The Millionaire Not Next Door

Planet Money reports on Asia’s millionaires: “For the first time, Asia’s millionaires have more money than Europe’s millionaires, according to a new?report.” Asia’s millionaires now control $9.7 trillion, compared to European millionaires’ $9.5 trillion. Furthermore, “[e]ight of the world’s 10 fastest-growing millionaire populations are in Asia.” Perhaps Gary Becker is right about the world’s new “center of economic gravity.”[%comments]

Leave A Comment

Comments are moderated and generally will be posted if they are on-topic and not abusive.

 

COMMENTS: 10

View All Comments »
  1. E. Nowak says:

    They own our business, so how long before we import their style of government?

    Thumb up 0 Thumb down 0
  2. D. Ross says:

    Good Point E. Nowak, hopefully we never take things that far.

    Thumb up 0 Thumb down 0
  3. Drill-Baby-Drill Drill Team says:

    We will have to Re-Write the Book on How to Marry a Millionaire.
    Step One: Learn Chinese…..

    Thumb up 0 Thumb down 0
  4. Josh says:

    We could definitely use a government which is less representative and more technocratic. The current system is in a terminal decline.

    Thumb up 0 Thumb down 0
  5. LVTfan says:

    How much of the valuable urban land in America do they include in their holdings?

    How much of the economic rent — the rental value of fine urban land — flows to absentee landlords?

    Not trivial. But we’re so used to it — and uneducated about it — that we ignore it. At our peril.

    Thumb up 0 Thumb down 0
  6. Michael Ng says:

    Considering that “their” form of government seems to be functioning better than “yours” at running a society, maybe “importing” it isn’t all that bad an idea.

    Thumb up 0 Thumb down 0
  7. Al Brown says:

    The founder’s gave us a very decentralized system and a very minmal federal government. Needless to say, this has greatly eroded.

    The asian economies have become so successful because they have been adopting capitalism. We should be glad.

    Our problems are of our own making. We’ve been incenting people to consume rather than to produce and to go into debt to do it. And government at all levels is borrowing and spending in the mistaken belief that consumption is economic success. It isn’t.

    We need to start dealing with reality.

    Thumb up 0 Thumb down 0
  8. Brian says:

    The big question is if their economic growth is sustainable or if they are draining the pong to catch the fish. Short term growth is easy but sustainable growth is a much greater challange

    Thumb up 0 Thumb down 0