Calls to tax the superrich grow as economic inequality surges

Billionaires' wealth has grown by 109% in the past decade, raising concerns about escalating wealth inequality and leading economists and millionaires to call on governments to impose taxes on the superrich.

aljazeera.com

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8/31/2023

Mapped: The Richest Billionaires in Every U.S. State

The number of millionaires worldwide has increased significantly over the last decade, with total millionaire wealth reaching $208.3 trillion in 2022, driven by factors such as tech revolutions and market booms; North America is home to the largest percentage of millionaires (42%), followed by Europe (27%); however, wealth inequality remains a significant issue, and the number of millionaires is projected to grow to 86 million by 2027.

9/6/2023

Hong Kong’s uber-rich population shrinks 23% as New York, Singapore close gap

Hong Kong's ultra-wealthy population decreased by 23% in 2022, while New York and Singapore saw growth, according to a report by Altrata, with China's Covid-19 restrictions, economic slowdown, geopolitical issues, and equities slump cited as reasons for the decline. However, Altrata predicts that the global super-rich population will rebound by 2027, reaching 528,100 individuals with a net worth of $60.3 trillion.

9/7/2023

How Much Does it Take to Be Wealthy in America?

The average net worth needed to be considered wealthy in the United States is $2.2 million, according to the 2023 Modern Wealth Survey by Charles Schwab, although respondents in San Francisco believe it takes $4.7 million to be wealthy, the highest across all cities surveyed. However, when asked if they feel wealthy themselves, respondents diverged from the monetary benchmark, with 48% feeling wealthy with an average net worth of $560,000, indicating that wealth is not solely determined by a financial figure.

9/11/2023

Global Ultra Wealthy Population and Wealth Decline in 2022 Due to Economic Turmoil

The number of ultra wealthy individuals worldwide decreased by 5.4 percent last year, and their combined net worth fell by 5.5 percent to $45.4 trillion, with Asia experiencing the largest decline due to China's Covid policies and the war in Ukraine.

9/13/2023

U.S. Holds Massive $147 Trillion in Private Wealth, But Public Debt Clouds Economic Outlook

The United States has a net wealth of $136.8 trillion, with the private sector holding all the wealth while the public sector runs a deficit due to federal debt, and pro-growth policies are essential for economic health.

9/20/2023

Australia Set to Regain Top Spot for Millionaire Growth in 2023 While China Sees Sharp Decline

The migration of millionaires and billionaires is expected to increase, with 122,000 High Net Worth Individuals projected to move to a new country by the end of 2023, according to Henley & Partners’ Private Wealth Migration Report. Australia is expected to become the top destination for millionaires, while China is anticipated to lose the most millionaires, followed by India.

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Posted 9/5/2023, 9:07:02 AM