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  1. #1
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    Default We've got more millionaires, says report, but wealth growth slowing

    We've got more millionaires, says report, but wealth growth slowing
    2:45PM Tuesday Sep 23, 2008

    New Zealand now has about 7000 millionaire households, but the country's rapid growth in personal wealth went into reverse last year.

    The Boston Consulting Group (BCG)'s eighth annual Global Wealth Report said that personal wealth in New Zealand has become more concentrated.

    The number of millionaire households - those with at least US$1 million ($1.47m) in assets under management - increased by 6 per cent from 6600 to 7000 in 2007, despite an overall reduction in personal wealth.

    Millionaire households accounted for only 0.5 per cent of all households in New Zealand, compared to 2.4 per cent in Australia.

    Singapore topped the list with 10.6 per cent of all households controlling assets under management of at least US$1 million.

    Worldwide, the number of millionaire households grew by 11.2 per cent to reach 10.7 million.

    The study also said that the personal wealth of New Zealanders (measured in local currencies) decreased by 4.8 per cent from $191.3 billion in 2006 to $182.1 billion in 2007.

    It was a reversal from the 12.9 per cent growth in the previous year and the average annual growth rate of 6.2 per cent between 2002 and 2007.

    The leader of BCG's financial services practice in Australia and New Zealand, Matthew Rogozinski, said the changing fortune of New Zealand investors reflected a weakening economy and declining share prices in 2007.

    "The financial crisis has cast a pall over markets this year, leading to further declines in asset values.

    "But there are encouraging signs of a turnaround in New Zealand's savings performance with the success of KiwiSaver, the voluntary retirement savings scheme introduced last year."

    North America and Western Europe accounted for about two-thirds of the world's wealth in 2007.

    "The remaining third - what we call the other third of global wealth - was spread across emerging or less mature markets around the world, where wealth has been growing at much faster rates," Rogozinski said.

    Wealth in Asia-Pacific totalled about US$25.5 trillion in 2007. In Latin America, assets under management reached US$3.1 trillion in 2007. Russia is by far the largest wealth market in Eastern Europe. Assets under management there totalled US$950 billion in 2007.

    - NZPA

    http://www.nzherald.co.nz/business/n...ectid=10533729
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  2. #2
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    Jun 2008
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    Default

    Quote Originally Posted by muppet View Post
    We've got more millionaires, says report, but wealth growth slowing
    2:45PM Tuesday Sep 23, 2008

    New Zealand now has about 7000 millionaire households, but the country's rapid growth in personal wealth went into reverse last year.

    The Boston Consulting Group (BCG)'s eighth annual Global Wealth Report said that personal wealth in New Zealand has become more concentrated.

    The number of millionaire households - those with at least US$1 million ($1.47m) in assets under management - increased by 6 per cent from 6600 to 7000 in 2007, despite an overall reduction in personal wealth.

    Millionaire households accounted for only 0.5 per cent of all households in New Zealand, compared to 2.4 per cent in Australia.

    Singapore topped the list with 10.6 per cent of all households controlling assets under management of at least US$1 million.

    Worldwide, the number of millionaire households grew by 11.2 per cent to reach 10.7 million.

    The study also said that the personal wealth of New Zealanders (measured in local currencies) decreased by 4.8 per cent from $191.3 billion in 2006 to $182.1 billion in 2007.

    It was a reversal from the 12.9 per cent growth in the previous year and the average annual growth rate of 6.2 per cent between 2002 and 2007.

    The leader of BCG's financial services practice in Australia and New Zealand, Matthew Rogozinski, said the changing fortune of New Zealand investors reflected a weakening economy and declining share prices in 2007.

    "The financial crisis has cast a pall over markets this year, leading to further declines in asset values.

    "But there are encouraging signs of a turnaround in New Zealand's savings performance with the success of KiwiSaver, the voluntary retirement savings scheme introduced last year."

    North America and Western Europe accounted for about two-thirds of the world's wealth in 2007.

    "The remaining third - what we call the other third of global wealth - was spread across emerging or less mature markets around the world, where wealth has been growing at much faster rates," Rogozinski said.

    Wealth in Asia-Pacific totalled about US$25.5 trillion in 2007. In Latin America, assets under management reached US$3.1 trillion in 2007. Russia is by far the largest wealth market in Eastern Europe. Assets under management there totalled US$950 billion in 2007.

    - NZPA

    http://www.nzherald.co.nz/business/n...ectid=10533729

    Thats not many . I would have thought we would have far more than that, perhaps 1%. I guess it will go down if house prices decrease too.

  3. #3
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    Feb 2008
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    Default

    Millionare house holds yea right!

    How many actually own there million?

    Growth this guy still hasnt figured out that it takes $6 of debt to create $1 of pos GDP! GDP yet another of the economists arsenels tool's of disception for the moron consumer...

    Kiwi Saver huhuh looks like a ponzi scheme, the government tops you up great...where do they top you up from? Tax payer money!

    "Assets" under management dont make me laugh so hard!

    Sounds like 90% of these assets are unable to be marked to market!

    Russia- Expropreation by the state and its crony allies in the oligarchy business model

    The two thirds of worlds wealth eluded to is in the hands of 0.25% of the major players!

    Another doofus economist with funny numbers from the debtosphere of finance make believe!

    Believe what these turkeys are telling you is a sure fire way to go bankrupt

    Just look at the banking sector that tells any thinking person whats what!

  4. #4
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    Jun 2004
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    Default

    Badger you are an angry person and seem to have it in for governments and other institutes. Makes us wonder if you have gone bankrupt or lost a deal or two and are blaming these guys
    Nigel Turner

  5. #5
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    Default

    Quote Originally Posted by Tucker View Post
    Badger you are an angry person and seem to have it in for governments and other institutes. Makes us wonder if you have gone bankrupt or lost a deal or two and are blaming these guys
    As usual Tucker you assume wrong

    Its just my take on information I read

    Angry doubt it mate I have never has so much fun in financial markets! Its just so damn profitable at the moment! Glad I sold my rental!

    Perhaps if ya head off and check out th Alternative media thread you'll see by hitting on links such as my sig financial sense or karmabanque radio that I have positioned myself in the market for these current events about 4-5 years ago...

    Or havnt you figured that out yet?


  6. #6
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    Jun 2004
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    Default

    To a lot of other people as well you don't come across like that you come across as very angry.
    Nigel Turner

  7. #7
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    Default

    Quote Originally Posted by robbyp. View Post
    Thats not many . I would have thought we would have far more than that, perhaps 1%. I guess it will go down if house prices decrease too.
    What is the definition of "funds under management". I would assume this excludes the family home and other do-dads (for want of a better word) though should include investment properties. I also assume it is a net figure (ie. excluding debt). Does it include your own business??

    Considering a lot of the "millionaire next door" types in NZ probably own their home freehold, then their actual net worth is probably US$2m.

  8. #8
    Join Date
    Nov 2007
    Posts
    1,067

    Default

    Yes, CJ, you could cut it up many different ways couldn't you.

    Personally, I think I could name about 20 people who I know that have more than $1M CASH in the bank. Now that either means that hanging out at the Golf Club has it's benefits, or there are alot more Millionaires here than noted in that report.

  9. #9
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    Feb 2008
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    Wellington NZ
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    Quote Originally Posted by Tucker View Post
    To a lot of other people as well you don't come across like that you come across as very angry.
    Ah well Tucker there allowed to imagine and have there opinion!

    Fortunatly for me I require no shadow club of private e-mails to discuss others posting on the the forum, or to discredit individuals personally!

    Its probably since my calls since FEB-2008 have been rather more accurate and profitable?



 

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