Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: elmatador	11/23/2004 4:19:05 AM
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Jay, I think you see this differently. While wealth is controlled by the taxmen in OECD countries, and as such visible for surveys' purpose, in other places, money should be as invisible as possible to keep it away from the T-Men. Note also that house price is a big store of value in OECD countries while in othe rplaces they are cheap. Millionaires Published: November 22 2004 13:45 \| Last updated: November 22 2004 13:45 Western executives tormented by visions of endless “Mandarin in a week” crash courses can breathe a sigh of relief. At least there is one global industry where China is not viewed as a strategic imperative: wealth management. The latest Global Wealth survey from Boston Consulting Group confirms the dominance of the developed world for asset management and private banking groups. Of the world's 93m wealthy households - defined as those with more than $100,000 of assets under management - only 3.4 per cent are in so called BRIC countries - Brazil, Russia, India and China. The number of wealthy BRIC households grew by only only 10 per cent in 2003 in dollar terms, slower than the global rate. Mainland China, so important to marginal global demand, hosts a mere 2.1 per cent of global wealthy households. Wealth remains phenomenally concentrated. The rich and ageing populations of Europe, North America and Japan together account for 86 per cent of global funds under management. Profitability for the financial services sector is even more concentrated. The world's 7m millionaire households own 38 per cent of its funds under management. Administration of their wealth generates about 12 per cent of the financial sector's entire revenue base - more than investment banking's contribution. A very small group of individuals therefore generate a disproportionate chunk of profits. Still, with an average of $4m in the bank, the world's richest households cannot complain too much

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