The Rich Are Getting Richer

                              

'The ranks of those with money to burn swelled by a million last year, taking the worldwide total of "high-net-worth individuals" to 12 million according to Capgemeni and RBC Wealth Management. In their annual survey, published yesterday, the two money experts found that the collective wealth of the world's well-heeled rose by 10 per cent to a record $46.2 trillion (£29.5 trillion) last year.' (Times, 19 June) To gauge just what this means it is important to realise that a "high-net-worth individual" is defined as someone with investable assets of at least $1 million, not including their main home and collectibles such as art, jewellery and vintage racing cars. The report goes on to say that in Britain 24,000 such individuals were created last year taking the total from 441,000 to 465,000. RD