Where do millionaires live?
Where will the millionaires be in 2020?
What are they invested in?
All those questions are the focus of a fascinating study from Deloitte Center for Financial Services on the state of millionaires, and how things will change over the next decade.
If you're a banker looking for wealthy clients, it's a must read.
The total wealth of world millionaires will go from $92 trillion to $202 trillion in 10 years.
U.S. millionaires will be the wealthiest by 2020.
The U.S. will still have the most millionaires by 2020.
Among super-millionaires, China is already #2.
Switzerland and Singapore will have the highest number of millionaires.
And Swiss millionaires are the richest in the world.
Here's how millionaires invest.
U.S. millionaires are back to pre-crisis levels.
There are 496,000 U.S. households with over $30 million.
New Jersey is the most millionaire dense state in the U.S.
But what do millionaires buy? Click HERE to find out.
COMMENTARY: I am flabbergasted at the obscene amount of wealth concentrated in such few individuals and families. With the amount of wealth that they have, these millionaires are able to effect political influence to benefit their financial interests. And, if I may say so, they have done a great job. Just look athe Bush tax cuts. Extended by Obama in 2011, but there is now pressure to reverse them.
Look, I am not against wealth, just extreme wealth, sitting in some bank account, in some country to avoid taxes, or invested in expensive cars, houses, superyachts, land and precious metals. These do very little to create jobs. The 496,000 U.S. millionaires worth $30 million or more, are worth a combined $15 trillion. If they just donated 10% of that wealth to charity, provide universal healthcare, improve our educational system, and help the poor, that would total $1.5 trillion.
There are another 2.2 million U.S. households worth between $5 million and $30 million. If we assume they average $10 million, then their total combined net worth is $22 trillion. If they donated 10% of their wealth for needy causes, provide universal healthcare, improve our schools and help the poor, that would total $2.2 trillion.
On a July 20, 2010 blog article, I commented about Forbes List of Billionaires for 2010, and where they live. You might find that blog post very interesting. Forbes also published a list of the Top 10 Richest Billionaires for 2011 (se below).
There are six Facebook billionaires who made the Forbes list, including Zuck, Dustin Moskowitz, Sean Parker (founder of Napster), Peter Thiel (venture capitalist and original angel investor in Facebook), Yuri Milner (venture capitalist and founder of Blue Sky Technologies, a Russian venture capital firm), and Eduardo Savarin (Harvard classmate of Zuck and one of the original founders of Facebook).
Paul Ceglia, who says he invested $1,000 in Facebook, and the terms of that investment agreement entitle him to a 50% ownership interest in Facebook. That could definitely change things. DLA, a high-powered legal firm, is representing Mr. Ceglia, and think he has a valid claim. I can hardly wait for the decision or out-of-court settlement.
I don't want anyone to get the idea that I am against wealthy individuals, or that I am some kind of socialist, but the last time America had so much wealth concentrated in the hands of so few individuals, was during the period that led up to the 1929 stock market crash and Great Depression. Hell, I would like to be wealthy myself, that would solve a lot of financial problems, but my main reason would be to help others. Just remember, when you come into this world you enter with nothing, and when you leave it, you leave everything behind.
Courtesy of an article dated May 4, 2011 appearing by SAI Business Insider
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