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Mega-Rich Grow in BRIC Countries, U.S.
August 14, 2012
By Michael Foster, Big4.com Blogger
Over 18,000 people worth $100 million or more live in Southeast Asia, China, and Japan in countries where the average salary ranges from $10 to $125 per day.
These figures come from KPMG’s The Wealth Report 2012, which also found that the highest number of multi-millionaires occure in nations with the largest income disparities, including the BRIC countries (Brazil, Russia, India, and China, including Hong Kong), as well as the United States. KPMG predicts that these regions will see the biggest rise in multi-millionaire wealth, with the biggest gains occurring in India and China.
The study also concluded that the number of centa-millionaires will grow in large, poor nations like the BRICs as the result of higher concentrations of wealth amongst the richest social classes and the large profit margins of these low-wage nations.
At the same time, mobility amongst the world’s wealthiest is higher, which may result in an exit of wealth from Asian nations. The number of wealthy Chinese moving out of China is on the increase.
The study also uncovered the increasing urbanization of the world’s rich, with the wealthy maintaining basis in so-called world cities such as New York, London, and Hong Kong. The study also said that “middleweight” cities such as linyi, Kelamayi, and Guiyang in China as well as Concepcion and Belem in Latin America may see high growth both in terms of population and in terms of the number of rich living in these cities. The study also concluded that these cities are “global growth engines” where a reduction in poverty and a fast-growing middle class may result in more market opportunities for globally-minded buisnesses.