Business

Rich and powerful women in Asia more philanthropic: UBS


More women across the world are accumulating wealth and power, particularly in Asia, making them a key market for private bankers, said an executive at Swiss bank UBS.

Ms Olga Miler, managing director at UBS Wealth Management, told a private forum organised by UBS that Asia leads the way in wealth creation, with the number of female billionaires growing faster than that of their male counterparts.

More than 50 per cent of Asian female billionaires are self-made, she said, compared with 19 per cent in the US.

UBS data also found that "in stark contrast to men, women are more focused on investing to achieve positive social change".

For instance, female investors could invest $2.3 trillion in improving social good by 2021, according to UBS data.

Ms Miler also said women have been controlling greater average wealth than men.

"They are also becoming more influential in family businesses and philanthropic enterprises," she added.

Last week's forum also featured Ms Peggy Dulany, a fourth-generation member of the Rockefeller family.

She founded non-profit organisation Synergos Institute, and said philanthropy has taken off in Asia over the past decade.

With women playing a bigger role in that, banks such as UBS want to offer their services.

Ms Miler said: "We want to increase the financial confidence of 1 million women by 2021, and today (it) is about giving them the right access to advice, the right content aligned to their values and aspirations, and the confidence that their investment decisions can have the impact they're striving for."

The aim is to build a community of women "diverse and powerful in helping us change the face of wealth management in Asia".

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