Welcome to Finance and Fury, The Say What Wednesday edition. Where every week we answer your questions.
Question from Anton – In your recent podcast you mention countries that have more millionaires and billionaires have more gdp and a higher quality of life. I am interested if you have research that shows the relationship of quality of life for the lower quartile of the population (by net total worth) against the number of millionaires in a Country.
Today:
- Research on quality of life
- More millionaires per capita helps
- For the lower quartile also
St Vinnies CEO Sleepout on the 20th of June – Donation Link
Recap of what I said in that ep
“countries with the highest number of millionaires/billionaires per capita, have higher levels of GDP per capital and higher quality of life scores, even for the poor“
- Per capita is important – shows output
- Concentration of millionaires per capita
- There really isn’t a lot published about quality of life and number of wealthy people
- Little research showing benefits in anything
- Took some time to compile the research
Resources will be shared to subscribers
Where would you prefer to be in the lowest quartile?
- Where would you get a better pension income, social support, infrastructure/transport, healthcare?
- What about an OECD country instead – Live in India, or China?
- Where does government support come from? Taxpayers. Who pays the most in taxes? Millionaires and high-income earners.
- The more millionaires there are per capita – the more money the Gov can collect
- Millionaire’s money is more volatile due to deriving income from companies
- From 2007 and 2011, the income of the bottom 10% increased by 2% while incomes at the top declined by 1%
Who has the most millionaires per capita?
- Switzerland (8.5%), Taiwan, US, Aus, Belgium, UK, Canada, France, Norway
- What about in regards to relative poverty lines?
What about other countries with millionaires? But not per capita
- China, India, how do they compare?
- How do their qualities of life compare?
How do you measure quality of life?
- Standard of living?
- No universally objective measurement
- Rising global incomes? Rising disposable income?
- What about India’s costs of living?
- Main source of income of lower income earnings is government support
I haven’t gone over other indexes, but all point towards more millionaires per capita being a good thing
- These statistics change all the time
- Look at my example for perspective
- Equality of opportunity is a good measurement of quality of life
- Freedom index is a great indicator
- They show the mobility of income potential
I will be compiling the research and sending it out to subscribers
If you want to get in touch, you can do so here.
Graphic representations:
Data Extracted from OECD.Stat
UN Human Development Index Report – 2018