Boulevard of broken dreams: Now Beijing and Shanghai each have more multi-millionaires than Los Angeles
PUBLISHED: 23:02 EST, 8 December 2012 | UPDATED: 00:58 EST, 9 December 2012
America is losing the millionaire’s race.
A new report from WealthInsight shows Beijing and Shanghai each with more multimillionaires than Los Angeles.
The data measures the segment of the population worth $30 million or more.
People with bank accounts of at least $30 million are known in the wealth-industry as ‘ultra-high-net-worth individuals.’
Beijing has 1,318 people who fit that description, Shanghai has 2,028, and L.A. has a pitiful 950 people worth at least $30 million.
But America still has New York, the city with the most ‘ultra-high-net-worth individuals’ at 2,929.
Still, Brazil, Russia, India and China are gaining.
Sao Paulo, Brazil, has 1,310 ultra-highs, which beats San Francisco, Washington and Miami put together.
City of gold: A lot of millionaires are sleeping in the city of Beijing
Moscow is even with Chicago for the wealthy, and Mumbai has surpassed Dallas.
Secondary cities such as Puna, Fuzhou and Chongqing could nearly double their numbers by the next presidential election.
Economists are still unsure whether this trend of shifting wealth from the West to the East will continue at its current rate, but WealthInsight says the millionaires in BRIC countries will boom at a 76 per cent growth by 2016.
That growth rate is twice that of the last four years.
India’s millionaire populace will likely double to 511,000 and China’s will grow 82 per cent and Brazil’s 40 per cent.
However economic slowdown and dicey stock markets could slow that growth with China especially susceptible to the market.
If China were to be hit, asset prices would tumble taking a sever chunk of millionaires out of the figures.