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lean9088 Carnal Conqueror UID 29244 Digest Posts 0 Credits 406 Posts 351 Karma 403 Acceptance 51 Reading Access 30 Registered 13-8-2009 Status Offline

#1 Post at 22-6-2010 03:04  Profile P.M.  Font size: S M L Countries with the Most Millionaires Countries with the Most Millionaires http://finance.yahoo.com/family- ... res?mod=career-work I wonder how many bros here are millionaires. Bro Rico sounds like one.

lean9088 Carnal Conqueror UID 29244 Digest Posts 0 Credits 406 Posts 351 Karma 403 Acceptance 51 Reading Access 30 Registered 13-8-2009 Status Offline

#2 Post at 22-6-2010 03:10  Profile P.M.  Font size: S M L 10. Hong Kong Population: 7 million 2009 number of millionaire households: 205,000 Percentage increase: 16.2 percent YOY Share of country's wealth held by millionaire households: 73 percent Damn. Rich people own Hong Kong.

bsnake Carnal Conqueror UID 42706 Digest Posts 0 Credits 348 Posts 362 Karma 348 Acceptance 1 Reading Access 30 Registered 7-4-2010 Status Offline

#3 Post at 22-6-2010 03:12  Profile P.M.  Font size: S M L Reply #1 lean9088's post Are the numbers currency adjusted so that it is millionaires using a country's own currency or are all converted to dollars

lean9088 Carnal Conqueror UID 29244 Digest Posts 0 Credits 406 Posts 351 Karma 403 Acceptance 51 Reading Access 30 Registered 13-8-2009 Status Offline

#4 Post at 22-6-2010 03:16  Profile P.M.  Font size: S M L Reply #3 bsnake's post The article didn't say, but it's safe to to assume that they have to normalize the data against a single currency. Typically it's USD.

geoduck Godfather of Hole UID 41248 Digest Posts 0 Credits 7512 Posts 3232 Karma 7419 Acceptance 1854 Reading Access 90 Registered 12-3-2010 Status Offline

#5 Post at 22-6-2010 07:31  Profile P.M.  Font size: S M L Reply #4 lean9088's post The figures should be all in US$. To me it does not seem very accurate as the figures are way under stated. No one really knows how much money people have stashed away in cash, particularly in places like China and Hong Kong. These days one million US$ is not that much money anymore and it would be more significant to name the billionaires.

cpstunnaz Lustful Lord UID 9783 Digest Posts 0 Credits 541 Posts 495 Karma 540 Acceptance 25 Reading Access 40 Registered 25-3-2008 Location Planet Earth Status Offline

#6 Post at 22-6-2010 07:37  Profile P.M.  Font size: S M L i dont know how accurate the facts are, but i think those are based off people who actually report their income. imagine all the dirty money out there, or the money that people hide because they don't trust the banks. there are a lot of unknown millionaire's out there, unfortunately i'm not one of them.

uwotextbook Banned UID 39384 Digest Posts 0 Credits 148 Posts 115 Karma 146 Acceptance 36 Reading Access 0 Registered 5-2-2010 Status Offline

#7 Post at 22-6-2010 07:57  Profile P.M.  Font size: S M L millionarie isnt that big of a deal considering a half decent condo in Hk cost 10 million HKD which is over a million in USD.

Alcoanno Nookie Newbie UID 45735 Digest Posts 0 Credits 72 Posts 43 Karma 72 Acceptance 9 Reading Access 10 Registered 29-5-2010 Location Bris Status Offline

#8 Post at 22-6-2010 08:21  Profile P.M.  Font size: S M L Being a millionaire isn't a big deal these days, you need a million bucks just to buy a decent house in OZ. Most of the publications that list who's the richest etc don't really know what these people are worth, they can only estimate from what is public records etc. I know of a guy who has been a billionaire for probably 20 years but until he floated one of his companies and made $700M he had never been on one of those richest lists. Plus what about Drug Dealer, Arms Dealers etc. I'm sure they aren't on Public Records. You wouldn't know who really has a fuck load of money.

atomic3d Throbbing Titan UID 41127 Digest Posts 0 Credits 3282 Posts 2642 Karma 3157 Acceptance 2501 Reading Access 70 Registered 10-3-2010 Status Offline

#9 Post at 22-6-2010 08:36  Profile P.M.  Font size: S M L There was a study done, that ascertained that something like 98% of the top 10% of the wealthy individuals acquired there wealth either by inheritance or though illegal activities. When you think about it even people like Bill Gates has had run ins with the anti-monpoly laws. [ Last edited by  atomic3d at 22-6-2010 13:01 ]

xavierkk Kinky King UID 39648 Digest Posts 0 Credits 1303 Posts 942 Karma 1293 Acceptance 194 Reading Access 50 Registered 10-2-2010 Status Offline

#10 Post at 22-6-2010 09:00  Profile P.M.  Font size: S M L QUOTE: Originally posted by uwotextbook at 22-6-2010 07:57 millionarie isnt that big of a deal considering a half decent condo in Hk cost 10 million HKD which is over a million in USD. What you forget to mention is that although the apartment cost HKD 10 million, most people pay for it with a mortgage ... so it doesn't necessarily mean a person living in a HKD 10 million apartment is worth HKD10 million

geoduck Godfather of Hole UID 41248 Digest Posts 0 Credits 7512 Posts 3232 Karma 7419 Acceptance 1854 Reading Access 90 Registered 12-3-2010 Status Offline

#11 Post at 22-6-2010 09:26  Profile P.M.  Font size: S M L Reply #10 xavierkk's post This may be so but there are lots of people paying off 15 year or longer mortgages. If you had purchased your property 10 or 15 years ago, you've made most of the payments and during that time the property value has risen by about 50-100%. Thus, if you paid for your HK$5m property then and put down a 20% deposit, ie HK$1m, your HK$4m is mostly paid up now and the property is worth like $8-10m. This does not include the other assets you've acquired during the period and the HS Index which was at a low of 8000 points only a few years ago and down at 3,600 points in 1998 and now just over 20,000 points. Lots of opportunities in the past decade to make millions in HK but unfortunately those days are now behind us/ Yep, US$1m is nothing these days and will not get you very far in HK. Loose change for buying a super car or super model. [ Last edited by  geoduck at 22-6-2010 09:29 ]

xavierkk Kinky King UID 39648 Digest Posts 0 Credits 1303 Posts 942 Karma 1293 Acceptance 194 Reading Access 50 Registered 10-2-2010 Status Offline

#12 Post at 22-6-2010 10:00  Profile P.M.  Font size: S M L Reply #11 geoduck's post Has property actually risen 50-100% in 15 years though? From my recollection, HK property was at its peak between 1993 and 1997 with most record pricing set during that time period. I think we have just finally surpassed that peak, so I don't know if there was so much gained between that time. But I agree with you - USD1 million is not much nowadays. I'd be probably a lot closer to that number now if I had never gotten into this hobby!

geoduck Godfather of Hole UID 41248 Digest Posts 0 Credits 7512 Posts 3232 Karma 7419 Acceptance 1854 Reading Access 90 Registered 12-3-2010 Status Offline

#13 Post at 22-6-2010 10:04  Profile P.M.  Font size: S M L Reply #12 xavierkk's post Property prices were very low in 1988 and there have been several cycles since then. In 1998 property prices slipped back by as much as 40% as interest rates soared and started to climb again in 2000. Then came SARS in 2003 and prices slipped back again by about 40%. Units at Telford Garden where there were fatalities from SARS fell by as much as 60%. Since 04, property prices have risen steadily despite the financial crisis in the US (there were still a few bargains though from some silly panic selling). Right now, they are in limbo and when that happens, there is only one way to go, trend lower. [ Last edited by  geoduck at 22-6-2010 10:10 ]

xavierkk Kinky King UID 39648 Digest Posts 0 Credits 1303 Posts 942 Karma 1293 Acceptance 194 Reading Access 50 Registered 10-2-2010 Status Offline

#14 Post at 22-6-2010 10:22  Profile P.M.  Font size: S M L Reply #13 geoduck's post Point understood - within the last 15 years certainly there have been fluctuations of 50-100% and for the brothers who've had the foresight and timed the sales and purchases accurately, a lot of money was made. But again, a lot of money was lost as well... Not too sure about current market situation.

geoduck Godfather of Hole UID 41248 Digest Posts 0 Credits 7512 Posts 3232 Karma 7419 Acceptance 1854 Reading Access 90 Registered 12-3-2010 Status Offline

#15 Post at 22-6-2010 10:41  Profile P.M.  Font size: S M L Reply #14 xavierkk's post With such volatility in property and stock prices, one would have to look closely at the state of the market and the timing. Think it is foolhardy to just go out and buy stocks or properties on a whim. HK is great because there's high liquidity in the property market and thus one will have to pay a premium for this. One thing is for sure, you cannot get rich if you don't borrow and gear up your money and since the bank loan will be a financial burden, best to monitor the prices and trends closely and thread carefully.

xavierkk Kinky King UID 39648 Digest Posts 0 Credits 1303 Posts 942 Karma 1293 Acceptance 194 Reading Access 50 Registered 10-2-2010 Status Offline

#16 Post at 22-6-2010 11:22  Profile P.M.  Font size: S M L Reply #15 geoduck's post I agree. I usually stick to investments that I know more about, and property certainly is not one of them (that's why I rent only). Currency and WG's are the only investments I make.

Fifa Buggered Beggar UID 46420 Digest Posts 0 Credits -79 Posts 311 Karma -60 Acceptance -370 Reading Access 1 Registered 12-6-2010 Status Offline

#17 Post at 22-6-2010 11:27  Profile P.M.  Font size: S M L Reply #1 lean9088's post I reckon these statistics sometimes fool people in that it does not give any indication of the wealth of the general public that lives there. For example, if India or China has a high amount of millionaires then it does not mean most people are millionaires there. It would be wiser to look at the percentage of population that are millionaires.

soulmessiah Nookie Newbie UID 1435 Digest Posts 0 Credits 75 Posts 82 Karma 75 Acceptance 2 Reading Access 10 Registered 8-5-2007 Status Offline

#18 Post at 22-6-2010 12:58  Profile P.M.  Font size: S M L Hey interesting thing about illegal activities, they still incur a tax. You don't have to pay it but you can be charged for it retroactively. At least if it's the same in the US.

sirtiger (the banana) Erotic Emperor UID 3407 Digest Posts 0 Credits 2609 Posts 2588 Karma 2586 Acceptance 465 Reading Access 60 Registered 27-9-2007 Location other side of the planet Status Offline

#19 Post at 22-6-2010 22:15  Profile P.M.  Font size: S M L QUOTE: Originally posted by xavierkk at 21-6-2010 10:22 PM WG's are the only investments I make. I wonder whats the ROI on WGs....

lean9088 Carnal Conqueror UID 29244 Digest Posts 0 Credits 406 Posts 351 Karma 403 Acceptance 51 Reading Access 30 Registered 13-8-2009 Status Offline

#20 Post at 23-6-2010 05:46  Profile P.M.  Font size: S M L QUOTE: Originally posted by sirtiger at 22-6-2010 22:15 I wonder whats the ROI on WGs.... Very high, not too mention the benefits.  Best interview/audition process.

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