland, with established strengths in life sciences, data and digital health, this is directly relevant. If a growing share of capital is controlled by women, and if that capital begins to address long-overlooked gaps in diagnosis, prevention and treatment, the effect will not be theoretical. It could shape the direction of investment, the growth of health-focused enterprises and the future trajectory of Scotland’s innovation economy.
Implications for the future
The Great Wealth Transfer is more than a demographic milestone. It represents a structural shift in who controls capital and, in turn, which sectors attract investment.
In Scotland, greater female control of assets could influence how capital is allocated, from preventative health and longevity to innovation-led growth. None of this is automatic. Outcomes will depend on advice, access and confidence.
But as women inherit, build and steward more wealth, their influence on Scotland’s economic direction will increase. For business leaders and policymakers, the imperative is clear. We must anticipate the shift and ensure the ecosystem is ready to translate it into long-term, sustainable growth.
Debjani Raffan is regional head for Scotland, Northern Ireland, North East and Yorkshire at UBS Global Wealth Management.
