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Robert Frank On Richistan

May 26, 2012 Leave a comment

wealthymatters “Richistan: A Journey Through The 21^st Century Wealth Boom and the Lives of the New Rich” is a book by Robert Frank who writes “The Wealth Report,” a Wall Street Journal weekly column and blog.The book is an eye-opening, educational and at times amusing summary of Frank’s years of analysis of the “new rich”.They came to his attention in 2003 when he noticed that statistics from the Federal Reserve Board showed a curious pattern: the number of millionaire households in the U.S. had doubled since 1995 and showed no sign of slowing.

So what is Richistan? Frank defines it as the domain–effectively an exotic country(stan)-of the world’s households that are worth $1 million or more.

So who are the denizens of Richistan?

According to Frank, less than 10 percent of Richistanis are from Old Money -the community of bluebloods whose ancestors made their money in the first Gilded Age-and only 3 percent are celebrities. The rest are: Read more of this post

Filed under Tidbits Tagged with 500 ft yachts, and Bust, Billionaires, book review, Bubble, charity and philanthropy, exclusive clubs, haves and have mores, indebtedness, luxury watches, mansions, Millionaires, New Rich, Old Money, postaday, Richistan, Richistan: A Journey Through The 21st Century Wealth Boom and the Lives of the New Rich, Richistanis, Robert Frank, The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, The Wealth Report

Just How Well Off Are You?

September 8, 2011 Leave a comment

wealthymatters.com Do you know if you are a HNI? Or if your income makes you rich in India?

Envy and jealousy are pretty useless but there’s nothing like goal setting to get where you want to be wealth wise. It helps to know just where you stand.

According to the National Council for Applied Economic Research (NCAER), you are rich if your family’s annual household income exceeds Rs 17 lakh.There are 3 million rich households in India comprising some 16 million individuals.So 1.38% of Indians are rich in income terms.

However income doesn’t equal wealth just as being rich doesn’t mean being wealthy.For more on this distinction please refer to this older post here: https://wealthymatters.com/2011/01/26/the-definition-of-income-and-wealth/ . Read more of this post

Filed under Theory, Tidbits, Tool Kit Tagged with annual household income, Billionaires, Credit Suisse’s Global Wealth Report, HNI High Networth Individual, Income, Indian wealth pyramid, Millionaires, net worth, postaday2011, RandomBlog2011, Rich, wealth, wealth pyramid

21 Success Secrets of Self-Made Millionaires

July 30, 2011 5 Comments

wealthymatters.com Brian Tracy cites a startling statistic:By age 65, out of 100 people, 1 will be wealthy, 4 will be financially independent, 15 will have some savings set aside and the other 80 will be flat broke, busted and dependent on others for survivals.

Brian Tracy believes that cultivating the following list of habits will automatically make a person wealthy in time. Practicing these habits, Brian personally went from an income of $12,000 to over $150,000 a year in a very short time and then on to several million dollars. Here is more about the man: http://en.wikipedia.org/wiki/Brian_Tracy

Distribution of Millionaires by Country

January 26, 2011 6 Comments

Number of millionaires by country

HNWIs (more than US$1 million, in 2009)
Rank	Country	Number
—	World	10,000,000
1	United States	2,886,200
2	Japan	1,650,000
3	Germany	861,500
4	China	477,400
5	UK	448,100
6	France	383,000
7	Canada	251,300
8	Switzerland	222,000
9	Italy	179,000
10	Australia	173,600
11	Brazil	146,700
12	Spain	143,000
13	India	139,835

This is some interesting data I came across today.I did some basic math with the figures.Apparently 0.167% of the world’s population are millionaires.About 0.013% of Indians are millionaires.1.4% of the world’s millionaires are in India. Do you know some or any of them?Who are they?What sort of people are they?How did they get to this position ? By any chance are you one of these people ? How did you make your first million?Or are you someone who would like to be a millionaire? Here is a tool to help you on your way – https://wealthymatters.com/2011/01/26/want-to-be-a-millionaire-calculator/ .Or if 4.6 crores seems a long way off, here is a tool to help you get started – https://wealthymatters.com/2011/01/26/target-crorepati/

PS:Here are some updated figures,thanks to blog reader RC

Top 10 Countries (Net worth of US $1 million, as of May 2011)
Rank	Country	Number of (USD) millionaire households
*Rank*	World	37,978,000
1.	United States	10,541,000
2.	Japan	5,705,000
3.	Germany	3,485,000
4.	United Kingdom	2,904,000
5.	France	2,653,000
6.	Italy	2,476,000
7.	Canada	1,745,000
8.	China	1,312,000
9.	Spain	1,022,000
10.	Taiwan	719,000