Insurance firm seeks to bridge Hong Kong wealth income gap by serving local community
Employees give time to city and raise HK$150,000 in first-year partnership
The government should work more closely with NGOs, charities and companies to bridge the city’s growing wealth gap, a senior official at a leading insurance company said.
David Fried, chief executive of the emerging markets division of QBE Insurance Group, Australia’s largest global insurer, said the difference between the rich and poor was widening not only here but also all over the world.
“Most people tend to think about it only around Christmas time,” he said of the gap. “But the phenomenon goes well beyond just the holiday season. Helping the less fortunate should never be seasonally based.”
Wealth inequality is deeper than ever, with 10 per cent of the city earning 29 times more than the rest of it, and about 1.15 million people living in poverty, according to Oxfam. The fortune of the 18 richest men in the city amounts to HK$1.39 trillion.
There were no simple or quick solutions to the growing wealth gap phenomenon, Fried said.
“As an insurance company, we help people recover from unexpected events,” he said. “And through our charitable initiatives we help people get back on their feet and face problems or unfortunate circumstances.”
QBE partnered with Operation Santa Claus for the first time this year and raised HK$150,000 for the cause.
