Let me just make it clear that I am not insinuating the U.S. should be the wealthier country. Not by any means or stretch of the imagination. But I find it baffling that only a few short years ago these countries were considered “third world” and perhaps suffering from large poverty-stricken populations. I think a lower struggling class definitely still exists and that they’re in need of assistance. Countries in the middle-east must have a very strong disparaging difference between the lower class and the upper class with maybe little to no existing middle-class (a class that falls in the majority here in the United States, I’m sure). But something must be said for articles like this, that were released 5 days ago:
Women in the Middle East are Haute Couture’s biggest market, says this Reuters story. “I had the opportunity to see a wedding that was recently held here in Dubai. 4,000 women were invited to the reception and everybody in the room was wearing haute couture,” Simon Lock, creative director for Dubai Fashion Week, told the news service. “And there are lots and lots of weddings to attend. The wedding season is very expensive here. I have known of many occasions when a couturier will be invited to a private home for a showing. The hostess will buy maybe 20, 30 couture outfits for a season.” [Reuters]
LONDON | NEW DELHI: India, the world’s second most-populous country, has more wealthy households than most European countries, including Germany and France.
The country, with 3 million affluent households, is fast emerging as a serious centre of affluence along with China, says the largest ever global affluence study by research firm TNS. “India and China have already surpassed major European markets like Germany and France.
It’s interesting to see that the entrepreneurial spirit of people in these markets is already paying off in terms of personal wealth,” TNS Director, Business and Finance, Reg Van Steen said.
TNS’s Global Affluent Investor study—which interviewed 12,000 people across 24 markets including China, Brazil and India—defines affluent households as those with more than $100,000 (around Rs 50 lakh) surplus to invest. Also, the rich is getting richer.
India is among the top five countries where the affluent have more than $1 million to invest on average, alongside the UAE, Singapore, Hong Kong and Sweden.
I think the United States is no longer “the place to be” or the place “to make your millions.” There’s just no amazing case of super successful entrepreneurship. The money is flowing out of the United States and into the hands of all those countries that in my youth were pretty much unsuccessful.