World Bulletin / News Desk
Many millionaires got poorer in the last year, but billionaires did just fine, using their heavyweight money management teams to ride out market and economic turmoil that hit the lesser rich, research company Wealth-X said on Monday.
The ranks of people with at least $30 million edged up to 187,380 but their total wealth fell 1.8 percent to $25.8 trillion -- still a sum bigger than the combined size of the U.S. and Chinese economies, Wealth-X said in a report.
Hardest hit globally were those in the $200 million to $499 million range, whose numbers dropped 9.9 percent and whose fortunes shrank 11.4 percent, the World Ultra Wealth Report said, using data for the year through July 31.
But the really, really rich got even richer as the number of billionaires rose 9.4 percent to 2,160 people and their wealth grew 14 percent to $6.2 trillion.
"Even at a billion or two billion, they have a much larger entourage, they have much more in the way of investment advice. They certainly get the attention of every major bank," Mykolas Rambus, Wealth-X's chief executive officer, told Reuters.
"This was the issue about that mid tier, the $100- to $500-million risk land. I don't think it appears these guys employ enough talent to help their own portfolios plus their holding companies to be successful."
As Europe struggles and the U.S. economy recovers fitfully, the affluent are shifting away from speculative investments into private companies, commodities and property, said Wealth-X, a Singapore-based firm that provides intelligence on the ultra-rich to banks, fundraisers and luxury retailers.
Asia suffered the worst regional loss of wealth, with a fall of 6.8 percent to $6.25 trillion due to weaker equity markets and lower export demand from the West, it said.
While wealth also shrank in Europe, Latin America and the Middle East, the rich saw their fortunes grow in North America (up 2.8 percent to $8.88 trillion) and Oceania (up 4.4 percent to $475 billion) -- much of that in Australia.
But Asia's rich cannot be discounted, Wealth-X said, as the fall in wealth in Japan, China and India -- home to 75 percent of ultra high net worth (UHNW) Asians -- will reverse, based on the strength of the region's financial systems and economies.
"Total Asian UHNW wealth is forecast to surpass the U.S. combined wealth by 2020," it said.
Russia's oil output stands at over 10 million barrels per day, the world's largest, but it needs new sources of crude oil, including hard-to-recover deposits and the Arctic, to sustain this level
The strike at Yue Yuen is not just one of China's biggest in recent years, it's also more clearly driven by workers' fears that they have been scammed by an opaque and convoluted welfare payment system.
When the system is in place citizens will be able to buy a limited amount of subsidised fuel, and will have to pay a normal, market price for any extra quantities.
Production in Upper Nile state's Paloch oilfields, where output has not been hampered by the conflict, stood at 159,000 barrels per day this week.
Dragomir Stoynev accused fellow European Union members of a politically-motivated attempt to scupper the project, and urged the bloc to understand the effect that doing so would have on its members.
The drops have come mainly because Japan did not take any cargoes in March and South Korea is not scheduled to take any shipments in April, according to the tanker data.
Japan's finance ministry and central bank have declined to comment on the payments.
But a survey shows that most people believe inflation is speeding up and could surpass 37 percent this year.
A fifth payment of $450 million was due on April 15, contingent on Iran having diluted half of its most sensitive stockpile of nuclear materials
The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March against 0.7 percent in February, the European Union's statistics office Eurostat said.
Pushed by higher food and shelter costs, the consumer price index rose in March.
Country of origin labels are currently voluntary in the European Union and many of the bloc's governments want to keep it that way
While reverse flows would help cushion the effects of a Russian export cut during mild-demand summer months, analysts say they would not be sufficient in winter.
The tanker, Aegean Dignity, is due to take its load to Italy, the NOC quoted an oil official as saying in a statement on its website
TAP aims at enhancing the security of natural gas supply as well as diversification of gas supplies for the European markets.