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Source: The Economist

 

 

There are 12 million people on the planet that had investible assets of more than $1 million dollars.

Collectively, this group controls $46.2 trillion dollars (2012).

A quarter of them live in America (3.4m); followed by almost a sixth in Japan (1.9m) and a twelfth in Germany (over 1m). China and Great Britain round out the top 5.

All data via The Economist.

 

Category: Wages & Income, Wealth Management

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

13 Responses to “Where the Wealthy Folk Are”

  1. denim says:

    I am appalled. A 12% increase over last year and I missed becoming one of them.

  2. stonedwino says:

    “Money, money, money, must be funny…in a rich man’s world…”

    The 1% are doing just fine in the good old US of A…

  3. TerryC says:

    How about a per capita chart instead? I noticed even The Economist article didn’t have one. If it’s per capita, I’m guessing Canada, Australia and Switzerland beat the US.

  4. TerryC says:

    And Japan.

  5. ciwood says:

    Since when did one million in my retirement account generating $35,000 a year in income make me wealthy and a member of the 1%? I would willingly trade my wealth for a government pension of $100,000 a year with cost of living raises.

    • WKWV says:

      Government pensions are usually a lot less than $100,000 per year. Either you’re on salary and don’t get paid overtime or you would have to put in 50 or 60 years on the job.

    • TerryC says:

      My wife worked for the Post Office for 32 years, and only gets a $25,000 a year pension. And, the money that she would have paid into Social Security she paid into her retirement for all those years, so I don’t think that is excessive.

    • Winchupuata says:

      Since when? Since 99% doesn’t have anywhere near that amount on their accounts, that’s what makes you a member of the 1%, or do you think it’s normal for the big majority of people, in the US or the rest of the world, to have one million dollars.

    • winstongator says:

      So you hold no stocks, no real estate assets? Half your portfolio in stocks would have changed your return from 3.5% to over 10% over the past 12 months and much better since 2009.

      If you think having $1Mil in a retirement account doesn’t make you rich, go out and talk to people about money. See how many share your situation, and how those that don’t share it feel about their own situations.

  6. Jack says:

    So “wealthy” is now defined as $1M in “investible” assets. Who picked that number and why is it applicable across multiple countries? I guess this is a conversation piece, not a statement of fact.

  7. SecondLook says:

    This topic sparked to take a quick and dirty look at what a million might mean, relatively speaking, across the countries.

    Just using consumer prices differential (including rent), this is what I found:

    Japan is about 24% more expensive than the US. So, roughly you need about quarter of a million more to match minimum wealth lifestyles.
    Germany is about on par with US, about 3% more – generally speaking – expensive.
    China is about 29% cheaper (remember, we are talking about comparable lifestyles here).
    The United Kingdom is, somewhat surprisingly (to me), about as expensive than Japan, 23% higher cost of living.
    France is better than the UK at 18% higher; mostly due to lower rental costs on average.
    14.5% higher expenses for those Canadian millionaires, but compared to your own countrymen, you’re a bit more wealthy than your American counterparts.
    Pity the Swiss millionaire, she had to have almost 84% more money to match the life of her US cousins.
    Aussies have it almost as bad – their cost of living is around 56% higher. For both beauty and costs, think of Eastern Australia (where most people are) as similar to on/near the beach California…
    Italy is pretty much like Canada, 16% more expensive, but being a millionaire in Italy gives you a great deal more economic cachet, so to speak.
    Brazil has issues, the growing pains of a country transitioning. However, cost of living relatively makes Brazilians nearly as well off as the Chinese wealthy class – approximately 25% cheaper than the US.
    South Korean well off have, like the Germans, a close to ours cost of living.

    So, no surprise, being wealthy in emerging countries – China and Brazil – gives you more bang for your bucks. However, you have to factor in levels of taxation, financial security, general quality of life (that Gini index stuff), to get really a good idea of how well off is really well off in various countries.