Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/11/2012 (3 years ago)

Catholic Online (www.catholic.org)

Chinese cities seeing their populations of ultra-wealthy increasing exponentially

America prides itself on its free enterprise system and how individuals, by pluck or by luck, can become millionaires with just enough hard work. However - a new survey has seen a growth of the ultra-wealthy in such places such as China and Brazil, giving some people the U.S. a "millionaire-inferiority complex."

For the time being, it's good to be a millionaire -- or future millionaire in Fuzhou.

For the time being, it's good to be a millionaire -- or future millionaire in Fuzhou.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/11/2012 (3 years ago)

Published in Business & Economics

Keywords: Multi-millionaires, East, China, cities, $30 million


LOS ANGELES, CA (Catholic Online) - As an example, WealthInsight shows that Beijing and Shanghai each have more multi-millionaires currently than Los Angeles. The study terms those who are worth $30 million or more as "ultra-high-net-worth individuals."

Beijing has 1,318 people termed "ultra-high-net-worth individuals." Shanghai has 2,028, and both cities are higher than Los Angeles, which has 950 people worth $30 million or more.

New York still towers over the others when it comes to the ultra-highs, with 2,929 people worth $30 million or more.

South American cities such as Sao Paulo and Brazil have 1,310 ultra-highs. That's more than San Francisco, Washington and Miami combined. Moscow is now on par with Chicago when it comes to ultra-highs. Middle Eastern ultra-rich kingdom Mumbai has more than Dallas.

Analysts say that the number of ultra-highs in secondary BRIC cities like Puna, Fuzhou and Chongqing could nearly double over the next four years.

Will this rapid global shift in wealth from West to East and from developed to emerging markets, will continue on its current pace?

WealthInsight predicts that number of millionaires in the BRIC countries will grow by 76 percent by 2016, more than double the growth rate of the past four years.

It says India's millionaire population will more than double, to 511,000, while China's will grow by 82 percent and Brazil's will grow by 40 percent.

However --an economic slowdown in the BRICS and lower stock markets could temper that growth - especially in China.

This is a troubling sing. If fears over a Chinese hard landing were to fully materialize, the number of millionaires would be severely affected: asset prices would fall and wealth would be destroyed."

For the time being, it's good to be a millionaire -- or future millionaire in Fuzhou.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Business & Economics

Driverless cars? Not so fast! Why we'll still be driving ourselves in a hundred years Watch

Image of It's not the AI, but the humans we don't trust.

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

Driverless cars are the wave of the future everyone assumes we'll see within a few years, but sadly, driverless cars are a lot further off then we think. The number of technical and regulatory hurdles are so substantial that they may almost never be overcome. LOS ... continue reading


You won't believe how the U.S. trade deficit relates to unemployment! Watch

Image of The U.S. trade deficit is, in part, due to China's cheap goods (Derek Jones).

By Kenya Sinclair (CALIFORNIA NETWORK)

The U.S. merchandise trade deficit with China reached $365,649,000,000 in 2015. This outrageous number is the result of the United States purchasing goods at low prices and China hardly purchasing anything from America. The result is not only an extreme trade deficit, ... continue reading


ECONOMIC DISASTER LOOMS: Wave of bankruptcies threaten global stability Watch

Image of A leading monetary theorist, William White says that the

By Catholic Online (CALIFORNIA NETWORK)

Waves of bankruptcies worldwide will severely test the world's economic and social stability, Swiss-based chair William White warns. A leading monetary theorist, White says that the "situation is worse than it was in 2007. Our macroeconomic ammunition to fight ... continue reading


Here's what they're really talking about at Davos -- it's not what they want you to think Watch

Image of The world economy is about to tank, or so it seems from the talk at Davos.

By David Drudge (CALIFORNIA NETWORK)

The agenda for Davos is about the future, and is intended to be optimistic, but discussion between the attendees is worrisome as they focus on serious, near-term financial threats. The world economy is on the brink and there are few tools left to fight recession. LOS ... continue reading


GRIM FORECAST: What jobs will be lost in the next FIVE years? A new report has shocking bad news for YOU Watch

Image of The Fourth Industrial Revolution will create a lot of casualties. How are we to cope?

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

A new paper released ahead of the World Economic Forum in Davos predicts that women in particular are at serious risk of losing their jobs within the next several years due to the emergence of new technology. The changes in the marketplace will hit wealthy countries ... continue reading


Retail giant Wal-Mart closing 269 stores in U.S. and Brazil Watch

Image of Of the closures announced Friday, 154 locations will be in the U.S., including the company's 102 smallest-format stores called Wal-Mart Express.

By Catholic Online (CALIFORNIA NETWORK)

Wal-Mart, the uncontested retail giant is just as susceptible to the difficulties of market demands as anybody else is. Wal-Mart has announced that it will be closing 269 markets in both the United States and Brail, the latter the result of a souring economy. ... continue reading


More than $5,000 in taxes collected for every U.S. worker - government still IN DEFICIT Watch

Image of There were 147,439,000 people employed in the United States in December 2014.

By Catholic Online (CALIFORNIA NETWORK)

In what should come as no surprise - tax revenue generated for the first three months of fiscal 2016 -- October through December of 2015 - set an all time record. This did not translate in a reduction of the federal deficit. The Internal revenue Service ... continue reading


U.S. economy to suffer because of China collapse Watch

Image of Chinese markets slid on Thursday, forcing a shutdown.

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

Another day of losses has hit markets around the globe, starting with a slide so fast and so deep in the Chinese markets that trading was halted. The ripples of the Chinese collapse are being felt around the world with U.S. markets dropping at least 1 percent. LOS ... continue reading


World's richest will meet in Davos, to decide how best to DISPOSE of you Watch

Image of The language of the forum is very benevolent, but make no mistake, the people gathering there don't have your best interest in mind. If they did, the world would be a much different place --and they wouldn't need snipers.

By Marshall Connolly, Catholic Online (THE CALIFORNIA NETWORK)

The Davos men are coming, and guess what's on their agenda? How they will carve up the new world created by the Fourth Industrial Revolution. LOS ANGELES, CA (California Network) - Known formally as the World Economic Forum, the annual meeting of the world's most ... continue reading


NOT-SO FUNNY MONEY: Weird currency in Israel collages American $100 bills with jihadist leaders Watch

Image of Israeli police are investigating the origin of the bills, which was being sent for a forensic analysis.

By Catholic Online (CALIFORNIA NETWORK)

Odd "play money" that collages the American $100 bill with photos of jihadist group leaders have been discovered in northern Israel. Discovered in the northern Israeli town of Sde Eliezer, authorities are stumped to the bills' origin and purpose. LOS ANGELES, ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Daily Readings for Thursday, February 11, 2016
  • Can you answer these four challenging questions about Lent?
  • St. Paschal: Saint of the Day for Thursday, February 11, 2016
  • Stations of the Cross - Fourth Station: Jesus meets his mother HD Video
  • Take this thought provoking Stations of the Cross survey
  • Is Valentine's Day...? (Take the quick survey!)
  • Palm Sunday HD Video

Daily Readings

Reading 1, Deuteronomy 30:15-20
15 'Look, today I am offering you life and prosperity, death and ... Read More

Psalm, Psalms 1:1-2, 3, 4, 6
1 How blessed is anyone who rejects the advice of the wicked and does not ... Read More

Gospel, Luke 9:22-25
22 He said, 'The Son of man is destined to suffer grievously, to be ... Read More

Saint of the Day

Saint of the Day for February 11th, 2016 Image

St. Paschal
February 11: Paschal was the son of Bonosus, a Roman. He ... Read More