Dollars and sense in Israel

June 23, 2010 - 12:42 PM by

It’s nice to know that some people are doing well financially in Israel. According to a new study on worldwide wealth, while there was globally a 17% increase in the number of millionaires in 2009. the rate in Israel was nearly 43%.

I guess that worn out joke – ‘how do you make a million dollars in Israel? Bring $2 million’ – is no longer the blueprint here.

The World Wealth Report, released by Merrill Lynch and the Capgemini consulting firm, states that there were 8,419 millionaires in Israel in 2009, compared to 5,900 in 2008. According to the Ha’aretz report, that brisk growth rate was surpassed only by Hong Kong and India. The study defines a millionaire as a person with at least $1 million in investable assets, excluding primary residences, and with an offset for liabilities.

In 2008, the number of millionaires in Israel had declined by 28% compared to the year before, because of the global economic crisis.

The growth in the Israeli millionaires’ club last year is the result of a 40% increase in the value of capital market financial holdings and a 15% increase in non-financial assets such as real estate.

Millionaires aren’t the only growth industry in Israel. According to the report, the number of multi-millionaires (those worth over $30 million) rose from 73 to 83 last year.

While not begrudging anyone their big payday, the rest of us are still struggling month to month, with record numbers living under the poverty line. Another old adage, “the rich get richer while the poor get poorer”, while not a joke, is relevant today more than ever.

Tags: , , , , • Category: A New Reality, Business, General, Israeliness, Life 

Comments

3 Comments on Dollars and sense in Israel

  1. Asaf on Wed, Jun 23rd 2010 5:29 PM

    2. If you would like a copy of the report emailed to you, let me know. It is a fascinating report.

  2. תמא 38 on Mon, Sep 13th 2010 6:00 PM

    3. something here does not make sense, how come wealth has been growing while on other places things are going in different direction , should make us wonder , is that true ?

  3. James Abumere on Mon, Sep 20th 2010 5:50 PM

    4. YES IS TRUE AND I TRULY SUPPORT THE MOTION THAT WEALTH HAS BEEN GROWING WHILE WILE THINGS ARE GOING IN ANOTHER DIRECTION FOR OTHERS. THANKS

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