Rich get even richer in third world

Reply Wed 21 Jun, 2006 01:00 am
From today's Guardian, page 22

Rich get even richer in third world


Booming markets have been kind to millionaires - most of all in poorer countries

Hans Kundnani
Wednesday June 21, 2006
The Guardian

Developing countries are experiencing a rapid emergence of a new elite of super-rich individuals as their economies expand and mature.
A report published yesterday shows that the number of "high net-worth individuals" (HNWI) increased by 21% in South Korea, 19% in India and 17% in Russia over the past year. These dramatic increases in individual wealth were largely as a result of booming stock markets - the Dow Jones South Korea Index gained 55% in 2005, for example.

The World Wealth Report, published annually by the investment bank Merrill Lynch and the consultancy firm Capgemini, examines the growth and spread of individuals around the world who have liquid assets of more than $1m (£540,000), excluding their primary residence and consumables. At the end of 2005, it said, there were 8.7 million HNWIs worldwide - 6.5% more than a year before. Their wealth had grown by 8% to $33 trillion.
There was an even bigger jump in the number of "ultra high net-worth individuals" - those with financial assets of more than $30m. This exclusive club now has 85,400 members worldwide, an increase of more than 10%. Together, these individuals, who represent 1% of the richest 1% in the world, control 24% of global wealth.

Link to online version of that report in the Guardian

Link to Merrill Lynch and Capgemini - World Wealth Report
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Reply Fri 23 Jun, 2006 11:06 am
the rich get more numerous would be a more accurate headline. just because their numbers increased, it does not follow that the individuals who were already "rich" a year earlier by the standard of $1M liquid assets either maintained or increased their wealth during the year. suppose the average wealth of those individuals actually decreased; these numbers would not reflect that if none dipped below the $1M threshold.
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Reply Wed 26 Jul, 2006 07:05 pm
what's a million dollars Laughing ?
never learned to count past twenty - i use my toes too when counting .
but who needs money when you are happy Very Happy Question

Idea oh , i guess i do if i want to go on another cruise .
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