Business

Chris Cantell Discusses Business: The Rich Got Richer Last Year
by Silvia Szarkova

There is an old saying stating that rich people get even richer. This was very realistic last year, because according to the global wealth report released by Boston Consulting Group on Thursday this week, personal wealth worldwide grew about 5 percent in comparance to the year 2007. And this a fact throught the world financial market broke down last year. Personal wealth is so on the level of 109.5 trillion dollars and according to the prediction, will still rise also in the future.

Another old saying prooved by time says that money makes money. That was no different last year, because the fastest growth was reported by household who has already been rich, and then among the families in developing regions,such as China and states in Gulf and Karibic.

Also according to the last old saying, not surprisingly, the world´s wealth has got a tendency to be kept by the richest. A fifth of the world´s whole wealth- 21 trillion dollars- is kept by the top 0.001 percent people- extra ordinary rich people holding at least 5 million dollars in assets. Also the richest 1 percent of the whole planet owns 35 percent of the world´s wealth, according to the BCG report.

It is just logic, that also the number of millionaire households is growing- it grew 11 percent- and is now on the level of 10.7 million people, while the biggest jump came from Asia and Latin America. But North America personal wealth slowed to 3.8 percent in comparance to the 9 percent from the 2006. It is no surprise, it is a responce to foreclosure and mortgage problems and housing crisis.

Thing should continue also in upcoming five years- wealth of individuals is expected to rise at least 3 percent annually. The trend- rich get more richer could be caused be some adjustments made by them, to survive the unhosting periods.


related story: http://news.yahoo.com/s/nm/20080904/us_nm/wealthmanagement_report_dc;_ylt=Av8uYoBbvEL_JojZAL3FHyis0NUE

by Silvia Szarkova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.<br><br><font size=2>These news are original content from young talents around the world and are selected for you by Chris Cantell.</font><br>


edited by Beata Biskova

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posted by Blog TechSource @ 1:34 AM