The Economist (October 4)
The modern digital revolution “is disrupting and dividing the world of work on a scale not seen for more than a century. Vast wealth is being created without many workers; and for all but an elite few, work no longer guarantees a rising income.” The revolution has brought many benefits and has many more to offer, but a bold government response is necessary to ensure workers will be able to benefit from the digital revolution.
Tags: Benefits, Digital revolution, Disrupting, Elite, Government, Income, Modern, Wealth, Workers
Forbes (February 10, 2014)
“Beijing is becoming more dependent on the U.S. and the rest of the world for its strength and prosperity.” Though it may be the largest holder of U.S. Treasuries, this is not a sign of strength. “The idea that a government gains strength by piling up dollars or other foreign currencies is a mercantilist holdover from the 16th to 18th centuries, when France, Spain and others thought amassing gold and silver was how a country became wealthy. Trade, not hoarding, makes for a powerful economy.”
Tags: Beijing, China, Currencies, Dependent, Dollars, Economy, France, Gold, Government, Hoarding, Mercantilist, Prosperity, Silver, Spain, Strength, Trade, U.S. Treasuries, Wealth
Washington Post (August 2)
Washington may be badly broken, but “it works extremely well for its most important citizens: the lobbyists. The permanent government of the United States is no longer defined by party or a branch but by a profession comfortably encamped around the federal coffers. The result is that Washington has become the wealthiest city in the nation, and its relative position has actually improved over the past five years, during the worst recession in 75 years. The country might be struggling, but K Street is not.”
Tags: Country, Government, K Street, Lobbyists, Recession, Struggling, U.S., Washington, Wealth
Wall Street Journal (August 15)
Singapore is “the world’s richest country.” According to a report from Knight Frank and Citi Private Wealth, Singapore’s per capita GDP (purchasing power parity) of US$56,532 in 2010 “is the highest in the world, topping Norway (US$51, 226), the US (US$45, 511) and Hong Kong (US$45, 301).” According to a report from the Boston Consulting Group, Singapore also “has the highest percentage of millionaire households in the world.”
Singapore is “the world’s richest country.” According to a report from
Knight Frank and Citi Private Wealth, Singapore’s per capita GDP (purchasing power parity) of US$56,532 in 2010 “is the highest in the world, topping Norway (US$51, 226), the US (US$45, 511) and Hong Kong (US$45, 301).” According to a report from the Boston Consulting Group, Singapore also “has the highest percentage of millionaire households in the world.”
New York Times (March 25)
Much has been made of the wealthiest 1 percent this year and the great divergence in fortune separating them from the other 99 percent. “The bottom 99 percent received a microscopic $80 increase in pay per person in 2010, after adjusting for inflation. The top 1 percent had an 11.6 percent increase in income.”
Tags: 1%, 99%, Income expansion, U.S., Wealth
Financial Times (November 13)
“Stock markets have long played a critical role in the global economy, funnelling the wealth of individuals to businesses in need of money to expand…..they have helped turn trading nations into empires, created a multibillion-dollar savings industry and fuelled the growth of 21st-century titans such as Google.” Yet, IPOs have dropped off dramatically in recent years. Experts are divided as to whether this is a temporary change linked to economic upheaval or the sign of a fundamental shift.
Tags: Economy, IPOs, Stock markets, Wealth
Los Angeles Times (November 7)
With much talk of the growing wealth divide, it’s worth noting that “from 1776 to the present, the bottom 60% of the American population…has never had more than 11% of the country’s wealth. We may embrace the American dream of broad prosperity and wealth equity, but we have never been close to achieving it.”
Tags: Equity, Prosperity, U.S., Wealth
The Los Angeles Times (July 5)
2010 is the year to throw grandma off the train. That is, if she lives in the U.S. In 2010 only, there is no estate tax on inheritance. The estate tax expired in 2009. From 2011, estates exceeding $1 million will again be taxed. Dan Duncan became the first billionaire to die during this one-year window. His heirs will not pay taxes on their windfall. The Los Angeles Times opinion piece argues that taxing inheritance is very important for the health of a society, especially in the U.S. where “the wealthiest 1% of Americans own more than 33% of the country’s wealth.”
Bloomberg (June 23)
Worldwide there are 10 million millionaires. For the first time, Asia and Europe boast the same number of millionaires, about 3 million each. North America has slightly more with 3.1 million. Going forward, Bloomberg reports that wealth in Asia ex Japan “will rise at almost double the global pace.”
Tags: Asia, Millionaires, Wealth
