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The rich are getting richer and that’s good news for everyone. I’ll tell you why in a
minute. First, let’s look at where the millionaires are — and where their number are growing the fastest.
So writes Brad Hoppman (www.uncommonwisdomdaily.com) in edited excerpts from his original article* entitled Are the Rich Getting Richer?.
[The following article is presented by Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com and www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
Hoppman goes on to say in further edited excerpts:
This week Boston Consulting Group released its 13th annual Global Wealth study. BCG looks at “private financial wealth,” which is basically cash, bank accounts, stocks, bonds and other liquid assets. Their definition excludes privately owned businesses, residences and luxury toys like yachts.
According to BCG:
- our planet contains 13.8 million millionaire households,
- 40% of all millionaires live in the USA,
- the U.S. has more millionaires than any other country with 5.9 million households whose private financial wealth exceeds $1 million but
- Qatar has the greatest concentration of millionaire households (wealth density as a % of all households) at 14.3%
- [for more distressing insights into what the report has to say read this article]
The table below shows the top 15 countries ranked by wealth density:
While China is missing from the list, it has plenty of millionaires — 1.3 million of them — but this is a tiny percentage of its billion-plus population. BCG projects China will overtake Japan for second place in the number of millionaires by next year.
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Globally, private wealth went up 7.8% in 2012 to a total of $135.5 trillion. Wealth grew just about everywhere, but “old world” Europe and North America are struggling to keep up the pace…BCG expects these “New World” regions will account for nearly 70% of the growth in global wealth over the next five years.
So yes, the rich are getting richer…They’re ahead of 99% of the world and I hope they get even richer. Why? Because they’re creating opportunity for the rest of us, too.
Think about it. Unless [the rich]…stuff their money in their mattress, money is always in motion. They put it in the bank and the rest of us can borrow it to start small businesses or buy homes. When they buy stocks, they make it easier for corporations to expand and create jobs and, while I wish our government didn’t have to borrow so much, I’m glad someone is buying Treasury bonds.
Wealthy people create other opportunities, too. They pay us to build their mansions, maintain their yachts and juggle their books. Their generosity supports fine arts, education AND charity, and makes life better for everyone.
Yes, some rich people are crooks but so are some poor and middle-class folks. We’re all human and we all have weaknesses. It’s a miracle we get along, but somehow we do.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]
*http://www.uncommonwisdomdaily.com/are-the-rich-getting-richer-16416?FIELD9=%20 (©2013 Uncommon Wisdom Daily. All Rights Reserved.)
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