What Recession?

The World Wealth Report was just released. In 2010, the wealthiest 103,000 people on the planet controlled 36.1% of the world’s wealth up from 35.5% in 2009. The minimum for membership in that club is $30m. Imagine if those 103,000 people’s percentage of world wealth continues increasing .6% annually.

40,000 of the 103,000 are U.S. citizens. The number of “high net worth” people with more than $1m to invest (excluding primary residence, collectible items, and consumable goods) is 10.9m, up 8.3% in 2010. The net worth of those 10.9m peeps is estimated to be $42.7 trillion, up 9.7% in 2010.

The U.S. has the most families with more than $100m, 2,692. China has 393 families with more than $100m, an increase of 30% in 2010.

The number of “high net worth” people in Asia (3.3m) surpassed the number in Europe (3.1m) for the first time. China is fourth behind the U.S., Japan, and Germany.

The wealth train has left the station and it’s rolling. And if we’re to believe the Republicans in Congress, the passengers can’t afford a modest bump in their marginal tax rate.

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