Global Wealth Report

[Luke]

https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html

 

 

Good stuff to stay grounded. 

[Luke]

If you have a portfolio of a 100k-1m you are in the top 12% of wealthy people on this planet, above 1m is top 1.1%! 

[Munger_Disciple]

2 hours ago, Luke said:

If you have a portfolio of a 100k-1m you are in the top 12% of wealthy people on this planet, above 1m is top 1.1%! 

 

Can you post the report? Thanks

[Dinar]

This is completely wrong.  Here is why:

 

a) It does not take into account private business interests

b) It does not take into account real estate, including real estate held for investment

c) It does not take into account pensions (and healthcare benefits in the US) which may be worth millions

d) It is unable to peer into private partnerships or investment companies or mutual funds held directly by investors. 

 

This survey is not worth the paper it is written on and the authors should be fired for incompetence.  

[John Hjorth]

2 hours ago, Munger_Disciple said:

Can you post the report? Thanks

 

@Munger_Disciple,

 

On this page, there is a download link available for us all. 

[Munger_Disciple]

59 minutes ago, John Hjorth said:

 

@Munger_Disciple,

 

On this page, there is a download link available for us all. 

 

Yes, I know but didn't want to fill all the details. 

[Munger_Disciple]

2 hours ago, Dinar said:

This is completely wrong.  Here is why:

 

a) It does not take into account private business interests

b) It does not take into account real estate, including real estate held for investment

c) It does not take into account pensions (and healthcare benefits in the US) which may be worth millions

d) It is unable to peer into private partnerships or investment companies or mutual funds held directly by investors. 

 

This survey is not worth the paper it is written on and the authors should be fired for incompetence.  

 

Which report do you like best?

[Dinar]

18 minutes ago, Munger_Disciple said:

 

Which report do you like best?

I have never seen a good one.  They are all so bad as to be useless, in my opinion.  

[John Hjorth]

14 minutes ago, Munger_Disciple said:

 

Which report do you like best?

 

Your line of questioning here, is to me, not balanced, others CoBF members interests, against your own. And this incidence was the second today, in this topic.

[Munger_Disciple]

44 minutes ago, Dinar said:

I have never seen a good one.  They are all so bad as to be useless, in my opinion.  

 

I am sure you are right. It seems like really difficult to get statistics on wealth. Why on earth would people voluntarily share such personal information?

[Munger_Disciple]

I found a link to the CS report that doesn't require filling out all the personal info:

https://mediahandler.broadridgeadvisor.com/media/653843/GW_Report-Digital_09072024v2_Final_SSK_optimized.pdf

 

I agree  with @Dinar that it's pretty useless especially when it comes to the top of the wealth pyramid. 

 

[John Hjorth]

Here you go,

 

Enjoy, and please don't forget to comment, in this topic, with the aim of us all here on CoBF getting more knowledgeable, all while aiming higher and doing good, perhaps not only for ourselves.

 

- - - o 0 o - - -

 

Does any of this even, or really, matter to you?, - if yes, in which way?

 

-I would personally like to read the replies to this question from any reader and poster of this topic.

UBS - global-wealth-report 2024 - 20241007.pdf

[RichardGibbons]

1 hour ago, John Hjorth said:

Does any of this even, or really, matter to you?, - if yes, in which way?

· 7 downloads

 

I'm both happy and unhappy about it.

 

I'm happy from the perspective that one of the biggest benefits to humanity is what we get for "free" from other people doing great things.  Like, it's pretty amazing to me that, when I was young, no households had computers, and now I can have the internet and an incredibly powerful smart phone in my hand at a price almost anyone can afford.  That survival rates with all sorts of medical issues have skyrocketed. That so many benefits to my life and others have come without me actually doing anything at all to make it happen.

 

Rather this all happened because resources flow to the people who are able to use them effectively. Those people are incentivized to make billions and everyone in the entire world benefits from their work, without lifting a finger themselves.  And then, when billionaires die, those resources largely then flow back into society, to be recycled into some brilliant person making the next amazing thing.

 

So, it makes me pretty happy that this exist--that everyone on earth benefits so much from this system. Joe gets the smart phone, Joe get the cure for cancer, and Joe gets the longer lifespan, even if Joe is nowhere near bright enough to invent a smart phone himself.

 

On the other hand, it makes me unhappy that many people will look at charts like this and say, "the world is broken because some people have much more than others".  Such charts encourage envious people to destroy the system that incentivizes humanity to create so many wondrous things that benefit everyone.  It makes people think that completely unreasonable and illogical actions are somehow justified.

[bizaro86]

1 hour ago, John Hjorth said:

 

 

Does any of this even, or really, matter to you?, - if yes, in which way?

 

-I would personally like to read the replies to this question from any reader and poster of this topic.

UBS - global-wealth-report 2024 - 20241007.pdf 2.9 MB · 7 downloads

 

 

I personally find reports like these useful for framing my personal situation (even though I'm sure their accuracy is low). 

 

Basically, as a reminder to live with gratitude for the circumstances and advantages that have allowed me to end up where I am. The exact details of whether I have more money than 98%, 99% or 99.5% of the other people on earth doesn't seem hugely important. But remembering that just about everyone else has it harder than me is a good reminder if I'm ever feeling down.

[Luke]

9 minutes ago, bizaro86 said:

 

 

I personally find reports like these useful for framing my personal situation (even though I'm sure their accuracy is low). 

 

Basically, as a reminder to live with gratitude for the circumstances and advantages that have allowed me to end up where I am. The exact details of whether I have more money than 98%, 99% or 99.5% of the other people on earth doesn't seem hugely important. But remembering that just about everyone else has it harder than me is a good reminder if I'm ever feeling down.

Well said!

[Viking]

1 hour ago, John Hjorth said:

Here you go,

 

Enjoy, and please don't forget to comment, in this topic, with the aim of us all here on CoBF getting more knowledgeable, all while aiming higher and doing good, perhaps not only for ourselves.

 

- - - o 0 o - - -

 

Does any of this even, or really, matter to you?, - if yes, in which way?

 

-I would personally like to read the replies to this question from any reader and poster of this topic.

UBS - global-wealth-report 2024 - 20241007.pdf 2.9 MB · 7 downloads

 

It is not surprising to see global wealth continue to motor higher. Looking at Canada, my guess is the increase in 'wealth' over the past 20 years has likely been epic.

1.) We have had a housing bubble. Most households in Canada own (not rent) so the housing boom has created an enormous amount of wealth for an enormous number of people. 

2.) At the same time, stock markets have also performed exceptionally well. Lots of Canadians have also seen a significant increase in the value of their financial assets.

3.) Canada also has a national pension plan (CPP) that has significantly increased in value. Another wealth driver for Canadians.

 

Bottom line, a very large number of Canadians have seen their wealth increase materially over the past 20 years. This will have important positive impacts on the economy moving forward - that I don't think are fully understood today. And the wealth transfer that will be happening over the next 10 to 20 years will be epic. This will also have important impacts on the economy. 

[Viking]

14 minutes ago, bizaro86 said:

 

 

I personally find reports like these useful for framing my personal situation (even though I'm sure their accuracy is low). 

 

Basically, as a reminder to live with gratitude for the circumstances and advantages that have allowed me to end up where I am. The exact details of whether I have more money than 98%, 99% or 99.5% of the other people on earth doesn't seem hugely important. But remembering that just about everyone else has it harder than me is a good reminder if I'm ever feeling down.

 

+1

[Luke]

Many many people eager to join todays middle class lifestyle, own their own appartment/property, eat out in restaurants, have consumer gadgets etc, lots of growth left!! 

[rohitc99]

1 hour ago, bizaro86 said:

 

 

I personally find reports like these useful for framing my personal situation (even though I'm sure their accuracy is low). 

 

Basically, as a reminder to live with gratitude for the circumstances and advantages that have allowed me to end up where I am. The exact details of whether I have more money than 98%, 99% or 99.5% of the other people on earth doesn't seem hugely important. But remembering that just about everyone else has it harder than me is a good reminder if I'm ever feeling down.

+1

for some of us who immigrated to the US/Canada and are part of the top 5-10 or 1% whatever it is, the change in our lifetime is even more. We have moved several rungs in  20-30 years. So the exact numbers dont matter as much to me. I just feel incredible lucky

[Luke]

10 hours ago, Luke said:

https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html

 

 

Good stuff to stay grounded. 

Important to remember that the statistics here are not adjusted for purchasing power parity. But americans can just move to thailand and live like a King while they can not do the reverse

 

Greets to the retirement thread! 

[bizaro86]

1 hour ago, rohitc99 said:

+1

for some of us who immigrated to the US/Canada and are part of the top 5-10 or 1% whatever it is, the change in our lifetime is even more. We have moved several rungs in  20-30 years. So the exact numbers dont matter as much to me. I just feel incredible lucky

For sure. Top 10% or 1% or 0.1% doesn't really matter.

[Onefoothurdles]

Tremendous wealth was made via property in Australia in the first decade since 2000 and the inflation rate was largely kept in the check between the 2-3% band set by RBA. However, in the following decade, wealth growth has deteriorated quite significantly and has probably gone backwards in real terms. 

Australian real wages today tracking near mid-2010 levels.

 

Historically, housing affordability was stable up until 2000 - house prices remained largely in check with wages. What changed in 2000 was there were some major tax and policy changes - such as tax treatment on CGT events making negative gearing all the more attractive, Aus government laxing their immigration standards which led to a boom of skilled and unskilled migrants, massive investments into the education sector to bring in overseas students - all this led to a housing and construction boom. 

 

Today, housing is extremely unaffordable, home ownership is at its lowest among Australians. We are up to our gills in debt (worse than where US was pre-GFC). The private sector is struggling and whatever growth you are seeing in terms of GDP, productivity, employment is due to public sector / government spending. 

 

Im sure we can draw similar parallels in other economies - infact I look at whats going on in Canada as a leading indicator for Australia. 

 

[Red Lion]

On 10/7/2024 at 1:43 PM, RichardGibbons said:

On the other hand, it makes me unhappy that many people will look at charts like this and say, "the world is broken because some people have much more than others".  Such charts encourage envious people to destroy the system that incentivizes humanity to create so many wondrous things that benefit everyone.  It makes people think that completely unreasonable and illogical actions are somehow justified.

 

I agree with you in sentiment, but charts like this should serve as incentive. Not to be excluded due to class warfare sentiment that will be bandied against them. 

[Paarslaars]

It also gives a distorted image of wealth as it does not take into account the cost of living differences in certain area's.

Basically you should not compare with how much $$$ someone is worth but more like how many breads can someone buy locally, simply put.

Someone with 50$ in Vietnam is a lot wealthier than someone with 100$ in San Francisco. 

Edited October 11 by Paarslaars

[Aurel]

On 10/7/2024 at 8:06 PM, Dinar said:

I have never seen a good one.  They are all so bad as to be useless, in my opinion.  

I think you're right.

But I enjoyed the book Factfulness from Hans Rosling, quite a good approach on that topic.

It's a more holistic view on "wealth".