wealth

Property tax has sting in the tail

February 14, 2017

A new a wealth tax on properties in Portugal valued at more than €600,000 (£507,700) has been introduced by the Portuguese government, a leading UK property website reports. The new property levy, which is an annual rate of 0.3% on properties valued at over €600,000, replaces a 1% charge on homes valued above €1m (£846,000), […]

New Zealand haven for hot money

February 10, 2017

A flamboyant Malaysian financier linked to an international money-laundering probe has laid bare New Zealand’s surprising appeal as a destination for the ultra- rich to park their wealth, the Straits Times reports. Family members of Mr Low Taek Jho, who is suspected by US officials of diverting money from 1Malaysia Development Berhad (1MDB), are beneficiaries […]

Hungary near bottom of pile

February 9, 2017

Hungary has fared poorly in a report released by the Central Statistical Office that details household wealth statistics, the first such survey ever conducted in the country, according to the Budapest Beacon. The survey was coordinated by the Household Finance and Consumption Network of the European Central Bank, which has conducted similar surveys in Eurozone countries since 2006, with […]

HNW Canadians ‘not ready’

February 1, 2017

When it comes to giving and receiving wealth, most high net worth Canadians are woefully unprepared to transfer their inheritance, with less than one-in-four having a full plan in place. Yet within a generation, an estimated $400 billion CAD is going to change hands. According to new research by RBC Wealth Management, conducted in collaboration […]

Koreans prefer stocks for wealth transfer

February 1, 2017

Stocks, more often than real estate, are used by the rich in South Korea to transfer wealth to their offspring or spouses. Shares accounted for 5.1 trillion won (US$4.38 billion) or 61.8 percent of the 8.3 trillion won worth of wealth bequeathed to their children or spouses by those who transferred 5 billion won or […]

Ecuador in tax haven initiative

January 31, 2017

The new chair of the United Nations G77, Ecuador, is lobbying for an independent UN body that will eliminate tax havens and illicit financial flows which affect the world’s poorer nation. Practicing what it preaches, Ecuador says it is the world’s first country to hold a nation-wide referendum on tax havens, scheduled to take place […]

Wealth fee structure ‘broken’

January 27, 2017

A report has slammed the ‘broken’ wealth percentage fee structural model. The study, compiled by London-based financial planning firm Capital Asset Management (CAM), believes the wealth management advice fee, which typically stands at around 1% a year, ‘eats away at the money being invested but the real consequence is rarely seen, known, or understood by […]

UBS to try charming women

January 25, 2017

The wealth management arm of Swiss bank UBS has announced plans to refocus its advisory services to serve women better, saying it wants to attract more female clients as a matter of priority, according to a Financial Times report. UBS calculates that the global wealth of women is expected to to grow from $13 trillion […]

“Something needs to be done” – Lagarde

January 19, 2017

International Monetary Fund Managing Director Christine Lagarde called for greater wealth distribution to respond to populist advances across the world, while hedge fund billionaire Ray Dalio predicted the possible end of globalisation. Policy makers “really have to think it through and see what can be done” given the feedback from voters who say “No,” Lagarde […]

Property where the wealth is

January 19, 2017

The UK’s housing stock is now worth 3.65 times Britain’s GDP, says Savills in a new analysis published on Thursday, January 19. Key findings: UK housing stock value stands at a record £6.79tn, up £491bn in 2016 and £1.86tn in 5 years; Private housing equity topped £5tn for the first time; Outer London outpaced central […]