The Latest Census of Global Fortunes: Mo' Money for the 1%

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http://www.alternet.org/economy/latest-census-global-fortunes-mo-money-1



For the global economy, notes the just-released 17th annual World Wealth Report from the Capgemini wealth consultancy and the Royal Bank of Canada, 2012 turned out to be one real downer.

“The myriad crises of 2011 cast a shadow into 2012,” the study relates, “and widespread fiscal austerity exerted a palpable drag, resulting in sluggish GDP growth for the global economy throughout the year.”

But the world’s wealthy —the “high net worth individuals” among us — didn’t let this “palpable drag” get them down in the least. Their fortunes soared in 2012.

The analysts at the Capgemini and RBC count anyone with $1 million in investable assets as “high net worth.” They don’t include in this $1 million tally the value of primary personal residences, automobiles and other consumable durables, or jewelry, art, and other collectibles.