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  1. #1
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    StrontiumDog's Avatar
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    World’s Rich Richer Than Ever; Wealth Growth Beats GDP Avgs

    World’s Rich Richer Than Ever; Wealth Growth Beats GDP Avgs - Kenneth Rapoza - BRIC Breaker - Forbes

    World’s Rich Richer Than Ever; Wealth Growth Beats GDP Avgs

    Jun. 24
    2011 - 12:30 am


    The world's millionaires saw their wealth rise by nearly 10% last year, while world GDP rose 3.9%. Emerging Asia-Pacific outpaced Europe as home to more millionaires and is now second to North America for the highest net worth population on the planet.

    The rich get richer. In fact, despite economic crisis, recessions and slowdowns, the incomes of the planet’s high net worth individuals rose more last year in percentage terms than the world’s GDP.

    This week, consulting firm Capgemini and private wealth manager Merrill Lynch Wealth Management published their annual review of where the rich are. The 40 page World Wealth Report 2011 shows that the wealth of the world’s millionaires grew 9.7% in 2010, while world gross domestic output rose 5.01%, according to the International Monetary Fund.

    The world’s rich have a high net worth of $42.7 trillion, roughly three times the size of the US economy. US gross domestic product in 2010 was $14.6 trillion. GDP is the main indicator of a country’s wealth and standard of living. US GDP is the highest in the world, followed by China at $5.8 trillion.

    The population of high net worth individuals grew 8.3% to 10.9 million, with Asia-Pacific leading in terms of overall numbers of individuals entering the ranks of millionaire. The region saw a 9.7% increase in high net worth individuals wealth over the last year, with a total of 3.3 million people swelling the ranks. The population of rich people living in Asia-Pacific, led by China with over 535,000 millionaires, according to Capgemini, surpassed that of Europe in 2009. The gap widened in 2010 and is expected to widen further this year.

    In terms of wealth rather than population numbers, Asia-Pacific’s millionaires are worth a combined $10.8 trillion compared to Europe’s high net worth assets of $10.2 trillion, according to Capgemini and Merrill Lynch’s estimates.

    While Asia has been the engine of growth for the world economy, North America’s millionaires have also done well for themselves despite slow growth. High net worth individuals were worth a combined $11.6 trillion in 2010, up an impressive 9.1%. Only Asia’s wealthy assets have grown more.

    The numbers are even more impressive globally for ultra-high net worth individuals, those people with net investable assets of $30 million or more. The population of ultra high net work individuals rose by 10.2% and their wealth rose the most of all, by 11.5% in 2010, roughly on par with the 2010 gains in the S&P 500. Ultra high net worth people account for less than 1% of the world’s millionaires, but hold 36% of the total estimated assets of all high net worth individuals, up from 35% in 2009.

    A lot of the wealth gains came from investments in equities, as indicated by the gains in the S&P index rising equally with rich individuals’ overall wealth. By the end of 2010, high net worth individuals held about 33% of their assets in stocks, with emerging markets being a large part of their investments. Savvy investors sold out in late 2010, just before emerging markets started to turn sour. For instance, the iShares MSCI Brazil (EWZ) exchange traded fund, which tracks the BM&F Bovespa stock index, hit a high of $81.58 on Nov. 4 before steadily retreating. It’s down 12% since then.

    Nevertheless, a weaker market has not hurt Brazilian millionaires too much. Brazil’s millionaire population rose 5.9% to roughly 155,400, putting Brazil in 11th place out of a list of 12 countries that are home to the most millionaires. India entered the top 12 for the first time. The US, Japan and Germany are the top three and account for 53% of the world’s millionaires, down slightly from the 53.5% registered in the 2010 World Wealth Report.
    "Slavery is the daughter of darkness; an ignorant people is the blind instrument of its own destruction; ambition and intrigue take advantage of the credulity and inexperience of men who have no political, economic or civil knowledge. They mistake pure illusion for reality, license for freedom, treason for patriotism, vengeance for justice."-Simón Bolívar

  2. #2
    Thailand Expat jandajoy's Avatar
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    Yup, we're getting fucked.

  3. #3
    I am in Jail

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    2008 - 2009 was an unsettling ride for the retirement fund. Now down a little over 10% from 2007 peak which is livable.

    Would not want to go through it again. Have become much more conservative.

  4. #4
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    Quote Originally Posted by jandajoy View Post
    Yup, we're getting fucked.
    Precisely, yet some fools still play the give tax-cuts to the rich then they create more jobs, all bollox they run with their money and none of their increased profits come back in society, especially in the world of international financial speculation we are all being taken for a huge ride, they shovel money in created from thin air through speculation and schemes and added costs for the ordinary man, and the Ordinary taxpayers is footing the brother part of all the bills for society to run, and on top has had to cover the losses for the speculators when their high risk game went tits up.

    It is about time the politicians wake up, stop the gambling on paper like futures and shortselling and insurance schemes on high risk debt money gambling, stop the ass kissing focus on making things easy for the paper traders, finance company's and banks, turn up the tax on their profits considerable, and turn back to supporting creation of real production jobs and company's before it is all lost to the up and coming swindling economies like China and India, countries without rules and restrictions on safety, work hours, pensions, health insurance, and intellectual property to bring production costs on par with the west.

    We are truly being royally fucked by the non producing, non productive, no good for nothing, financial world who claim to be patriots but are nothing of the kind, they are torpedoing their own home countries and will do a runner with their gains if the boat sinks.

    fuck em.




    Rant over

  5. #5
    I am in Jail
    Butterfly's Avatar
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    they wouldn't be so rich if it wasn't for the more poor people they created

  6. #6
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    Rich vs Poor

    Smart vs Stupid

    same same

  7. #7
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    Recession, what fcuckin recession.
    More billionaires now than ever
    Joe wanker falls for it evey time

    Loads o moneyyy

  8. #8
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    We need a modern day Robin Hood, but not with an American accent like Costner.

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