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]


E. Nowak

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

D. Ross

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

Drill-Baby-Drill Drill Team

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

Josh

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

LVTfan

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.

Michael Ng

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.

Al Brown

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.

Brian

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

at china

I am chinese , my country is very corrupt.Most of the millionar bride our government officers.The chinese economic growth mainly based on the government investment or the high price of the estate.Rich government, poor people! very bad.

McACay

Always put your belief in doubt, that's the good thing to do. Remember how long it took asian countries like China, Vietnam to finally adopt capitalism? We are still in the process of building a better world, and 'how' is yet a question without an ideal answer. China can be right or wrong.