为下一个时代转型资本：性别平等与可投资领域的扩大

W H I T EP A P E RD E C E M B E R2 0 2 5 Contents Foreword3 Executive summary4 1The great wealth transfer5 1.1Why private markets matter now61.2Converting influence into stronger markets7 2Quantifying women’s representation in financial markets8 2.1Women in the financial industry workforce82.2Women in private capital: Private equity and venture capital102.3Women in private capital: Recipients11 3Bringing the challenges into focus13 3.1Who holds decision rights133.2Who gets in the room133.3Market concentration and missed global growth14 4The path forward15 4.1Limited partners154.2General partners154.3Capital recipients164.4Public markets164.5Buyouts16 Outlook17 Endnotes20 Disclaimer This document is published by theWorld Economic Forum as a contributionto a project, insight area or interaction.The findings, interpretations andconclusions expressed herein are a resultof a collaborative process facilitated andendorsed by the World Economic Forumbut whose results do not necessarilyrepresent the views of the World EconomicForum, nor the entirety of its Members,Partners or other stakeholders.©2025 World Economic Forum. All rightsreserved. No part of this publication maybe reproduced or transmitted in any formor by any means, including photocopyingand recording, or by any informationstorage and retrieval system. Foreword Silja BallerHead of EconomicInclusion, Centre for theNew Economy and Society,World Economic Forum Katherine Garrett-CoxChief Executive Officer,Gulf International Bank (UK) At the World Economic Forum, the Centre for theNew Economy and Society engages businessleaders, leading representatives of government,international organizations, academic experts andcivil society in shaping economies and societiesthat create economic opportunity for all. TheForum’s Global Gender Gap Report has trackedlabour market-related economic gaps for nearlytwo decades – including women’s representation intechnical roles, leadership and income parity – andthe work under the GFC extends this agenda intofinancial markets. It also connects to the Forum’s2025 analysis on gender parity in the intelligent agemarked by the emergence of genAI, highlightinghow greater parity in innovation ecosystems couldestablish a technological future that creates greaterconvergence in economic outcomes between menand women. As we head into 2026, a volatile and unpredictableeconomy intersects with a historic force that has thepower to reshape capital markets – the largest inter-and intragenerational wealth transfer to womenin history. This white paper highlights how this great wealthtransfer, combined with the expanding wealthwomen are generating through entrepreneurshipand investment, can ignite a major leap towardsgender parity in financial markets and unlockeconomic dynamism and long-term resilience.It explores how greater female ownership ofcapital can shape the economy we create next.Leveraged effectively, this shift in wealth candirect capital towards a future powered by newengines of growth and the ideas of a far widerrange of innovators, accelerating as rising wealthparity is matched by a financial system designedto be more inclusive and open to opportunity. We are grateful to the members of the GlobalFuture Council for their inputs and feedback and toLinkedIn for its collaboration in providing unique datato offer novel insights into women’s representationin the financial services workforce. We would liketo thank the members of the Centre for the NewEconomy and Society Advisory Board, nearly 200centre partners, academic experts and a networkof national ministries working with the centre toadvance economic opportunity for all. We wouldalso like to express our gratitude to Saadia Zahidi forher support and leadership and to the project team,Rabab Fayad, Yanjun Guo and Kim Piaget, for theunwavering dedication and expertise they brought tothis paper. The paper draws on a series of virtual and in-person discussions among members of theGlobal Future Council on Investing in GenderParity. It also synthesizes the latest thinkingand evidence from international organizations,academic researchers, think tanks, businessesand other stakeholders, and connects directlyto the Forum’s broader body of work. The Global Future Council on Investing in GenderParity is a frontier council hosted by the Forum’sCentre for the New Economy and Society. Itis part of the World Economic Forum Networkof Global Future Councils (GFC), comprisedof nearly 1,000 leading experts, practitionersand thinkers who provide foresight, generateinsights and identify solution frameworksfor the world’s most urgent challenges. The great wealth transfer marks a historic opening.As women’s ownership rises, transforming thefinancial system around this shift can unlock a widerinvestable universe, sharpen decision-making anddrive a more dynamic, resilient economy. This paperseeks to catalyse the next steps in acceleratingthis transformation. Executive summary A great