Women Outpacing Men in Income Growth: A Shift in Earning Power

In a historic shift, women’s income growth has been steadily outpacing men’s, signalling a real transformation in earning power and career trajectories.

By the end of 2024, women’s median annual income growth was approximately 4% higher than men’s. While the margin has narrowed slightly compared to 2022, when women’s growth outpaced men’s by 6.5%, the trend still highlights meaningful progress toward closing long-standing wage gaps.

What’s Driving the Change?

Several factors are fuelling this shift:

• Bigger Raises During Job Changes

Women are leveraging career moves more effectively, securing higher salary increases when switching employers. This reflects a growing confidence in negotiating pay and recognition of their value in competitive job markets.

• Movement Into Higher-Paying Roles

Women are breaking into industries and positions that historically lacked female representation, particularly in leadership, technology, and finance. These career shifts are placing women in roles that carry higher earning potential.

• Closing Gaps in Earnings

With pay disparities gradually shrinking, more women are achieving long-term financial stability and building wealth at levels once heavily skewed in men’s favour.

A Cultural and Economic Turning Point

This upward trend suggests more than just short-term wage improvements. It signals a deeper cultural and economic realignment where women are not only catching up but, in many cases, surpassing men in income growth. The long-term impact could redefine household financial dynamics, investment patterns, and future generational wealth.

As workplaces continue to evolve, the momentum behind women’s rising earnings underscores a new era of opportunity—one where income equality is not just an aspiration, but an accelerating reality.