HK millionaires' club grows fatter
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News & LS News & LS P06 P07 News & LS 26 February 2010 Friday Ɣ 7H[W $QYLO 2QJ Ɣ 3KRWRV 6LQJ 7DR 'DLO\ Go to www.student.thestandard.com.hk to listen to the news article k k k k e Millionaires and billionaires This is a person who owns liquid assets worth more than one million dollars in the currency of his country. A person who has at least 1,000 times more money than a millionaire is a billionaire. A multimillionaire owns from two to 10 million dollars. The decamillionaire owns 10 million dollars. The hectomillionaire owns 100 million dollars. But not all people like the word "millionaire". Some people do not like it because of the difference in values of various currencies. Study: big families are happier Liquid assets These refer to cash that a person owns. Cash usually means paper money and coins. Liquid assets can also refer to any form of wealth that can be easily and quickly changed into cash, usually within 20 days. So, money that is in a bank savings or checking account can also be taken as a liquid asset. Shares, funds and foreign currencies are also liquid assets. This is because they can normally be exchanged for ready cash within 20 days. Unlike liquid assets, fixed assets are not easily turned into cash. They are intended for long term use. They include things like land, buildings, motor vehicles, furniture and computers. Intangible assets cannot be seen or touched. They include things like copyrights and trade secrets. The Hang Seng Index This is one of the earliest stock market indexes in Hong Kong. It is provided by the Hang Seng Indexes Company Limited owned by the Hang Seng Bank. The index was introduced in 1969. Its base point was 100 at the time. The index has today become the most widely quoted indicator of the performance of the Hong Kong stock market. The companies must be in the top 90 percent of the total market value and turnover of all eligible shares on the stock exchange. It is reviewed quarterly. Members of large families are usually more joyful and they are also less likely to fall sick, according to preliminary findings by the University of Hong Kong's School of Public Heath. The school aims to study 20,000 families in Hong Kong and has now studied 5,000. The school's dean, Lam Tai-hing, said research shows the bigger the family, the better the members get along with each other. He explained that it is because communication between family members is the key to positive emotions.It can even prevent heart attacks. 1. Can we say that Hong Kong people are not that happy because most of the families are small families? 2. Do you think wealth in the family is an important factor in keeping a family happy? 3. How would you explain what happiness is? Points to ponder O NE out of every 14 adults in the territory is a millionaire, a study has found. And it seems that when the stock market booms, the millionaires' club does too. The number of millionaires last year increased to 394,000. It represented an increase by 13.2 percent in 2008. It is second only to the record set in 2007. Hong Kong had 414,000 millionaires in 2007 when the Hang Seng Index hit its highest level in seven years. The increase was due to investment gains from the recovering economy. It followed the direction of the Hang Seng Index. The average amount of liquid assets of each millionaire was about HK$3.8 million last year. Their net assets were close to HK$10 million. Simon Chow of Citibank at the consumer wealth review that shows HK's millionaires are increasing. Li Ka-shing is the icon of Hong Kong tycoons. Cash is a kind of liquid asset. A contestant on the game show Millionaire shown on local TV. The Hang Seng Index reflects the performance of the stock market. HK millionaires' club grows fatter HK millionaires' club grows fatter A big family is more likely to be a happy one. Vocabulary gain (n) 收益 billionaire (n) 億萬富豪 fund (n) 基金 introduce (v) 採用 quote (v) 引用 turnover (n) 證券成交額 eligible (adj) 有資格當選的 preliminary (adj) 初步的
Transcript of HK millionaires' club grows fatter
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P06 P07
News & LS 26 February 2010Fridayy
Go to www.student.thestandard.com.hk to listen to the news article
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Millionaires and billionairesThis is a person who owns liquid assets worth more than one million dollars in the
currency of his country. A person who has at least 1,000 times more money than a millionaire is a billionaire. A multimillionaire owns from two to 10 million dollars. The decamillionaire owns 10 million dollars. The hectomillionaire owns 100 million dollars. But not all people like the word "millionaire". Some people do not like it because of the difference in values of various currencies.
Study: big families are happier
Liquid assetsThese refer to cash that a person
owns. Cash usually means paper money and coins. Liquid assets can also refer to any form of wealth that can be easily and quickly changed into cash, usually within 20 days. So, money that is in a bank savings or checking account can also be taken as a liquid asset. Shares, funds and foreign currencies are also liquid assets. This is because they can normally be exchanged for ready cash within 20 days. Unlike liquid assets, fixed assets are not easily turned into cash. They are intended for long term use. They include things like land, buildings, motor vehicles, furniture and computers. Intangible assets cannot be seen or touched. They include things like copyrights and trade secrets.
The Hang Seng IndexThis is one of the earliest stock market indexes in Hong Kong. It is provided by the
Hang Seng Indexes Company Limited owned by the Hang Seng Bank. The index was introduced in 1969. Its base point was 100 at the time. The index has today become the most widely quoted indicator of the performance of the Hong Kong stock market. The companies must be in the top 90 percent of the total market value and turnover of all eligible shares on the stock exchange. It is reviewed quarterly.
Members of large families are usually more joyful and they are also less likely to fall sick, according to preliminary findings by the University of Hong Kong's School of Public Heath. The school aims to study 20,000 families in Hong Kong and has now studied 5,000.
The school's dean, Lam Tai-hing, said research shows the bigger the family, the better the members get along with each other. He explained that it is because communication between family members is the key to positive emotions.It can even prevent heart attacks.
1. Can we say that Hong Kong people are not that happy because most of the families are small families?
2. Do you think wealth in the family is an important factor in keeping a family happy?
3. How would you explain what happiness is?
Points to ponder
ONE out of every 14 adults in the territory is a millionaire, a study has found. And it seems that when the stock market booms, the millionaires'
club does too. The number of millionaires last year increased to 394,000. It represented an increase by 13.2 percent in 2008. It is second only to the record set in 2007.
Hong Kong had 414,000 millionaires in 2007 when the Hang Seng Index hit its highest level in seven years. The increase was due to investment gains from the recovering economy. It followed the direction of the Hang Seng Index. The average amount of liquid assets of each millionaire was about HK$3.8 million last year. Their net assets were close to HK$10 million.
Simon Chow of Citibank at the consumer wealth review that shows HK's millionaires are increasing.
Li Ka-shing is the icon of Hong Kong tycoons.
Cash is a kind of liquid asset.
A contestant on the game show Millionaire shown on local TV.
The Hang Seng Index reflects the performance of the stock market.
HK millionaires' club grows fatterHK millionaires' club grows fatter
A big family is more likely to be a happy one.
Vocabulary gain (n) 收益 billionaire (n) 億萬富豪 fund (n) 基金 introduce (v) 採用 quote (v) 引用 turnover (n) 證券成交額 eligible (adj) 有資格當選的 preliminary (adj) 初步的
