Hong Kong's millionaire housewives capitalize as stocks gain
The Hong Kong housewife is the new iconic millionairess, according to the Hong Kong Consumer Wealth Review 2009.
The survey co-organized by Citibank and City University Professional Services, found a total of 394,000 millionaires in Hong Kong in 2009, out of which 200,000 are female. At least 47 percent of the millionaires are classified as "non-working people," including retirees and housewives, while 87 percent are aged 40 or above.
Most of the newly rich benefited from investment gains in the stock market from the recovering economy. "If the HSI surges above 23,000 points, the number of Hong Kong millionaires should break the 2007 record," said Citibank Global Consumer Group deputy country business manager Simon Chow.
Just what do millionaire housewives spend their money on? Why, kid's math tutoring and piano lessons, of course, spending an average of HK$5,500 per month on their kids' after-school activities alone. The survey also found that 18 percent of millionaires send their children to international schools, which costs around HK$110,000 per year.
If you'd like to meet one of these millionaires, best hang around Hong Kong Island where one in seven people can boast of seven figures.