Ultra-Rich World Getting Much Better

Washington. A naked 0.004 percent of the adult population in the world controls nearly $ 30 trillion in assets, 13 percent of the total wealth of the world, according to a new study released Thursday.

And perhaps unsurprisingly, the study of the Swiss bank UBS and luxury industry consultant Wealth-X said the camp of the money in the hands of the ultra-rich are growing.

The report said 211,275 people who qualify as "ultra-high net worth" (UHNW) - those with assets above $ 30 million. Of these, 2325 have more than $ 1 billion.

Their numbers grew 6 percent from last year, but their wealth grew 7 percent, market assets such as stocks and assets soared in many places around the world.

The fastest growth, in fact, came to the "demi-billionaire" group worth half a billion to a billion dollars apiece, said the study.

"Even in the midst of geopolitical conflicts, socio-economic strife, and volatile currency markets, equity markets around the world shown strong presentation, and thereby enabling UHNW wealth individuals' to and increase their influence across industries and sectors to grow - from their importance in the management of their wealth in the consumption of luxury goods, "it said.

"Such a large concentration of wealth in the hands of a few individuals means that they tend to have a large degree of influence, whether in global equity markets or specific industry."

Nearly $ 30000000000000 controls the elite group, just over one-third are in the hands of tycoons in North America, more than a quarter in Europe and 23 percent in Asia.

Of these, 87 percent were male, the average age of 59, and nearly one-quarter of them are in banking. Of these, 68 percent are "self-made" rich, 13 percent rich by inheritance, and the rest of the combination of the two.

The average ultra-rich woman is 57, and more likely to be involved in non-profit and social organizations (19 percent) than in other sectors. Nearly half have become rich by inheritance, while one-third were self-made wealthy.

As F. Scott Fitzgerald wrote, the rich are different. The average UHNW-ER spent $ 1 million a year on luxury goods and services.

But, pointing out the study, luxury items can be "integral part of their lifestyle and not necessarily considered a 'luxury.'"

"For example, UHNW individuals with private jet use their aircraft are not only for leisure, but also for business purposes. On the other hand, while yachts, superyachts and especially, is usually a non-requirement , many individuals UHNW lead very public lives, and the privacy of a family holiday on a yacht is a very special treat. "

Agence France-Presse


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Australia’s Central Bank Sees Rates Staying Low for Some Time Given Spare Capacity

Melbourne. Australia's top central banker said on Tuesday it would keep interest rates very low for some time longer, while steps to contain the over-excitement in the housing market finely calibrated rather boring.

Reserve Bank of Australia (RBA) governor Glenn Stevens said there was plenty of spare capacity in the economy at this time that the mining investment boom subsided, which should keep inflation contained.

"In this case, you have an accommodative monetary policy and, in this indication, it might be more like it for some time," said Stevens dinner business economists.

In fact, Stevens made a sound as if there is a strict policy thinking is a distant prospect.

"There is enough spare resources as possible makes us able to enjoy several years of non-mining sectors of the construction of a little above the level of the trend before we worry too much about serious inflationary pressures," he said.

Financial markets implies no possibility of a rate increase for at least the next 12 months, although many economists thought possible transition from the third quarter of next year.

Places economy has become home prices, which have risen at double-digit annual rate in recent months largely because of demand from investors in the property.

Stevens stressed that this is not a bad thing in itself, especially since it spurred the revival that is needed in the construction of the house while supporting household wealth and spending.

"But for accommodative monetary policy to support the economy of the most effective overall, it's good if the bags of potential over-excitement does not get too carried away," he said.

As a result, the RBA cooperate with other regulators on a plan for a "suitable calibrated and committed action" to ensure that banks maintain their lending criteria.

The Australian Prudential Regulation Authority, which oversees the bank, said the announcement of the possibility of tighter lending standards before the end of the year.

Stevens also any action taken by the mind to prolong the recovery in home building.

"A high level of construction, be maintained for a long time, certainly better to boom and bust cycles are very sharp," he said.

Reuters

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