“If women hold up half the sky, then they should also hold up half of wealth,” said Angelina A. Kwan, CEO of Stratford Finance, vice-chair of The Women’s Foundation, and The WealthiHer Network ambassador, when she presented the key findings of The Changing Faces of Women’s Wealth (2020-2022), a report carried out by The WealthiHer Network and co-presented in partnership with Front & Female in Asia, at an event in Hong Kong recently.
Currently, women hold only a third (32 percent) of the world’s wealth. It's a figure included in The WealthiHer Network report, which delivers a new perspective and agenda for change.
The WealthiHer Network, which is based out of the UK, aims to advance women by transforming female financial futures and the financial services industry by leveraging the power of research to understand what wealth and success means, what motivates women and holds them back and where new opportunities lie to progress their prosperity. They seek to empower and equip women with the knowledge needed to prosper now and in the future.
The Changing Faces of Women’s Wealth report is based on surveys from 2020 and 2021 of high-net-worth women Hong Kong, Singapore and Mainland China, supplemented by one-one interviews and additional research, to explore the attitudes and behaviours of these women towards their wealth with the aim to make actions for change to close the financial gaps and barriers women face.
A key partner of The WealthiHer Network is HSBC Global Private Banking, who are keen to better serve and enable female clients. "Together with our partner WealthiHer, we are delighted to celebrate the growing financial confidence of women in Asia as they become increasingly influential and impactful in the region. HSBC is committed to empowering women to drive change through their businesses, investments and advocacies," says Annabel Spring, chief executive officer of Global Private Banking & Wealth at HSBC.
Below are the key findings of the report:
Women are a valuable force
Women are adding more to global wealth than any other single group with Asia, excluding Japan, growing faster than any other region. Currently, 32 percent of the world’s wealth is held by women, but this is growing at an annual growth rate of 10 percent with estimates that by 2023, women’s wealth will grow to US$93 trillion. Of this global female wealth, 40 percent of it is in Asia.