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Lankans among fastest-growing millionaires

Saturday, 25 June 2011 - 11:42 AM SL Time
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Sri Lanka is among the six of the 10 countries in Asia with the fastest-growing millionaire populations, led by Hong Kong and Vietnam, which each saw annual growth of 33 percent, a latest survey said. Others included Indonesia, Singapore, and India.

According to the 15th annual World Wealth Report by Merrill Lynch s wealth management division and the consultancy Capgemini Asia had more millionaires than Europe for the first time last year and is fast closing in on North America for the top spot. The Asia-Pacific region was home to 3.3 million people in 2010 worth $1 million or more, excluding their homes, an increase of roughly 10 percent from the year before, Asia s growth outpaced that of Europe, where so-called high-net-worth individuals increased 6 percent to 3.1 million, and puts it within reach of passing North America, where the number of wealthy rose 8.6 percent to 3.4 million.

The report s findings illustrate how Asia s economies are growing much more quickly than those in developed countries and, in the process, minting scores of millionaires and billionaires. Asia s growth has been powered by China and India, whose economies grew 9 to 10 percent last year, while European and North American growth was in the low single digits.

It is entirely conceivable that Asia would overtake North America in the near future, said Wilson So, a managing director at Merrill Lynch Global Wealth Management.

The United States, Japan, and Germany still account for just over half the world s 10.9 million wealthy, while China is in fourth place with 535,000, about 58,000 more than in 2009.

Australia has moved up one notch to ninth place, edging out Italy, and India cracked the top 12 for the first time. It replaced Spain, which fell to 14th. While 2010 was the first time that Asia has overtaken Europe in absolute numbers of wealthy people, it is the second year that Asia s combined wealth was bigger than Europe s.

The world s wealthy were worth a total of $42.7 trillion in 2010.

Asia s share of that wealth amounted to $10.8 trillion, putting it in second place for the second year in a row, just behind North America s $11.6 trillion.
Asia also had a bigger proportion of young millionaires, with 3 percent age 30 or under.

Globally, women are increasingly in the ranks of millionaires. The report found that 27 percent of the world s wealthy last year were women, up from 24 percent in 2009.

While the majority of wealth is held by Americans, Japanese, and Germans, the authors of the report expect the distribution to become more diverse over time as developing countries continue to grow faster than developed ones.

The super rich, defined as people worth more than $30 million, also fared well. Their numbers grew 10 percent to 103,000 last year


Source(s)
• Daily Mirror
• Wijeya Newspapers

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cgudu
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LK Information  25 Jun 2011 07:23:58 GMT  Report for Abuse  
Hurrah to Sri- Lankans
Magnum357
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LK Information  25 Jun 2011 08:37:11 GMT  Report for Abuse  
Lankans among fastest-growing millionaires


And the Rajapaksas would be among the fastest Lankans to become millionaires! :)
sorinis
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LK Information  25 Jun 2011 13:11:47 GMT  Report for Abuse  
Trillioners in terms of Rupees.
CryingLankans
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LK Information  25 Jun 2011 15:06:45 GMT  Report for Abuse  
That is why Srilankans are well known all over the world inclueding 'United Nations' as a newnation named as 'Tsunamians'.That is what 'Tsunami' made in Srilanka.If Tsunami did not tuch Srilanka, we Srilankans never get chance to see most of today's well known politicians in our 'Parliament'.

Edited By - CryingLankans - 25 Jun 2011 15:12:03 GMT
wick
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LK Information  25 Jun 2011 22:56:44 GMT  Report for Abuse  
This is the result of chasing half of Tamils from Sri lanka. What would be the progress if we wipe out entire Tamil population from this sacred country?
It would be '....growing Billionaires population.'


Edited By - wick - 25 Jun 2011 22:58:12 GMT
Yaalpaanam
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LK Information  26 Jun 2011 05:03:51 GMT  Report for Abuse  
Oh.. Come on .. where is the names of Duminda Silva and Mervin Silva?
No wonder we become fastest growing millionaires by selling DRUGS and CASINOS????

Well done Sri Lanka.
Fairplay
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LK Information  26 Jun 2011 19:48:40 GMT  Report for Abuse  
In the name of the Father Mahinda and of the Son Namal and the holy spirit,left shoulder Gotha right shoulder Bail...Amen!

We will have billionaires plundering the poor men and women, destitute and the impoverished. Hitting them right below the belt.

Where is the standard of living gone for an average man and family - showing cricket cannot feed nor dress or educate and provide a living for the yearning population. If nor for the foreign employment Mahinda would be begging for help all around the world.
CryingLankans
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LK Information  26 Jun 2011 23:16:10 GMT  Report for Abuse  
Fairplay

That is why British said in public , when they handed over their 'King' to 'British Custody', in ancient time, just for nothing but for 'Jelousy', 'Sinhalaya Modaya', until, those 'Foolish Srilankans' live in this country, cunning 'Politicians' can live long as Kings, and Queens,.

' Modakamata Mak Korannada?'

Edited By - CryingLankans - 26 Jun 2011 23:18:01 GMT
Fairplay
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LK Information  27 Jun 2011 01:38:57 GMT  Report for Abuse  
CryingLankans

The irony is these idiots are adamantly following the Piped Piper leading them to the trench and they just can't realize this.

Why are they sooo dumb in this day and age. This is not the veddah's era per say!

Fairplay
wick
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LK Information  27 Jun 2011 13:54:55 GMT  Report for Abuse  
Piped piper who led these people for 30 years end up in a lagoon.
Rats that followed the piper end up as country less refugees.
But still talking of others.
I do not mind where we lead as long as you Rats, who followed VP piper, end up as country less refugees.
Aye yako mun banine demalata rata pawala deepu P Ranilta nowei Terrorist Demalagen Rata beragaththu minihatane.
P Ranil kiyana eka ISGA ekak hadala ape budget salli dennath lahasthi una. Honda welawata VPya Mahindage lanuwa kala kelawa gaththa.
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