RBC Mobile

RBC Wealth Management

FREE - On Google Play GET — On the App Store


Canadian women create a legacy centred on family and social impact


Canadian women see legacy as more than leaving wealth behind

  • High-net-worth individuals (HNWIs)
  • Canadian HNW women
  • Canadian HNW men

More Canadian women than men define their legacies based on relationships with others:

Relationships with family
66% 60%
Relationships with friends
30% 28%
Relationships with local community
14% 11%

A higher share of Canadian women than men say societal causes have become more important than wealth accumulation in defining a legacy.

60% 52%

Family and charity are central to legacy

HNW Canadians aren't just thinking about their own legacies; More women agree it's important to lay a foundation for the legacy of family/future generations.


When compared to their male counterparts, nearly twice as many younger1 Canadian women base their giving on how it relates to their legacy as opposed to other factors (eg, being asked by others to give).

Younger Canadian women prefer giving to family members' particular causes over general gifting

  • Younger Canadian HNW women
  • Younger Canadian HNW men
  • Older Canadian HNW women
  • Older Canadian HNW men

Two-thirds of HNW Canadians primarily give their wealth to their families. How do they do it?

General gifting, with no strings attached
29% 52% 67% 74%
55% 39% 36% 33%

(eg, paying for tuition)

47% 43% 36% 35%

(eg, paying medical bills, caring for an aging relative)

53% 61% 24% 21%

(eg, real estate)

Arts and culture
16% 21% 10% 14%

(eg, purchasing a painting as a gift)

Funding a business start-up
16% 27% 2% 2%

Canadians' favoured charitable causes vary from animal rights to human rights

The majority of HNW Canadian women, more than HNW Canadian men, feel a personal responsibility to try to address economic inequality and for their wealth to benefit broader society.

Canadian women most often favour:

Animal rights/welfare
Diversity & inclusion
Human rights

Canadian men most often favour:

International development
Human rights
Political candidates/groups

More Canadian women want to give back during their lifetimes

58% of Canadian women compared with 48% of Canadian men plan to distribute their wealth during their lifetimes or equally during and after their lives.

  1. “Younger” is defined as people in Generation X or the Millennial generation, born between 1965 and 2000.

Data based on an Economist Intelligence Unit survey conducted from March to May 2018.
The research, commissioned by RBC Wealth Management, surveyed 1,051 HNWIs across Asia, Canada, the UK and U.S.
The survey included 259 respondents in Canada with at least US$1 million (C$1.29 million) in investable assets.


The material herein is for informational purposes only and is not directed at, nor intended for distribution to or use by, any person or entity in any country where such distribution or use would be contrary to law or regulation or which would subject Royal Bank of Canada or its subsidiaries or constituent business units (including RBC Wealth Management) to any licensing or registration requirement within such country.

This is not intended to be either a specific offer by any Royal Bank of Canada entity to sell or provide, or a specific invitation to apply for, any particular financial account, product or service. Royal Bank of Canada does not offer accounts, products or services in jurisdictions where it is not permitted to do so, and therefore the RBC Wealth Management business is not available in all countries or markets.

The information contained herein is general in nature and is not intended, and should not be construed, as professional advice or opinion provided to the user, nor as a recommendation of any particular approach. Nothing in this material constitutes legal, accounting or tax advice and you are advised to seek independent legal, tax and accounting advice prior to acting upon anything contained in this material. Interest rates, market conditions, tax and legal rules and other important factors which will be pertinent to your circumstances are subject to change. This material does not purport to be a complete statement of the approaches or steps that may be appropriate for the user, does not take into account the user’s specific investment objectives or risk tolerance and is not intended to be an invitation to effect a securities transaction or to otherwise participate in any investment service.

Royal Bank of Canada disclaims any and all warranties of any kind concerning any information provided in this infographic.

© The Economist Intelligence Unit Limited 2018

Produced by:
The Economist Intelligence Unit