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Loose Cannons14 July 2007
Money for nothing
“The 11th annual study of 71 countries by investment bank Merrill Lynch and consultancy firm, Capgemini found that buoyant economic growth across the world pushed the riches of ‘high net worth individuals’ (HNWI) up by a hefty 11.4% last year… High-net worth individuals are those with US$1m to invest in financial assets excluding first homes… Part of the rise in world wealth last year came from booming stock markets… There were 9.5 million HNWIs last year, according to the report — a rise of 8.3% from 2005.” — British Guardian, June 27. Investment passions “The report found that as the rich got richer, the demand for luxury products increased, making them more expensive… The world’s millionaires nevertheless devoted about a quarter of their ‘investments of passion’ to yachts and private jets, dubbed ‘mobile mansions’, and a fifth to art.” — British Guardian, June 27. 2.7 billion althoughs “It is a myth that the advent of globalization has been accompanied by a rise in poverty and inequality. In fact, the percentage of the world’s population that is poor has actually fallen over the past two decades (although 2.7 billion people still live on less than $2 a day).” — Foreign Affairs, July/August 2007. Capitalism at work “Rapid economic growth has lifted millions in Asia out of extreme poverty, but the continent has at the same time experienced a dramatic rise in income inequality, the United Nations said in a report Monday… The share of income of the poorest 25% of the population in the region declined to 4.5% in 2004 from 7.3% in 1990.” — Associated Press, July 2. |
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