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Thread: Fewer US Millionaires: Europe Overtakes North America As Richest Region In the World

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    Fewer US Millionaires: Europe Overtakes North America As Richest Region In the World

    A new report on global wealth says that Europe has overtaken the United States to become the richest region in the world. But the Americans still have more millionaires then the EU -- and should you want to marry one, you might be better off in Singapore or the Middle East.

    From dishwasher to millionaire. If that's the sort of career you want, then there's no place like the USA. It is the land of unlimited opportunity. But over the last 12 months many Americans have also come to learn about opportunities that lead in the opposite direction: from millionaire to dishwasher, for instance.

    The worst global recession in decades has left its mark on the world's economic powers, but no nation has been affected quite as badly as the US, wealth dropped by 22 percent -- almost double the worldwide average. The "Global Wealth Report" released by the Boston Consulting Group (BCG) on the anniversary of the Lehman Brother's bank collapse indicates that Europe has overtaken North America to become the world's wealthiest region.

    America Poorer, Europe Richer

    BCG's Global Wealth report looks at the value of assets held by the asset management industry. According to these figures the world's wealth dropped almost 12 percent, going from $104.7 trillion in 2007 to $92.4 trillion in 2008. This is the first worldwide contraction in these kinds of assets in nearly 10 years, the study said. And while North America -- which includes both the US and Canada -- had $29.3 trillion, Europe had around $32.7 trillion in assets under management. So it would appear that the Europeans have been rewarded for their traditional caution in this crisis. Despite Europe's strong position, the United States still remains the world's wealthiest country, with $27.1 in assets under management.

    The drop in wealth isn't entirely a result of the financial crisis -- money has been shifting around for other reasons too. As BCG says in a statement accompanying the report, "stung by losses and scandals, clients shifted their assets to basic, low-margin investments."

    "A lot of investors withdrew money, some to settle debts and some to shift money into assets deemed less risky -- such as real estate or gold," Ludger Kübel-Sorger, director of BCG in Frankfurt, said.

    Worldwide Fewer Millionaires

    The number of millionaires around the world also decreased. In 2007 there were 11 million, but in 2008, the world could only produce 9 million, a drop of 17.8 percent. Both Europe and North America lost 22 percent of their millionaires, although the US can still claim to have the most of any country with 3.9 million millionaires. But this is only 3.5 percent of the American population. Other countries have more millionaires per capita, with 8.5 percent of Singapore's population making it as millionaires, Switzerland boasting 6.6 percent, Kuwait 5.1 percent and the United Arab Emirates 4.5 percent.

    And another point for discussion arises out of this report too -- the more money you had before the financial crisis, the more risks you were taking, making any investments at all. Which is why you have come out of this crisis looking poorer. If you had no savings and no investments, you may have lost in other ways that this BCG survey does not take into account. And this is why the financial crisis appears to have hit the financial elite harder -- that is, those defined by the study as having liquid assets of $5 million dollars or more. They simply had more to lose.

    Latin America was the only region where wealth increased. There assets under management grew by 3 percent in 2008. According to the BCG report, wealth levels are expected to rise again but not until 2013. Although, they say, levels may rise faster in the Asia Pacific region, in centers like Singapore and Hong Kong, where BCG expects better than average growth in the coming years.
    http://www.spiegel.de/international/...649389,00.html

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    That news should attract a few more immigrants to europe....congratulations!

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    Besides the real estate bubble burst & the decline of the stock market, the US$ has also declined vs. the Euro. This has attributed to Americans being poorer in comparison to Europeans.

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    Really though, who cares? I don't worship money nor do I let it rule me. The only debt I have is my mortgage and I hope to have that paid off in the next couple of years.

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    And just think there is more ' Hope and Change ' to come!

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    A few words on this. Those few families that manipulate and control things behind the scenes are preparing to shift power out of the United States and spread things out more evenly over a global empire. I also theorize that they will economically build up East Europe. The other major fact is that inevitably the failed ideology of the west has been destroying the U.S. since the 70s. Our average I.Q. is going down, our culture is going down hill, work ethic etc down etc.

    Money is important. Well not money, but wealth. We need the power to affect change. We need food in our mouths. True wealth really lies in your family and friends more so than in dollars. It also lies in being self sufficient. A collapsed economy would not have a lot of effect on someone with a strong network of allies and who produces much of the things he needs himself.

    But about people going from dishwasher to millionaire its all propaganda. I hear it over and over. I would get a job at a grocery store and they would say "well the CEO who is making millions of dollars a year started out as a bagger here". I would think wow thats incredible. He must have advanced at a break neck speed. When I get on despite being intelligent and doing very good work I never get trained for any advancement or never get promoted. I look around me and the only people to get promoted are people who have been there for 10 years. And this is only a very small low level promotion. Same with any fast food joint or any where else I've worked. Even if you do twice the work of other people you don't get paid a cent more.

    So I look into this. The bagger now CEO was like the owners son who bagged grocerys for a couple weeks when he was 16 or something like that. The vast majority of the rich in this country were born into wealth and most poor people were born into poverty. I believe there was a time in the colonial days or something where a number of poor people became wealthy. Short of hitting the lottery or getting a record contract it isn't going to happen. And these account for less than one tenth of one percent of the people. Probably far less than that really. Even those people most of them loose their wealth down the road.

    I would say it is possible here to go from broke to making a lot of money if you have government help (which is mainly focused on Asians and such) or if you have a strong community who will help you or a strong family (actually again whites seem to lack this in our country). I'd say you could also start out poor and maybe get a good paying job, but I wouldn't call it rich. You might be able to go from broke to rich in a few generations though if your blood is good and you're determined, but finding mates that aren't going to corrupt the blood is near impossible if you're poor. It's all a myth about America. I've heard a lot of foriegners coming here and being like "this is it?" they hear of a place where the streets are paved with gold or something then they come here and live in poverty. One mexican said Cincinnati looked like Mexico with paved streets. There's a big disconnect between the reality I see on TV, in the media etc. and what I see in real life. America has a lot of wealth but most of that is spent on welfare (which those people are poor even if you spend a million dollars a year on them) or it goes to the top richest people in the country. As far as the nation most of its wealth goes to military spending which is like higher than the rest of the world combined or something. So not even the government has money to spread around because its all so absurdly managed.

    American jobs do pay a bit more than Europe but you can get laid off at any time and there's less social safety nets. Business owners make more money than in Europe because they don't have to care about their workers as much. That's about the main difference.

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