Curious about changes in the highest income demographics? Cap Gemini has all of the details.
Most of America may be treading water, but the High Net Worth Individuals are kickin’ it old school!
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click for ginormous graphics
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
The best way to keep money in perspective is to have some. —Louis Rukeyser
"It's the end of the world as we know it and I feel fine" say the French as consumer confidence in May rose to the highest since Nov '10 as they welcome and get excited about new Pres Hollande. Also, the French 10 yr bond yield touched the lowest on record this morning. June consumer confidence in Germany held at 5.7, just .2 pts off the highest since Mar '11. To the euro bond debate which is now taking on greater rhetoric with those with high bond yields wanting them and those with low ones saying no way, ECB member...
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July 13th, 2011 at 3:38 pm
What these charts fail to consider:
1) While the growth rates from 2008 onwards are high, the compound annual growth rate (CAGR) is only just over 2% if you start from the end of 2007.
2) The growth rate fails to consider changes in population. If you assume a 1% annual increase in the population growth rate, the population adjusted CAGR since the end of 2007 is only 1%.
From that perspective, the results do not appear to be all that stunning to me.
July 13th, 2011 at 3:38 pm
I believe it was one of the Seagram’s heirs who said, “turning one hundred dollars into one hundred five dollars takes work, turning one hundred million dollars into one hundred five million dollars is inevitable.”
July 13th, 2011 at 4:08 pm
George Bush must be a god in Houston.
Be interesting to see Houston HNWI during Bush’s 8 year war on oil consumers – and yes Cheney still claims there are undiscovered WMD in Iraq.
July 13th, 2011 at 8:00 pm
Barry,
Isn’t this chart/graph showing the ‘growth’ in the number of HNWI? Isn’t that generally a good thing? That we’re growing the number of HNWI’s?
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BR: In general and in the abstract, of course the growth of wealth is a good thing.
However, when the HNW individuals – that’s you and me — are the only one participating in economic growth, and the bottom 90% is not, you have a recipe that historically led to major societal problems.
If for only selfish reasons, you should want to see the rest of the country participate in the upside as well
July 14th, 2011 at 2:49 pm
BR: even in the good old days, at least over the last 3 decades when unemployment was much less than today’s, the gap between the haves and the have nots was, in my opinion unacceptably large and growing. Today, with REAL unemployment at almost Depression levels, how can “the rest of the country participate in the upside as well”? What are the causes of of today’s wealth/income inequality? I’d propose that discrimination and inheritance are not as important as before. That leaves stealing: legally (a la CEOs all over, difficult to eradicate, look at young, tanned Mozilla) and (illegally a la Madoff, easier to control) and of course, differences in ability/luck etc a la Steve Jobs (these will endure, a good thing). Simply taxing the “rich” more may raise revenues, I suspect that we’ll end up doing just that, and I agree, but structurally what is there to be done, NOW? as the French say: que faire? Any thoughts?