Women Getting Wealthier Than Men
IN a report that will have chauvinistic City boys kicking their Porsches in frustration, Barclays Wealth Management predict that women millionaires will outnumber their male counterparts by 2020, when, they claim, 53 of millionaires will be female.
The survey also reveals that female investors are more considered and conservative than their more income-driven and risk-taking male counterparts.
This rise in female economic power is also reflected in the 2007 Sunday Times Rich List, with 92 women making the list, an increase of 11 from the previous year.
Not surprisingly, banks are eager to attract this new female wealth, with Royal Bank Coutts, somewhat patronisingly running fashion weekends and networking events to appeal to rich women. Why don’t they have a cake sale as well? Or invite the Chippendales?
A large proportion of these highly successful businesswomen had their success after giving up work to raise children and then setting up ‘kitchen table’ companies that fit in with their lifestyles. Indeed, according to the London School of Economics, ‘kitchen table tycoons’ or ‘mumtrepreneurs’ have set up businesses with annual sales of almost £4.5billion.
But does all that money really make you happy? Well, erm, yes, according to the Barclays survey, with 80 per cent of women with assets of more than £500,000 claiming that their wealth had brought them greater happiness, with more leisure time, better health and greater job satisfaction. Thought so.
Posted: 11th, June 2007 | In: Money Comment | TrackBack | Permalink
