Women set to dominate millionaires’ club

LONDON – Women millionaires will outnumber their male counterparts within 15 years as the total number of mega-rich quadruples, according to research yesterday.

Bigger divorce settlements, rising house prices and shrewd investments will fuel the women’s rise, said the Centre for Economics and Business Research (CEBR), a London-based consultancy. Their longer life expectancy will also help them eclipse men in the wealth stakes.”We estimate that by 2020, 53 per cent of millionaires are likely to be female,” said CEBR economist Jaspreet Sehmi.Women make up about 46 per cent of Britain’s estimated 376 000 millionaires.The total will reach 1,7 million in 2020, more than four times the current level.”Behind our predictions for a rapid increase in millionaires over the next 15 years is robust growth in housing wealth,” Sehmi said.”In addition we estimate that wealth from shares and other investments will continue to grow.”Women will benefit more from rising stock markets because they tend to invest more than men in shares, the CEBR said.The average age for all UK millionaires is 56.Nampa-ReutersTheir longer life expectancy will also help them eclipse men in the wealth stakes.”We estimate that by 2020, 53 per cent of millionaires are likely to be female,” said CEBR economist Jaspreet Sehmi.Women make up about 46 per cent of Britain’s estimated 376 000 millionaires.The total will reach 1,7 million in 2020, more than four times the current level.”Behind our predictions for a rapid increase in millionaires over the next 15 years is robust growth in housing wealth,” Sehmi said.”In addition we estimate that wealth from shares and other investments will continue to grow.”Women will benefit more from rising stock markets because they tend to invest more than men in shares, the CEBR said.The average age for all UK millionaires is 56.Nampa-Reuters