The UK now has more wealthy women than men because their investment philosophy tends to be more cons...
The UK now has more wealthy women than men because their investment philosophy tends to be more conservative, suggests the latest Datamonitor report.
According to the latest statistics, almost 300,000 women now have assets worth £200,000 in cash, shares and bond, thanks to improving salaries and 'financial acument', whereas there are only 271,000 men in the UK with assets of over £200,000.
The number of young people - those aged between 18 and 45 years old - almost halved last year (2002) since 1999, as the number of young people with wealth worth more than £200,000 has fallen from 101,000 to just 59,000, as many of those same people saw their investments fall when the technology bubble burst in March 2000.
But there were still 299,300 well-off women in 2002 in the UK, compared with 271,700 men, says Oliver Guidham, financial analyst at Datamonitor, partly because the internet has given them more space to control their own finances.
"Women in the UK are increasingly commanding high salaries and accumulating wealth throughout their careers. They are generally more conservative investors than men, which has helped them to preserve their wealth, particularly in the current markets," says Guidham.
Other factors said to be increasing the number of wealthy women - with assets of £200,000 or more - include the greater longevity of women, suggests Guidham, as 53% of wealthy people are over 65 and women makeup a large proportion of this demographic group.
Moreover, the amount of money saved by wealthy individuals is set to increase at an annual rate of 9% between 2002 and 2007 as inherited growth, economic growth and increased savings levels are expected to emerge over the coming years.
A report - UK High Net Worths 2003 - has been compiled by Datamonitor, analyzing current market conditions, which draws together base data through inheritance tax returns and probate info as well as the known size of the UK retail savings and investment market.
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