“He Wasn’t Even A Wealthy Man”
Posted by Robert Louis on 27 Apr 2008 | Tagged as: Estate Planning
This was the remark made by John D. Rockefeller when he learned how much J.P. Morgan had at his death. I guess it’s all relative. Two recent reports on wealth in the world and America contain some interesting insights in those considered wealthy, whatever Mr. Rockefeller might have thought.
It was reported recently that there are 8,000,000 high net worth individuals in the world. For this report, issued by the Citi Private Bank, the threshold was investable assets of $1,000,000 or more, excluding the primary residence. The US still has the greatest number of millionaires, but there are now significant numbers of the high net worth group in Brazil, Russia, Australia and China, as well as the expected Japan and the United Kingdom.
A report from Northern Trust offers some demographics of the wealthy in America. A sample of just over 1,000 millionaires showed average investable assets of $3,600,000, with 86% of the group having such assets in the range of $1,000,000 to $5,000,000. The most common occupations were senior corporate executive and business owner/entrepreneur. In terms of age, 36% were 62 or older, while 53% were age 43-61. Despite having wealth, this group reported some worries, chief among them being rising health care costs and their own health or that of their spouse.