millionaires

South America's First Luxury Fair Coming to Brazil in November

Filed under: Events, Wealth, Luxury Shopping

Sao Paulo in Brazil will host the very first luxury fair in South America from November 23 – 25, an indication of the growing economic clout of the country and the BRIC nations in general. Modeled on the millionaires' fairs popular in places like Moscow, Expo Luxo will feature the latest high-end products including luxury cars, yachts, private jets, helicopters, jewelery, watches, fashion, electronics and technology, home decor, cosmetics, real estate, spirits, gourmet goods and artwork, along with providers of "premium and luxury" services such as architecture, interior design, landscaping, concierge services, private chefs and more. Over 100 international exhibitors are expected along with an audience of about 35,000.

Tags: Brazil, BRIC, economics, events, Expo Luxo, helicopters, luxury fair, millionaire fair, millionaires, South America, wealth

How Many Millionaires Are There in the World?

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

How many millionaires are there in the world today? It depends on what you mean by "millionaire". The Economist reports that there are two different "official" methods for determining who makes the cut. Capegemini, a financial consultancy, defines a millionaire as anyone with investable assets of $1 million or more – meaning that they actually have over a million dollars as that doesn't include the home in which they live, for instance. By this measure there are about 10 million millionaires on the planet, according to Capegemini and Merrill Lynch. Mega bank Credit Suisse uses a different definition, however, denoting anyone whose net assets exceed $1 million a millionaire. In those terms, there are 24.2 million millionaires on the planet – about 0.5% of the world's adult population, or more than the entire population of Australia. 41% of them live in the U.S., 10% in Japan and 3% in China.

Tags: Merrill Lynch, millionaire, millionaires, money, wealth

NYC Named America's Richest City With Over 650,000 Millionaires

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

New York has been named America's richest city with a record 667,000 high-net worth individuals, or people with $1 million or more in investible assets, recorded as living there in 2009. The figure, 18.7% higher than in 2008, comes from the new Metro Wealth Index created by consulting firm Capgemini, the Wall St. Journal reports. New York not only topped the list but demolished the competition, with a sum greater than the total of the next three runners up combined – Los Angeles, Chicago and Washington. The number of millionaires in New York City – some of whom are of course billionaires – is now greater than the entire population of Boston. While growth is up across the board over 2008, only New York, D.C. (#4), Houston (#9) and San Jose (#10) are now above their 2007 or pre-recession levels, with the rest still languishing behind.

Tags: Boston, Chicago, Detroit, Houston, Los Angeles, millionaires, New York, Philadelphia, San Francisco, San Jose, Washington, wealth

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Spectrem Group Reports That Millionaires Are On The Rise Again!

by Deb West (RSS feed) —

Filed under: Wealth

We've been reporting for a while now that the number of millionaires in the United states has been dropping. This is no surprise given the economic downturn the country has experienced. On Tuesday the Spectrem Group released a report stating that after a huge drop in the number of millionaires that the number of affluent households is starting to show signs of improvement.

According to their market research, after a sharp decline in wealth in 2008, the number of United States millionaires grew 16% to 7.8 million in 2009. The group reported that in 2007 a total of 9.2 households claimed millionaire status, the highest number in a ten year period that began in 1997. The Ultra High Net Worth households, considered to be those with a net worth of 5 million or more, also demonstrated a rebound of 17% to 980,00 in 2009. The market findings are based on the Spectrem Group's "Affluent Market Insights 2010" which is a survey that they claim has an error margin of plus or minus 4.4 percentage points.

The President of Spectrem Group George H. Walper, is quoted in the press release as saying it is" welcome news for an economy still working to recover." They conclude that while things are looking up due to the improvement of some asset classes the real estate market and general economy is still keeping the total number of millionaires well below its previous 1997 high. In an interesting related analysis, the company also researches a monthly Millionaire Investor Confidence Index which was down a point. It was also at the same level as the Affluent Investor Confidence Index (affluent being described as those with a $500,000 or over net worth) which is an unusual finding as the millionaires tend to be generally more optimistic than the affluent.

Tags: investor confidence, market research, Market-news, millionaire, millionaires, spectrem group, SpectremGroup, spending, ultra high net worth households, wealth, wealth survey

Number Of Millionaires Drops Sharply

by Deidre Woollard (RSS feed) —

Filed under: Wealth

That millionaire next door might not be a millionaire anymore. A recent report from the Boston Consulting Group shows that the number of millionaire households around the world fell from around 11 million in 2007 to 9 million last year, around 18 percent. In North America the number was even higher, a 22 percent drop. Global wealth overall has also declined dramatically.

The world's richest people are responsible for doing a greater share of the resource consuming and economy driving. While many say that the economy is beginning to recover there is the possibility that as 24/7 Wall Street put it, that we are looking at not just a jobless recovery but a "wealthless" one as well. While it can be hard to be sympathetic for the rich who are losing their ability to buy yachts or stay in five-star hotels, those indulgences are major economic drivers. The lack of disposable wealth also ends up affecting not just providers of luxury goods and services but also various philanthropic organizations.

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Tags: finances, millionaires, money, spending

Hawaii, Land Of The Millionaires?

by Deidre Woollard (RSS feed) —

Filed under: Wealth

If you want to hang with the wealthy you might want to head to Hawaii. Phoenix Marketing International has announced the results of their latest study which shows that Hawaii remains the state with the largest percentage of millionaires per the overall population. In the Aloha State as in most everywhere else, the amount of millionaires has diminished over the past year. They led the list last year with 7.26 percent of the population and continue to dominate in 2009 with 6.4 percent of Hawaii's households being worth $1 million or more in investable or liquid assets, (excluding sponsored retirement plans and real estate).

The other states in the top five are Maryland (6.3 percent), New Jersey (6.2 percent), and Connecticut (6.2 percent), an order of ranking unchanged since 2008 with Virginia sneaking into the top five at 5.5 percent, displacing Massachusetts which is now in sixth place. Since this list ranks the percentage per population the smaller states have a better shot at making it to the top.

Where can you find the lowest percentage of millionaires? That would be Mississippi which has owned the bottom spot for the past four years and hits a new low this year with 3.06 percentage of the population being millionaires. The state with the most millionaire households is California with 662,735 or 5.28 percent of the population. The complete list is available as a PDF download here.

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Tags: hawaii, millionaire, millionaires, states with most millionaires, StatesWithMostMillionaires, wealth

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Amount Of Millionaires Fell In 2008

by Deidre Woollard (RSS feed) —

Filed under: Wealth

A couple years ago, the world marveled at the rate at which the ranks of millionaires swelled. Now we are watching them shrink. A new survey by Capgemini and Merrill Lynch & Co. shows that the amount of millionaires shrank at the fastest rate on record in 2008. The number of millionaires sank by 15 percent to 8.6 million basically undoing the gains of the last two years. Millionaires saw their assets diminish by 20 percent down to $32.8 trillion.

The survey also shows that we won't have to wait to long to see the financial wealth of Asia-Pacific millionaires eclipse that of North American millionaires. By 2013, as the value of millionaires' assets globally are rising again, China and other nations will be ruling the roost. Currently the U.S. is home to the most millionaires and last year China moved into the fourth slot behind the U.S., Japan and Germany. The U.S. also lost more millionaires last year, the number fell by 19 percent. Dan Sontag, president of Merrill Lynch Global Wealth Management says that 55 millionaires are being created in China every day.

What's particularly interesting is that almost 30 percent of wealthy clients surveyed either took assets out or left their wealth management firms entirely in 2008 and 46 percent report that they confidence in their advisers. These types of numbers seem to indicate that a profound shift in the wealth management business might be required. In a press release Bertrand Lavayssiere, Managing Director Global Financial Services, Capgemini says that the research shows that "while client satisfaction remains a top priority, many wealth management firms and advisors may not fully understand what drives clients to leave or stay." He calls for firms to look at their capabilities to "ensure simplicity and transparency" in their business.

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Tags: millionaires, money, wealth

Number of World's Billionaires in Sharp Decline

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

My colleague Deidre Woollard just reported that the number of millionaire households in the U.S. has shrunk to its lowest level since 2003. To that we can now add that the number of billionaires in the world has also seen a steep decline.

According to Forbes' newly-released annual list of the world's billionaires, there are now only 793 billionaires around the globe, down from 1,125 a year ago. That means 332 people lost their billionaire status.

This year the exclusive group has an average net worth of $3 billion, down 23% in 12 months, making for a loss of some $1.4 trillion. Americans now account for 44% of the money and 45% of the list's slots, up 7 and 3 percentage points from last year, respectively. Some billionaires have fared better than others, though most have lost masses of money.

Bill Gates lost $18 billion but regained his title as the world's richest man with a $40 billion fortune. Warren Buffett, last year's No. 1, saw his fortune decline $25 billion as shares of Berkshire Hathaway fell nearly 50% in 12 months, and is in the No. 2 slot with $37 billion. Mexican telecom titan Carlos Slim Helú maintains his spot in the top three but lost $25 billion, and is now worth $35 billion.

Gallery: 10 Common Myths About Wealth and Luxury

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Tags: Bill Gates, BillGates, Billionaire, billionaires, Carlos Slim, CarlosSlim, Forbes, millionaires, money, Warren Buffett, WarrenBuffett, wealth

How the Rich Spend Their Money

by Rigel Celeste (RSS feed) —

Filed under: Celebrity Shopping

Having a million dollars isn't what it used to be. In fact, having a million dollars in the bank in today's world only equates to being a "middle-class millionaire." To be truly rich you'll have to clear somewhere around $10 million in the bank, and to be considered "crazy wealthy" those stacks of dough will need to add up to more than $30 million. That is a lot of money.

So what to the rich and the crazy-wealthy of the world do with all that cash? Of course they all have their quirks, but some things are pretty consistent: lavish home improvements (think private massage rooms and relaxing zen gardens), one-of-a-kind jewels and jewelry, obnoxiously fast and expensive vehicles, fashion fashion fashion, lots of traveling to exotic locations, and of course all kinds of conveniences and amenities like concierge services and fine dining.

If you had unlimited funds what would you most look forward to spending it on?

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Tags: billionaire, billionaires, celebrities, celebrity, expire-images2009-4-8, middle-class millionaire, Middle-classMillionaire, millionaire, millionaires, money, rich, spending

Less Millionaires Being Made?

by Rigel Celeste (RSS feed) —

The economy is going through a rough patch, and as things like real estate and the stock market slow down so, apparently, does the growth rate of the wealthy. There's fewer millionaires in the world than there used to be.

It's not that millionaires are losing their fortunes, but just that the number of new millionaires being made is fewer than it usually is -- new millionaire households in 2007 grew by only 2.2%, which is the slowest growth in years.

Sure that stinks but hey, it could be worse. They could all be going bankrupt.

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Tags: economy, millionaire, millionaires, money, recession

How to Make a Million (Before You Turn 20!)

by Rigel Celeste (RSS feed) —

The American dream is a little different for everybody but it almost always has something to do with having lots of money and being financially stable. Of those who do have wealth some were born into rich families, some worked like dogs for years and years to build a successful empire, and then others hit it big seemingly by random chance.

This article highlights the successes of 5 people who were millionaires before the age of 20. Whether it was launching an online website for high school friends, selling greeting cards to friends and family, or cooking jams in the kitchen, these kids all did something seriously right.

Hm, needless to say I'm just a tad past my 20th birthday and I don't have any good business ideas. Guess I'll just have to stick to the lottery tickets!

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Tags: how to, HowTo, millionaire, millionaires, rich, wealth, wealthy

Where to Find Millionaire Love Online

by Rigel Celeste (RSS feed) —

Filed under: Services

Attention gold diggers! Just kidding. Whatever your reasons are for looking for a millionaire love match (hey, we all have our dreams) you've probably realized with the rest of society that meeting quality people to date isn't easy, wealthy ones especially. Dating online is becoming more and more common for people of all walks, millionaires included. Sites like MillionaireMatch.com, SugarDaddy.com , and DateAMillionaire.com are some examples of what online dating services are out there, plus if looks aren't a priority there's also the hilarious Marry-An-Ugly-Millionaire-Online-Dating-Agency.com.

And, if you're not looking to be quite that obvious, according to Forbes sites like True.com and PlentyofFish.com are also good places to find dates with deep pockets.

Gallery: Where to Find Millionaire Love Online

Marry An Ugly Millionaire Online Dating Agency

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Tags: billionaire, billionaires, dating, happiness, internet, love, millionaire, millionaires, online, online dating, OnlineDating, relationships, Valentine

The World's Most Frugal Billionaires

by Rigel Celeste (RSS feed) —

Filed under: Celebrity Shopping

If you were a billionaire what would you spend your money on? Most people have this vision that all billionaires spend like crazy on lavish amounts of bling gilded in gold, diamond-encrusted gadgets, expensive designer handbags, ridiculously huge homes, and private jets. Some of these things are pretty standard among the rich, but some other things aren't that may surprise you. There are a handful of billionaires in the world that are very choosy with where they indulge -- for example although they may have a few fast cars they may also be cutting their own hair.

One of the biggest and most frugal billionaires of them all: Warren Buffet. He still lives in the same home he bought back in 1958 for $31,500 and he drives a modest (considering) 2006 Cadillac DTS. For more of the most frugal billionaires see Forbes' complete list.

Via Trendhunter

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Tags: billionaire, billionaires, expire-images:2008-12-11, frugal, millionaire, millionaires, modest, spending habits, SpendingHabits

What Do Billionaires Want For Christmas?

by Rigel Celeste (RSS feed) —

Filed under: Gadgets, Yachts & Sailing

What does a billionaire want for Christmas? And what does he or she buy for billionaire friends and family? Obviously anybody with that much money already has pretty much everything that can be bought with said money, so it should be no surprise that on the top of the list is one of the few things that can't: time spent with family. Yacht charters, ski trips, and other family vacations are some of the hottest items this holiday season, but other popular gifts for the uber-wealthy include commissioned biographies and personalized gifts to unique or meaningful charities.

And of course there's always that guy who wants the NM Gem Triton 1000 Submarine for $1,440,000. Go figure.

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Tags: billionaire, billionaires, christmas, gift, gifts, holidash, holidays, millionaire, millionaires, NM Gem Triton Submarine, NmGemTritonSubmarine

50 Millionaire "Must Haves"

by Rigel Celeste (RSS feed) —

Filed under: Celebrity Shopping

Holy moly (sorry, just had to say it), this is one big list full of some big fun stuff. If you were a millionaire, what things would you definitely have? According to the Daily Mail, you'd have these 50 things at least. There's a complete "life" full of things on the list -- they hit everything from clothing to kitchen gadgets to transportation to edibles. Any of them you think absolutely don't belong? If I was going to kick something off it would be the AGA Oven, if only because it's so ugly.

Interestingly enough though, as Deidre pointed out, the list is missing one key item: a home to put it all in!