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Wealth on the rise in District area, also across the world
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WASHINGTON (Map, News) - The rich are getting richer throughout the country and the world at large, and the D.C. area is no exception.
A new report Wednesday found there were 9.5 million high net worth individuals in the world last year, an 8.3 percent increase over the year before. The report, by New York-based wealth management firm Merrill Lynch, defines “high net worth individuals” as those with at least $1 million in investable assets, not including their primary home.
The wealth of these individuals totaled $37.2 trillion , with 10.3 percent of the wealth existing in North America.
The D.C. area is seeing even a larger spike in wealth, and the trend is expected to continue, Heather Evans, a Vienna-based financial adviser with Merrill Lynch, told The Examiner.
The region already has nearly 100,000 millionaire households. While the total number of households in the area is projected to rise by 4.1 percent in the next five years, the number of millionaire households is expected to go up by 59.4 percent.
“It looks like we're just continuing to become wealthier, and I think it's a very positive thing,” Evans said.
The report also found that socially responsible investing is on the rise and that the majority of investment dollars are being allocated to real estate rather than other investment vehicles. Wealthy people in the United States are much less likely than their foreign counterparts to invest internationally, though Evans said she encourages her D.C. area clients to do so.
Evans said the trend toward socially responsible investing can vary greatly depending on an individual's backgrounds or beliefs. Some vegetarian clients, for example, are wary of investing in companies that produce animal products. A number of individuals — particularly those in health-related fields, she said — shrink from corporations with ties to smoking.
melissa.frederick@dcexaminer.com
Comments from Examiner Readers
5:44 AM MST on Fri., Jun. 1, 2007 re: "Future of interest rates tied to dwindling dollar"
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8:24 AM MST on Wed., May. 9, 2007
re: "Bethesda-based USCE sees jump in profits along with increase in expenses"
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Morrison Bonpasse said:
The ups and downs of currencies cause substantial and wasteful disruption to the world's economy. What is needed is a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union. The benefits of a Single Global Currency will be substantial: - Annual transaction costs of $400 billion will be eliminated. - Worldwide asset values will increase by about $36 trillion. - Worldwide GDP will increase by about $9 trillion. - Global currency imbalances will be eliminated. - All Balance of Payments problems will be eliminated. - Currency crises will be prevented. - Currency speculation will be eliminated. - The need for foreign exchange reserves, now over $4 trillion, will be eliminated and these funds can be used for more productive purposes than maintaining an inefficient foreign exchange system. If a monetary union in Europe works for 13 countries, soon to be 22, then why not plan for monetary union for 192 countries?
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Examiner Reader said:
The name of the company is USEC, not USCE. Although USEC is their official name, it used to be short for the U.S. Enrichment Corporation.
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