Globally, gender equality is the next frontier for social transformation, and women’s economic empowerment is promoted as the pathway to achieve this goal, particularly in countries of the Global South. Women’s economic empowerment is broadly defined as women’s capacity to contribute to, and benefit from, economic activities on terms that recognise the value of their contributions. Advocates for women’s economic empowerment state that it has the potential to be a safeguard against poverty and precarity by enhancing women’s wellbeing. Using a critical-feminist lens, we explore the benefits and risks of the global trend towards women’s economic empowerment. After providing an overview of the evolution of the concept of empowerment, we review the benefits of women’s economic empowerment: economic growth, improved rates of tertiary education and market participation for women, and growth of women’s autonomy. We then examine the risks of the global focus on women’s economic empowerment, which we distil into three key areas: (a) women seen as a country’s ‘natural resource’, used as instruments for economic prosperity and reproduction without considering their wellbeing; (b) a focus on women’s market participation without adequately factoring in current labour market realities; and (c) pushing the women’s economic empowerment agenda forward without fully considering the scope of unpaid reproductive work undertaken by women. We conclude with an analysis of how UN Women (2024) is shifting the agenda by providing a holistic framework for thinking about women’s economic empowerment. We suggest that there is room for cautious optimism if this framework is widely adopted.