UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Next Thread
Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 736862  
Subject: Worldwide Wealth Figures Date: 4/14/2002 1:41 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
Someone posted this link over on the MSN Retire Early board:

http://www.hnw.com/newsresch/hnw_market/sizing.jsp

The number of millionaire households has quadrupled in the past 10 years. One in 14 households (7.1%) has a net worth that tops seven figures. (U.S. Census Bureau)


The wealth of those around the world with at least $1 million in investable assets rose 6% to $27 trillion in 2000. The number of people with $1 million+ grew 2.9% to reach 7.2 million. (World Wealth Report)


There are about 6 billion people in the world. 7.2 million/6 billion = 0.12%

intercst


Print the post Back To Top
Author: MadCapitalist Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64969 of 736862
Subject: Re: Worldwide Wealth Figures Date: 4/14/2002 2:31 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
The number of millionaire households has quadrupled in the past 10 years. One in 14 households (7.1%) has a net worth that tops seven figures. (U.S. Census Bureau)


The wealth of those around the world with at least $1 million in investable assets rose 6% to $27 trillion in 2000. The number of people with $1 million+ grew 2.9% to reach 7.2 million. (World Wealth Report)


There are about 6 billion people in the world. 7.2 million/6 billion = 0.12%


What exactly is the point of your little calculation? Are you trying to compare the number of millionaire individuals with the number of millionaire households?

I'm just curious.

Print the post Back To Top
Author: imfelbi Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64993 of 736862
Subject: Re: Worldwide Wealth Figures Date: 4/15/2002 2:27 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
http://ferret.bls.census.gov/macro/032001/hhinc/new01_001.htm

There are 106 million households. That means there are 106 * 7.1%= 7.526 million millionaire households in the US.

Intercst's article indicates that:

35% of the world's millionaires reside in the U.S. and Canada. Their number grew 2.4% to 2.54 million individuals over the past year. (World Wealth Report)

Yet there are only 7.2 million millionaires around the world. Even if US millionaires are not accounted in this figure, US alone would still account for 7.526/(7.526+7.2)= 51.1% of the world's millionaires.

Can someone explain the discrepancy?

Felbi.


Print the post Back To Top
Author: galeno Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64999 of 736862
Subject: Re: Worldwide Wealth Figures Date: 4/15/2002 9:52 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Yet there are only 7.2 million millionaires around the world. Even if US millionaires are not accounted in this figure, US alone would still account for 7.526/(7.526+7.2)= 51.1% of the world's millionaires.

There are many US millionaires that live outside of the USA. Maybe this can explain the above?

From CNN:

American citizens have hidden approximately $5 trillion in offshore locations. "This deprives the American government of $50 billion a year in lost taxes." said the guest. "That money could be going to worthwhile projects like the war effort."

Print the post Back To Top
Author: bhowardinaz Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65000 of 736862
Subject: Re: Worldwide Wealth Figures Date: 4/15/2002 10:51 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Hello, isn't the point here that a miniscule portion of the world's households/people have great wealth and we should be humbled that we are so fortunate to have some piece of it? Forget the numbers and look at the meaning.

Print the post Back To Top
Author: imfelbi Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65039 of 736862
Subject: Re: Worldwide Wealth Figures Date: 4/15/2002 10:05 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Hello, isn't the point here that a miniscule portion of the world's households/people have great wealth and we should be humbled that we are so fortunate to have some piece of it? Forget the numbers and look at the meaning.

No, I think the point is that people in the un-developed nation are un-fortunated and I think businessmen and politicians in developed countries like to keep it that way. That way, they can continue to feed off the cheap labors of the un-developed countries.

Print the post Back To Top
Author: Commodore64 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 65064 of 736862
Subject: Re: Worldwide Wealth Figures Date: 4/16/2002 2:04 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 8
"No, I think the point is that people in the un-developed nation are un-fortunated and I think businessmen and politicians in developed countries like to keep it that way. That way, they can continue to feed off the cheap labors of the un-developed countries. "

I find it amazing that people forget that the USA started out much like the "third world" countries of today- a place with low costs, minimal regulation, and a large and expanding supply of relatively cheap labor. 40 years ago, Japan was in a similar situation. 30 years ago, it was Hong Kong. 15 years ago, it was Korea, and there are plenty of other examples. These nations with cheap labor can become relatively wealthy in short order IF THEY allow it to happen (it is THEIR governments that will screw up the works, NOT international businesses trying to "keep them down"). I think its important to remember that it is better to earn $3 a day working 10 hours a day at the Nike plant than earning 25 cents a day working 14 hour days on subsistence farming.

20 years from now, some of the nations that now serve as "cheap labor" will become economic powers and their people will be much richer IF their government doesn't screw it up (my bet is on China becoming a major economic power).



Print the post Back To Top
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev Thread | Next Thread
Advertisement