Monday, April 21, 2008

Financial Times Reports on the Rising Ranks of the Rich

The really rich have been on my mind since last week when I read that David Geffen's yacht is virtually the same size as an Aegis Destroyer, and bigger than any vessel in the US Coast Guard.

Then the Financial Times reports in World's Rich Shrug Off Credit Crunch that around the world, the number of super rich is growing.

There was particularly strong growth of wealthy populations in the emerging economies of China and India, as well as those countries that have access to ­natural resources such as Kazakhstan.
Countries such as Brazil, Canada, Australia and ­Russia also each added more than 8,500 wealthy residents in 2007 on the back of the commodity boom.

The US is still home to most of the world’s truly rich. High net worth individuals make up 1 per cent of the US population, with 3.1m people claiming to be dollar millionaires, and 460 to be billionaires.

“but there is an indication here that the ­plutonomy model retained its strength through 2007"
Well, I for one am glad to read that the market for luxe products is growing and... I've looked up plutonomy so you don't have to.
Plutonomy: The branch of knowledge that deals with the production and distribution of wealth. (from the Greek ploutos wealth and nomos law)

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