California’s First Partner Jennifer Siebel Newsom has unveiled the California Women’s Wealth Advisory Council, a new initiative designed to expand women’s access to capital, ownership, and economic opportunity across the state. The Council will bring together senior figures from finance, venture capital, and government to support closing the women’s wealth gap and broaden participation in California’s innovation-driven economy.
Announcing the launch, Siebel Newsom said the initiative aims to ensure women are positioned to benefit from the country’s shifting capital landscape. “I’m proud to launch the California Women’s Wealth Advisory Council to help shape an economy that includes women at every level of decision-making. California is bringing the best and brightest minds together to meet this moment of historic wealth transfer and shape the foundations of a more equitable economy. When women control capital, they strengthen communities and expand opportunity. The work ahead is to redesign the systems that decide who has access and who benefits, so our growth reflects the values and potential of all our people,” she said.
The United States is entering what has been described as the largest intergenerational wealth transfer in modern times, with an estimated $84 trillion projected to shift hands over the next two decades. With California’s significant public pension systems, global technology ecosystem, and influential venture capital sector, the state is expected to play a leading role in that transition.
However, despite their growing economic influence, women continue to experience challenges in wealth building. They receive a limited share of venture capital investment, hold fewer positions in asset management, and own a smaller percentage of business and household wealth. The Council intends to help address these disparities by encouraging financial systems and practices that are inclusive by design.
“GingerBread Capital’s mission has always been to steer more capital into the hands of women founders and funders who are innovating and transforming our future economy, and who are a driving force in creating more equitable economic opportunities for women, their families and their communities,” said Katherine Rice, Co-Chair of the Women’s Wealth Advisory Council and Partner of GingerBread Capital. “I am thrilled to co-chair the California Women’s Wealth Advisory Council, which is bringing together some of the best and brightest experts in finance and business to address the chronic financial inequities women face and harness the power of the great wealth transfer to close the gaps in women’s economic potential and power.“
The launch ties into broader efforts led by the First Partner to improve equity across the state’s economic landscape. Since 2019, hundreds of employers have signed the California Equal Pay Pledge, committing to gender pay reviews, reducing hiring bias, and ensuring fair promotion practices. The First Partner later released The Equal Pay Playbook, which provides guidance for employers on implementing equitable pay approaches that support talent attraction and performance.
Further efforts have included the 2024 release of the Board Culture Playbook alongside the California Partners Project, aimed at helping companies increase and retain female board members, particularly women of colour. This follows the earlier Board Diversity Playbook, both developed with input from Stanford’s VMware Women’s Leadership Innovation Lab and supported by the Stanford Graduate School of Business.
Education is also part of the state’s strategy to prepare future generations. In June 2024, Governor Gavin Newsom signed Assembly Bill 2927, requiring California public high schools, including charter institutions, to offer a semester-long personal finance course beginning in the 2027–28 school year. Beginning with the class of 2030–31, completion of the course will be mandatory for graduation. The programme will cover topics such as budgeting, banking, credit, loans, and investing, ensuring students leave school with a basic understanding of personal financial management.
The First Partner has described financial literacy as essential to economic inclusion, saying it equips young people with the confidence to manage money, invest, and pursue entrepreneurship. The new Council is positioned as the next step in ongoing efforts to create an economic system where women are able to build and sustain wealth, participate in decision-making, and access financial opportunity at scale.
