Take a look at this from Capgemini and Merrill Lynch Global Wealth Management World Report for 2011. It would seem that High net worth individuals (HNWIs) are doing just fine in this economy of “ sacrifice ).
Globally, HNWIs’ financial wealth grew 9.7% in 2010 to reach US$42.7 trillion, surpassing the 2007 pre-crisis peak. The global population of HNWIs grew 8.3% to 10.9 million. Regionally:
––The population of HNWIs in Asia-Pacific, at 3.3 million individuals, is now the second-largest in the world behind North America, and ahead of Europe for the first time. The combined wealth of Asia-Pacific HNWIs had already topped Europe’s in 2009, and that
gap widened in 2010.
––Europe’s HNWI wealth totaled US$10.2 trillion after growing 7.2% in 2010, while Asia-Pacific HNWI wealth was US$10.8 trillion, up 12.1%.
––North American HNWI wealth hit US$11.6 trillion in 2010, up 9.1%.
––Latin America saw another modest gain (6.2%) in its HNWI population in 2010 and HNWI wealth rose 9.2%. The Latin America HNWI segment has proved relatively resilient and stable in recent years (the number of HNWIs shrank just 0.7% in 2008) and HNWI wealth is now up 18.1% from 2007.
--India’s HNWI population entered the Top 12 for the first time and Australia edged up another notch to No. 9.
Over time, the HNWI population is very gradually becoming more fragmented across the globe, but its geographic distribution in 2010 was much the same overall as it has been, and 53.0% of the world’s HNWIs were still concentrated in the U.S., Japan, and Germany. Ultra-HNWIs posted slightly stronger-than-average gains in their numbers and wealth. The global population of Ultra-HNWIs grew by 10.2% in 2010 andits wealth by 11.5%. As a result, Ultra-HNWIs accounted for 36.1% of global HNWI wealth, up from 35.5%, while representing only 0.9% of the global HNWI population.
Of course, the wealthy in the United States are doing extremely well in our tough economy, no major shock there, is there?
The population of HNWIs in North America rose 8.6% in 2010 to 3.4 million, after rising 16.6% in 2009. Their wealth rose 9.1% to US$11.6 trillion. The U.S. is still home to the single largest HNW segment in the world, with its 3.1 million HNWIs accounting for 28.6% of the global HNWI population.
Still, the Republicans and more than a few Democrats want to give these hoods, most who pay little to no taxes, even more tax cuts while states have to cut their budgets by firing teachers,and basically busting unions of firefighters and police. Let us not forget the pension scam being run by all states under Republican control.
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