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British women outraced men in millionaire run: Study

An authoritative study shows that there are now 2,99,300 women millionaires compared to 2,71,700 men, reports Vijay Dutt.

india Updated: Dec 29, 2003 12:22 IST

The fact that Britain now has more women millionaires than men would add to the theory floated recently that men would be redundant for the continuance of the human race.

Fortunately, that day is a few hundred thousands year away, but in today's Britain women do not need men to pay for their wardrobes, sports cars or flights to exotic destinations. Women can do all that and still have enough loose change to buy an apartment in central London.

According to an authoritative study by the research company Datamonitor, there are now 2,99,300 female millionaires compared to 2,71,700 male. The reasons cited for the sharp rise of millionaire women include trends such as increasing number of divorce, sexual equality in schools and equal treatment of sons and daughters in inheritance.

The other change that has been noted by the study is that unlike in the past when most female millionaires were elderly, now women are becoming millionaires at a much younger age. They have started to prosper in their own right, for many opt for independent businesses.

The " Sex and City brigade" have made millions on their own and so have "boomers" who have inherited their husband's wealth and the "Sarahs", the single and rich and happy, who have made their money from divorces. But it is predicted that more women would like to get rich on their own steam than get it through men in their lives, be they fathers or husbands.

Philip Beresford, one of the compilers of the Sunday Times Rich List, is quoted saying women are more prudent as investors, which has been the right strategy since 2000 because of the collapse in the stock market.

First Published: Dec 25, 2003 21:33 IST