The Wealth Effect -- June 8, 2024

Locator: 47982ECON.

Link here. 

Or direct to Barron's: link here.

A resilient global economy is leading to a rise in wealth once again for the world’s richest individuals, despite plenty of economic and geopolitical uncertainty, according to a new report.

Globally, the population of those with at least US$1 million in investable assets rose by 5.1% last year to 22.8 million, while their wealth rose 4.7% to US$86.8 trillion, according to the 28th annual World Wealth Report from Capgemini Research Institute, a global think tank division of Paris-based Capgemini.

It’s a sharp difference from a year earlier, when global wealth fell 3.3% to US$83 trillion. The growth trend was particularly evident in the U.S. last year, where economic resilience, slowing inflation, and soaring U.S. stocks led to a 7.3% increase in the population of those with at least US$1 million in investable assets to 7.5 million, Capgemini said.

The wealth of these individuals rose 7% to US$26.1 trillion.

More later. Watching a movie.

This was from 1998, also from Barron's. The wealth effect. 

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Movie Night

Kinky Boots tonight.

Perhaps one of the most poignant films ever. I never get tired of it. 

And best music ever. 

Link here.

In 1971 when I was selling educational books door-to-door in New Jersey, across the river from NYC, I heard this song all day long, walking from house to house. Brings back great memories.