World's wealthy worth $37.2 trillion and give <1% to charity
El_Kabong
Posts: 4,141
http://in.today.reuters.com/news/newsArticle.aspx?type=worldNews&storyID=2007-06-28T002023Z_01_NOOTR_RTRMDNC_0_India-282089-1.xml&archived=False
World's wealthy worth $37.2 trillion - report
By Tim McLaughlin
[]bNEW YORK (Reuters) - The wealth of the world's rich and super rich surged 11.2 percent to $37.2 trillion last year but the elite group gave less than 1 percent of their net worth to charity, a study released on Wednesday said.
For the first time, the 11th annual World Wealth Report detailed philanthropic giving, and estimated that high net worth individuals turned over $285 billion to charitable causes in 2006. That's equivalent to someone worth $100,000 giving about $766 to charity, or 0.76 percent of their wealth.[/b]
The 11th annual report said, however, that rich people -- led by the ultra wealthy -- are increasing the financial resources, time and thought that they donate to charities.
Merrill Lynch & Co., the world's largest brokerage, and Capgemini, a global consulting company, released the wealth report, which showed the largest growth of high net worth individuals happening in Singapore and India. Singapore's wealthy population rose 21.2 percent and India's grew 20.5 percent.
High net worth individuals are defined as people with at least $1 million in net assets excluding their primary residences. The double-digit growth of their assets -- a pace unseen in several years -- was fueled by gains from emerging economies such as India and China and wealth accumulation by the ultra rich.
The ranks of the world's ultra rich -- individuals with at least $30 million in assets not including their primary residences -- increased 11.3 percent to 94,970, the report said. Total wealth accumulation for this group rose last year by 16.8 percent to $13.1 trillion, the report said.
The report estimated that there were 9.5 million people worldwide with at least $1 million in net assets.
The United States has the most wealthy people, followed by Japan and then Germany, according to the report's researchers.
Merrill Lynch and Capgemini said they examined the "investments of passion" of the wealthy and found that luxury collectibles such as vintage yachts and automobilies selling for hundreds of thousands of dollars were among the top items.
The report also said Boeing Co.'s wide-body private jets are being customized at about $150 million each as mobile mansions.
In 2006, wealthy people shifted more of their money into real estate investments, at times liquidating some of their holdings in hedge funds to do this, the report said.
© Reuters 2007. All Rights Reserved.
World's wealthy worth $37.2 trillion - report
By Tim McLaughlin
[]bNEW YORK (Reuters) - The wealth of the world's rich and super rich surged 11.2 percent to $37.2 trillion last year but the elite group gave less than 1 percent of their net worth to charity, a study released on Wednesday said.
For the first time, the 11th annual World Wealth Report detailed philanthropic giving, and estimated that high net worth individuals turned over $285 billion to charitable causes in 2006. That's equivalent to someone worth $100,000 giving about $766 to charity, or 0.76 percent of their wealth.[/b]
The 11th annual report said, however, that rich people -- led by the ultra wealthy -- are increasing the financial resources, time and thought that they donate to charities.
Merrill Lynch & Co., the world's largest brokerage, and Capgemini, a global consulting company, released the wealth report, which showed the largest growth of high net worth individuals happening in Singapore and India. Singapore's wealthy population rose 21.2 percent and India's grew 20.5 percent.
High net worth individuals are defined as people with at least $1 million in net assets excluding their primary residences. The double-digit growth of their assets -- a pace unseen in several years -- was fueled by gains from emerging economies such as India and China and wealth accumulation by the ultra rich.
The ranks of the world's ultra rich -- individuals with at least $30 million in assets not including their primary residences -- increased 11.3 percent to 94,970, the report said. Total wealth accumulation for this group rose last year by 16.8 percent to $13.1 trillion, the report said.
The report estimated that there were 9.5 million people worldwide with at least $1 million in net assets.
The United States has the most wealthy people, followed by Japan and then Germany, according to the report's researchers.
Merrill Lynch and Capgemini said they examined the "investments of passion" of the wealthy and found that luxury collectibles such as vintage yachts and automobilies selling for hundreds of thousands of dollars were among the top items.
The report also said Boeing Co.'s wide-body private jets are being customized at about $150 million each as mobile mansions.
In 2006, wealthy people shifted more of their money into real estate investments, at times liquidating some of their holdings in hedge funds to do this, the report said.
© Reuters 2007. All Rights Reserved.
standin above the crowd
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
Post edited by Unknown User on
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Comments
And they pay an ugodly amount in taxes! Way more than us po' folks!
God bless the 1%.
God bless us all!
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except by express written permission of ©gue_barium, the author.
They build yachts around here.
Who needs a 160 ft long yacht?
I honestly would never have a yacht
even if I had millions of dollars in the bank.
Just like these huge homes some ppl seem to need.
30 some odd rooms, that many restrooms, all gold of course.
Nuttin like a solid gold toilet with jewels.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
what percentage of YOUR income do you donate?
www.myspace.com/jensvad
Statistically, we common folks donate more, proportionate to our incomes, and overall, by far.
all posts by ©gue_barium are protected under US copyright law and are not to be reproduced, exchanged or sold
except by express written permission of ©gue_barium, the author.
I've worked for some really rich people. My brother used to tutor one of the Charles Bronfman children at their home. It's clear they don't want to REALLY give it away. In fact more money is what they all really want. It becomes like an addiction..
Excessive wealth is like cocaine...more...all you want is more...until your heart stops beating one day.
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
Sorry, I didnt ask for an average. I asked a specific question aimed at the as far as I can see hypocritical posters who love to post these numbers as proof that socialism is a good idea.
www.myspace.com/jensvad
Exactly! I don't have a percentage to give but I know we give waaaay more than 3/4 of a percent!!! That's just horrible!
Man is least himself when he talks in his own person. Give him a mask, and he will tell you the truth.
-Oscar Wilde
Well put.
Totally so true I am sure of it.
Money/power/greed, bad stuff.
All THREE are addictive.
Although some ppl do keep things low-key
when they have plenty.
Excessive extravagance, sucks ass.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
Anyone with that kind of income who is giving less than 1% to the less fortunate is a pig.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
The people of the river are happy to give.
Don't you know that?
all posts by ©gue_barium are protected under US copyright law and are not to be reproduced, exchanged or sold
except by express written permission of ©gue_barium, the author.
That's us. We give when we can...generously if we have it. Sometimes if the money is tight we can't give near as much as we'd like but we also donate stuff to goodwill quite often.
Man is least himself when he talks in his own person. Give him a mask, and he will tell you the truth.
-Oscar Wilde
all posts by ©gue_barium are protected under US copyright law and are not to be reproduced, exchanged or sold
except by express written permission of ©gue_barium, the author.
unreal...
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
Some very wealthy ppl do great things.
But still why do they need a mansion on a hill
so huge 15 families could live in it and never see
each other?
And these high dollar Italian sports cars.
That is nuts, I M O.
Get me in a Ferrari, or Lamborghini.
I'd run that bastard thru a cornfield,
throttle hammered.
Laughin my ass off to.
Set a brick on it's throttle and blow the motor.
That would be the funniest damn thing.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
I've heard that, too. I always tip at least 15%, most of the time more.
Man is least himself when he talks in his own person. Give him a mask, and he will tell you the truth.
-Oscar Wilde
I am the tippinest fool you ever seen.
A 20 dollar ticket/check/bill thingy is way
worth alot more than a dollar or 2.
I dont have a percent to go by.
I leave way more than probably alot of ppl do.
Even if the service was not to swell, I leave a decent tip.
That's just my nature.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
What is your obsesion with thinking that everyone who can see the faults in capitalism is there for all for socialism?
There are faults in both and there is no crime in pointing out that capitalism is not working either.
The economy has polarized to the point where the wealthiest 10% now own 85% of the nation’s wealth. Never before have the bottom 90% been so highly indebted, so dependent on the wealthy.
I once heard Eddie say in an interview that the guys in PJ had given/generated about $10 million towards charity. Thats part of the reason why I love these guys. And its more than just the money, its a certain consciousness about the suffering of other people.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
this thread is a joke. well done! yet again.
http://www.gatesfoundation.org/default.htm
http://abcnews.go.com/GMA/MellodyHobson/story?id=2118501&page=1
Good point. Americans by far are more generous with charitable contributions than any other country. This poll is on a global scale and shouldn't be used to judge the wealthy in this country.
I agree. But this is a percentage YOU give. Many of us "common folk" probably give nothing. Just as, Im sure, many of the uber wealthy give way MORE than that %.
I actually find the 1% thing hard to believe. If for no other reason than very wealthy people often donate HUGE sums of money just for tax reasons. Whatever their motive, surely a good chunk of them donate for tax breaks.
www.myspace.com/jensvad
I find if funny that some see this as a move toward socialism or communism...it simple points out that the many of the wealthy don't give...yeah, yeah, billy g and warren b. shelled out some cash....but that's two out of how many...?
it's funny how some will defend those who need not help....yet will kick those who do...
oh well then, case closed...PP says the number is wrong...so it must be...
let's all just move on, nothing to see here....
what's wrong with having a big house or an expensive car if you can afford it? if you give to charity, by donating time and/or money that's great and you should be glad that you do it. but also, you should be proud that you have been successful, and if that means treating yourself to some nice things, what's the harm in it? plus, someone had to build those homes... sell the materials... make the materials... etc. the people and business who perform those services employ lots of people who all profit from the whole thing. when it comes down to it, a person's money belongs to that person. he or she can do whatever he or she wants to do with it. hopefully that includes helping other people out through charity, but even if it doesn't, who are you to judge them for it? it's theirs, not yours.