A recent study from Singapore based Wealth-X showed billionaires had a better year than millionaires during the year ending July 31. Wealth-X’s World Ultra Wealth Report focuses on the distribution of the worlds ‘ultra rich’, the super duper wealthy, those that are so rich they probably don’t know how much money they actually have, and care even less about what someone else thinks they have.
The main take-out of the research was that the number of billionaires, and their combined wealth, has increased over the recent 12 month whereas those in a mid-tier category dropped approximately 10%. This category comprised those in the US$200-499 million range of personal fortune.
Why might this be? One of the reasons suggested was that these billionaires have the more extensive entourage to look after their fortunes, but surely the group with a fortune of US$200+ million has some good help. What other explanations could there be? Perhaps the mid-tier category are just better at hiding their wealth.
There is value in this sort of data, especially for private banking and retailers of high-end luxury goods but they would need to drill down into what the wealth consists of, country specific data, industry specific data etc to show how they could they benefit from it.
But talking of billionaires and Singapore, Bernie Ecclestone has brought one of the richest sports in the world to Singapore this week for the Singapore Grand Prix. While Formula 1 recently postponed its planned public offering, the sport continues to attract a huge following, from the diehard motorsports fan to the high net worth individuals who pay thousands of dollars for a ticket to hang out at The Paddock.
The Singapore F1 GP has been a huge success from the start. Apart from being the first night race and being held around a difficult street circuit, Singapore’s position as a global business hub and one of the world’s leading financial centres mean the event is an ideal opportunity for collecting together heads of business and clients for networking.
So whether you are lucky enough to be in The Paddock striking your next business deal or having your own lounge room party enjoy the glamour of Singapore and the Formula 1.