17 Oct “population of the super wealthy”
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The population of the super wealthy, or those worth $100 million or more, doubled over the past 20 years as asset prices soared around the world, according to a new report.
There are now 28,420 so-called centi-millionaires worldwide, up 12% over last year and more than twice the number in 2003, according to a new report from Henley & Partners, the wealth and migration advisory firm, which used data from New World Wealth.
The surge in centi-millionaires reflects the rapid rise in asset values fueled by low interest rates, which boosted the values of everything from real-estate and land, to stocks, private companies and art. The rise of tech wealth, especially in the U.S., has also helped fueled the growth in the super-wealthy. The number of billionaires in the world has skyrocketed from under 500 in 2003 to more than 2,600 today, according to Forbes and other wealth-tracking firms.
–https://www.cnbc.com/2023/10/10/number-of-people-with-100-million-has-doubled-since-2003.html
You mean quantitative easing and the age of easy money benefitted wealthy people? Really? Wow, who knew. 😒
Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years
Published: 16th January 2023
Super-rich outstrip their extraordinary grab of half of all new wealth in past decade.
Billionaire fortunes are increasing by $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages.
A tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise $1.7 trillion a year, enough to lift 2 billion people out of poverty.The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.
“Survival of the Richest” is published on the opening day of the World Economic Forum in Davos, Switzerland. Elites are gathering in the Swiss ski resort as extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years.
Oxfam went to Davos and told the billionaire powerbrokers what they already knew LOL. “Y’all bagged a crapload of cash while everyone else suffered.” What a newsflash.
With the era of ultra-low interest rates gone for now, the growth rate for centi-millionaires may slow. The report projects the centi-millionaire population will increase by 38% over the next decade, from 28,420 to about 39,000 by 2033.
-CNBC, Ibid.
Hmm. Might slow down but will still increase nonetheless.
While many smaller, less-developed countries have very few billionaires, they may have dozens or even hundreds of centi-millionaires. Amoils said that there is often little visible difference in lifestyle between a person worth $100 million and a billionaire.
“They might fly on a private jet and have multiple homes,” he said. “And aside from maybe philanthropy, their lifestyle would basically look the same.”
-CNBC, Ibid.
Yeah, that’s because the rest of us are not flying on private jets, owning multiple homes, and going to fancy $10,000 per plate black tie dinners for “philanthropy.”
Meanwhile, down here on Earth for the rest of us not breathing the rarefied air:
“More mortgage applications are being rejected for ‘insufficient income.’”
–https://www.cnbc.com/2023/10/04/why-more-mortgage-applications-are-being-rejected-based-on-income.html
“Consumers starting to buckle for first time in a decade, former Walmart U.S. CEO Bill Simon warns”
–https://www.cnbc.com/2023/10/09/consumers-buckling-for-first-time-in-decade-former-walmart-us-ceo.html
“Financial anxiety: The alarming side effect of inflation”
–https://www.bbc.com/worklife/article/20231005-financial-anxiety-the-alarming-side-effect-of-inflation
“Inflation Could Come Roaring Back 1970s-Style: Deutsche Bank”
–https://www.businessinsider.com/inflation-us-economic-outlook-fed-interest-rates-stagflation-recession-deutsche-2023-10
But hey: as long as the “centi-millionaires” had a “rapid rise in asset values,” why complain?
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