Who's worth a million dollars in HK? More women than men

PUBLISHED : Wednesday, 14 February, 2007, 12:00am
UPDATED : Wednesday, 14 February, 2007, 12:00am

Hong Kong's millionaires are 40 per cent richer than a year ago - and more than half are now women.

So says a Citibank survey which found 276,000 Hongkongers had at least HK$1 million in liquid assets at the end of last year. While the total is up only 2,000 on the number in 2005, the average millionaire had liquid assets of HK$5.6 million, up from HK$4 million a year earlier.

They had average total assets, including property and other valuables, of HK$10 million.

Some 82 per cent invest in stocks, 60 per cent in mutual funds and a third in premium-rate bank deposit accounts.

Nearly two-thirds say they read newspaper business sections every day, compared to only 38 per cent of non-millionaires.

Some 3,300 people aged 21 to 79 were interviewed by phone for the survey in November and December. The major concerns of these millionaires are their health and that of their families, and their children's education.

It is the first time in four years the Citibank survey has found a majority of millionaires are women.

Weber Lo Wai-pak, chief operating officer and director of retail banking for Citibank Global Consumer Group, said the rising proportion of women millionaires showed Hong Kong was an open and equal society.

'It is inevitable that the financial return of women from their jobs is higher than before. Many women work in senior positions and are independent, with high earning power,' he said.

Mr Lo said the significant increase in millionaires' average liquid assets was not surprising since stock markets performed remarkably well last year.