Wealth

The Rich Got Richer (Again) By 10 Percent Last Year, According to Study

The saying "the rich get richer..." rings especially true now.
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You've no doubt heard the saying "the rich get richer and the poor get poorer" multiple times. But how true is it exactly? Very accurate it seems, according to Wealth-X, a firm that studies the world's wealthiest individuals.

The company's latest report, the Very High Net Worth Handbook 2020, says the global net worth of very wealthy individuals rose 10 percent in 2019 alone. People with $5 million to $30 million net worth were estimated to increase 10 percent year-over-year to $26.6 trillion.

"An important driver of the global wealth growth was “the reorientation of policy by major central banks toward monetary stimulus, which delivered a boost to investor sentiment and world equity markets," the report said.

Asia was specifically singled out for surpassing Europe's number of ultra-high net worth individuals with 723,790 compared to the latter's 678,370.

The findings also found the top 10 cities with a concentration of wealthy people. New York topped the list, followed by Tokyo, Hong Kong, Los Angeles, London, Paris, Chicago, San Francisco, Washington, and Dallas.

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The company derives its findings from a number of sources such as stock market values, tax rates, and data from the World Bank, International Monetary Fund and Organization for Economic Cooperation and Development, to name a few.

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Paolo Chua
Paolo Chua is the Associate Style Editor of Esquire Philippines.
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