The impact of the financial crash on the wealthy US population has, surprisingly, been marginal, new research suggests. Christopher Rocks looks at how the countrys HNWI sector, which has recovered strongly in recent years, could be threatened by the fiscal cliff
Congress and the White House are locked in negotiations to strike a deal to weaken the impact of tax increases and spending cuts due to be implemented in January. December 31 is the deadline for action before scheduled fiscal tightening of over $600 billion – about 4% of U.S. GDP – automatically comes into play. An enduring fall off the cliff would hurt the economy, and America’s wealthy are not immune.
A stellar list of nominees saw the list of categories for our Asian-specific awards expanded to reflect the markets diversity at the VRL/Private Banker International Annual Awards held at Singapores Fullerton Hotel. More than 200 bankers from across the world attended the event to see the industrys leading lights saluted for their achievements in wealth management.
The wealthy populations in the BRICS countries have increased by almost a third and largely withstood the global financial crisis. Yet with considerable challenges ahead for each member, can the BRICS HNWIs keep building their wealth? Christopher Rocks highlights WealthInsights research which predicts that the total number of BRICS HNWIs will grow by over 75%, to reach 3.4m by 2016.
Basic materials has been the most important sector in driving the growth in Russian HNWIs, but the technology sector has been booming in recent years. Christopher Rocks looks into recent research by WealthInsight suggesting that wealth managers should pay attention to this fast-growing sector.
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Chris Rocks looks at WealthInsights research that predicts the Latin American powerhouse will create more than 77,000 new millionaires in the next four years almost 50 per day until the start of the 2016 Olympic Games Brazils position as the dominant Latin American market for high net worth individuals (HNWIs) is well documented, and with the country hosting the World Cup in 2014 and the Olympic Games in 2016, attention will be squarely on the country in the years ahead.