Surprising results for wealth survey

The richest Americans are much less likely to have inherited their wealth than their counterparts in many supposedly more egalitarian countries. They’re not remarkably rich in degrees from elite universities. Rich Democrats have more social connections than rich Republicans. These are some surprising insights from a new study of the very wealthy by Jonathan Wai […]

Young Chinese in spending shift

Middle-class and affluent young Chinese consumers favour imported goods and have big ambitions to travel, according to the results of a recent survey of over 2,000 18 to 34 year-olds by HSBC. Conducted by the bank between August 10 and 15 on individuals from major cities making more than RMB120,000 (approximately US$18,000), the results found […]

Mumbai India’s richest city

India’s financial capital Mumbai, home to 45,000 millionaires and 28 billionaires, is the wealthiest city in the country with total wealth of $820 billion. According to New World Wealth, Mumbai is followed by Delhi and Bengaluru at the second and third place respectively. While Delhi, home to 22,000 millionaires and 18 billionaires has total wealth […]

Brexit is the hot topic

A packed agenda for the London Wealth Forum and Safe Havens Conference on October 4 will focus on the challenges and opportunities following the Brexit vote. Following the opening speaker, Andrew Hawkins of ComRes, who will address the topic How did it happen and what happens next, Professor Michael Mainelli, co-founder of ZYen, will focus […]

Bill Gates dethroned?

Just weeks after Bill Gates’ estimated net worth was said to hit a record high, the billionaire behind Spanish clothing giant Zara has dethroned the Microsoft co-founder, according to Forbes. The magazine reports that Amancio Ortega’s net worth reached somewhere “from $77.8 billion to $79.5 billion” on Wednesday, taking the number one spot from Gates, […]

Top challenge: regulation

At Hong Kong’s Wealth Management Summit on Wednesday, September 7, the Private Wealth Management Association, which includes 46 private wealth management organisations in Hong Kong, said the industry has at least $700 billion assets under management, exceeding the $600 billion AUM surveyed by WealthX. This makes Hong Kong the world’s fifth largest offshore wealth centre. […]

Russia ‘most unequal’ country

Russia is the most unequal major economy in the world, with almost two-thirds of its wealth controlled by millionaires, a wealth research company has said. Sixty-two percent of Russia’s wealth is held by U.S. dollar-millionaires and 26 percent of its wealth is held by billionaires, New World Wealth said in a report on Wednesday. Russia’s […]

Most expensive tear-down

In 2008, Donald Trump sold a Palm Beach, Florida, estate for $95 million, making it the most expensive single residential property ever sold in town. Now the property is about to set another record – as Palm Beach’s most expensive tear-down. Backhoe loaders and dump trucks have started crushing and carting away the 5,736 square-metre French provincial […]

Scotland comes out on top

Scotland has experienced the biggest annual increase in household wealth in the UK, according to an in-depth report released by a major bank. Barclays’ Prosperity Map reveals that every region in Britain is more prosperous than last year and that Scotland saw the highest rise household wealth, increasing by 13 per cent compared with 12 […]

South Korean lawmakers multi-millionaires

South Korean lawmakers’ average assets have been estimated at 3.42 billion won ($3.06 million), data showed Friday, with the richest figure holding a whopping 234.1 billion won. According to the data compiled by the ethics commission of the National Assembly, lawmakers of the main opposition Minjoo Party of Korea held 5.2 billion won on average, […]

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