Lunchtime Links: There are now 448,000 people with investable assets 670k in the UK
If you count your wealth in terms of a large house in Pimlico with an extra-large Smeg fridge, you may consider yourself wealthy. You would be wrong. The 2010
World Wealth Report is out, and it only counts people with more than US$1m in investable assets, excluding their primary residence, collectibles, consumables, and consumer durables.
There are apparently 448,000 of these people in the UK. This amounts to 0.7% of the population. Per head of population, there are more high net worth types (1.1%) in Germany than there are in the British Isles.
Irrespective of the era of austerity, HNW individuals are still pursuing their urge for 'passion investments.' According to the report, 'Luxury Collectibles' now account for 30% of passion spending, up from 26% pre-crisis. 'Miscellaneous items' (eg, guns) are down to 3%.
This represents one of the most drastic spending squeezes in any advanced economy in recent times. (Financial Times )
Those on very high incomes, 150,000 and up, could have fared much worse. (Guardian)
A single male earning 200k will be 2.1k worse off. (FT)
The real nub is that the 2bn levy will barely cover shrunken receipts from banks. (FT)
The 0.07 percent levy on wholesale liabilities is less than half the 0.15 percent rate being considered by the U.S. government. (Bloomberg)
Lots of banks carried forward significant tax losses post crisis, so won't be paying any tax anyway. (Alphaville)
"The bank levy is less than half the 5-8bn predicted - and is a fraction of City bonuses." (Guardian)
Six people have left Citadel in London. (Financial News)
Jefferies has hired two rates bankers from ING. (PowerMoves)
Mizuho paid six directors more than $1.1m last year. (Bloomberg)
Average base salary for a corporate financier with ten years' experience is US$170k in HK, US$130k in Singapore. (Bloomberg)
The indignities of an investment banker in China. (Reuters)
15 ways to blow your job interview. (Business Insider)
