To oversimplify, the old rich – people who rely on their existing assets to grow larger – will increasingly reside in Europe and North America, while the new rich – people who are adding to their assets by their earnings – will live mostly in Asia.On the face of it, this would seem to support the thesis of the French economist Thomas Piketty, whose recent book on inequality, , has aroused something of a storm.This will have helped the middling rich, who have much of their assets in public markets, more than the very rich who rely more on alternative investments such as hedge funds and private equity.
As for billionaires, the UK has 1,044 and is second only to the US, though as we all know most of those billionaires are people who made their money elsewhere and then moved to the UK, rather than the home-grown variety.
It is hard to argue about latent inflation when nothing is showing in the numbers, but this whole upturn has taught us to rely on monetary data (and intuition) rather than the official forecasts, especially those of the IMF. Well, the punters at Paddy Power say so, for the bookie is quoting Brazil as a 3-1 favourite, ahead of Argentina at 4-1.
My guess remains that the first rise in interest rates will come in November this year. But out of 171 economists surveyed by Bloomberg, no less than 98 put Brazil as número um.
Since the financial crisis China has passed both Germany and Japan in terms of total household wealth.
Boston Consulting thinks that by 2018 the Asia-Pacific region will account for half of global personal wealth.
The figures are in dollars, not sterling, so to qualify as one of the 513,000 millionaires in Britain, you need £600,000 in addition to your home, not £1m in total.