News & Previews from the World Future Society
April 2007 (Vol. 8, No. 4)

RE: WEALTH EXPLOSION FOR THE UNITED KINGDOM
Thanks for this Update and for the Barclay's reports.

Let me suggest, however, that the Barclay's quote--"The UK will also have the highest concentration of dollar millionaires--or high net worth households (assets exceeding £500,000) of any G7 country"--is not the same as your quote--"Approximately 8 million UK households (one in four) will be dollar millionaires by the year 2016, giving the United Kingdom more millionaires than any other G7 country."

According to the Federal Reserve Bank of Chicago <http://www.chicagofed.org/publications/workingpapers/wp2005_10.pdf>, 7% of U.S. households had assets over $1 million. Given there were about 107,000 households in the U.S. in 2002, that is just about equal to 8.5 million households with that amount of wealth now. And the wealthy have been increasing and will be much more than this by 2016, plus inflation will drive up that number as well.
Peter C. Bishop
pbishop@Central.UH.EDU

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