Wealth becoming more concentrated in the world

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While the rich got richer and more numerous in 2006, the super-rich did even better, according to a new report.

Money bagThe 2007 World Wealth Report, issued this morning by Merrill Lynch and Cap Gemini, showed a record number of millionaires in North America and abroad. The survey said there were 9.5 million millionaires in the world at the end of 2006. (By millionaires, Merrill and Cap Gemini mean people with financial assets of $1 million or more — not including primary residences.)

The millionaire population increased 8.3% between 2005 and 2006. And these millionaires controlled $37.2 trillion in wealth. By 2011, that wealth is expected to grow to $51.6 trillion.

In North America, the number of financial millionaires grew 9.2% to 3.2 million. Their total wealth grew by 10% to $11.3 trillion.

The most interesting part of the report, however, examines the growing concentration of wealth by the super-wealthy. According to the survey, the growth in the fortunes of millionaires has been driven first and foremost by the global super-rich — what Merrill calls “ultra-high net worth individuals” — who have financial assets of $30 million or more.

The population of the super-rich grew 11.3% world-wide, to 94,970. Yet their total wealth grew by an even more astounding 16.8% to $13.1 trillion. That, according to Merrill and Cap Gemini, is “another sign that global wealth is rapidly consolidating among this ultra-wealthy segment.”

The finding echoes some of my earlier posts about the emerging split between the “haves” and “have-mores,” or between Lower Richistan and Upper Richistan. (For examples, see here, here and here.) Just as there’s a growing wealth gap between the wealthy and the rest of America, there’s an even faster-growing wealth gap between the rich and the super-rich. Capital, after all, breeds capital. And the perfect storm for wealth created by globalization, technology and expanding financial markets creates super-winners as well as winners.

So when it comes to business and markets, the firms that cater to the top of the high end will continue to do the best in the coming years. Think megayachts instead of yachts, beachfront estates instead of McMansions, and Bentleys and Maybachs instead of Mercedes and BMWs.
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More millionaires than ever before. :clink:
 
The article does not support your headline. It says the number of millionaires, and ultra rich grew and that their wealth grew. It does not say anything (at least not in what you quoted) about wealth concentration.
 
battle, you don't read much do you
that's absolutely not true
meadian net worth is going up not down.
bottom third is in trouble no question, middle while not doing great is getting ahead.
Do like you did when you were a cop, check your facts before spewing the verbal diahrea.:clink:
 
lol.............

Topspin said:
battle, you don't read much do you
that's absolutely not true
meadian net worth is going up not down.
bottom third is in trouble no question, middle while not doing great is getting ahead.
Do like you did when you were a cop, check your facts before spewing the verbal diahrea.:clink:
Click to expand...



you are the one with "diahrea" of the fingers...ya are like the 'energizer bunny'
ya take a little spark and make it into a power grid...works good on silly commercials...but not real life! and the former 'cop' in me says :up yours phoney boy...I was trained to examine all sides of the story...not just one side!:rolleyes:
 
Topspin said:
battle, you don't read much do you
that's absolutely not true
meadian net worth is going up not down.
bottom third is in trouble no question, middle while not doing great is getting ahead.
Do like you did when you were a cop, check your facts before spewing the verbal diahrea.:clink:
Click to expand...

The median is growing. The median almost always grows. It isn't growing very fast, though. Not nearly as fast as the average.
 
I don't see how posting the median income would do any good to this argument about whether or not it's growing faster than the average.

Google it you lazy dumbass. It's at the census. I'm not your mommy.
 
I am your sensa grasshopper.
You spew bullshit you can't back up you get called on.
Secondly, can't blame you too much your elder morons do the same thing all the time.
Yes, the average is higher than the median. To use that one is raising materially faster than the other is at best a guess, which is proven by you not knowing what either is much less how much they are growing.:clink:
 
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