The old phrase that money loves money has never been more true. If you have considerable finances and assets today you can use those to make more money at your leisure. Whether that is through leasing some of your assets, making smart investments in the stock market or financing new businesses, money does appear to be the key to making more money.
The evidence is there too. Consultant firm Knight Frank recently released its ranks of the ultra-wealthy and it found that those with over $30 million have increased by 6% last year. That means that today there are 513,244 people with over $30 million in assets, an increase of 31,000 people. This is at a time when financial markets are reported to be incredibly volatile and economies are not doing as well as in previous years. It appears that while the super-wealthy are enjoying the current climate, the average person is not.
The International Monetary Fund has reduced its global GDP forecast from 3.5% in January 2019 to 2.9% in January 2020. This marks a ten year low for the percentage. This is a stark contrast to the welfares of the ultra-rich and shows that while those with a lot are getting more, those with little are struggling.
It is good to see that the wealthy are well spread across geographies. While half of the ultra-rich are found in the U.S the rest is made up of a variety of nations and the quickest growing countries are found in Asia and Africa.
The future looks set for the wealthy as overall figures indicate that those with over $30 million will increase by 27% between now and 2024. By then the total figure will be 650,000 people as India, Egypt, China and Vietnam are all set to grow strongly. India currently has 6,000 members in the prestigious group but will increase by 73%. China has the second-highest number of ultra-wealthy at 62,000 but is in the top four fastest-growing providing further evidence of the economic might of China today.
While everyone enjoys seeing an economy doing well and a higher standard of living being introduced around the world it can be frustrating to see poor people remaining in the depths of poverty while those with so much continue to earn more. While many of these millionaires are self-made and deserve all their riches, it is difficult not to think of those in poverty who don’t have the opportunity to make their own fortunes around the world.