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Wealth watch - Who owns the world ?

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How Xi Jinping can prove China is not a kleptocracy

"Bloomberg detailed a multibillion-yuan business empire built up by Vice President Xi Jinping's siblings,

his in-laws and their children."

 

iPizfH7XM3S0.jpg

 

Xi Jinping Millionaire Relations Reveal Fortunes of Elite

bloomberg.com — Xi Jinping, the man in line to be China's next president, warned officials on a 2004 anti-graft conference call: "Rein in your spouses, children, relatives, friends and staff, and vow not to use power for personal gain."

= =

EXCERPTS

Those interests include investments in companies with total assets of $376 million; an 18 percent indirect stake in a rare- earths company with $1.73 billion in assets; and a $20.2 million holding in a publicly traded technology company. The figures don’t account for liabilities and thus don’t reflect the family’s net worth.

 

No assets were traced to Xi, who turns 59 this month; his wife Peng Liyuan, 49, a famous People’s Liberation Army singer; or their daughter, the documents show. There is no indication Xi intervened to advance his relatives’ business transactions, or of any wrongdoing by Xi or his extended family

 

Amazing expose: Hidden Business Empire of Relatives of China's Next President Xi Jinping, by Bloomberg

http://t.co/KvNbr3bD

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$21tn: hoard hidden from taxman by global elite

• Study estimates staggering size of offshore economy

• Private banks help wealthiest to move cash into havens

 

http://m.guardian.co.uk/business/2012/jul/21/global-elite-tax-offshore-economy?cat=business&type=article

A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.

 

James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to the Observer.

 

He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks

== ==

 

So that is where the Wealth of Americans has gone

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MERGED : Two threads

(1)

How a small group of people ended up with the world's wealth

(2)

Wealth Watch: Who owns the world

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The World’s Richest Country

 

A man is silhouetted against the skyline of Louis Vuitton’s floating store and the financial district of Singapore. Yet another wealth report has put tiny Singapore on the top of its charts – this time, as the wealthiest nation in the world by GDP per capita, beating out Norway, the U.S., Hong Kong and Switzerland.

 

The report, released by Knight Frank and Citi Private Wealth, estimates that Singapore’s GDP per capita – at US$56,532 in 2010, measured by purchasing power parity – is the highest in the world, topping Norway (US$51, 226), the US (US$45, 511) and Hong Kong (US$45, 301). The report also predicts that Singapore will hold its place as the world’s most affluent country in 2050 (by GDP per capita), followed closely by Hong Kong, Taiwan and South Korea who will displace Norway and Switzerland as the world’s richest places.

 

This figure is no doubt bolstered by the staggering number of millionaires in the city-state, which Knight Frank and Citi Private Wealth predict will only keep growing. According to their estimates, Singapore will see a 67% increase in centa-millionaires over the next four years – an über-wealthy class with over US$100 million in disposable wealth. Earlier reports, like the Boston Consulting Group’s Wealth Report released in June, said Singapore has the highest percentage of millionaire households in the world, a title the city-state has held on to for two years running.

 

Singapore is not the lone beneficiary of Southeast Asia’s wealth explosion, and according to the report the number of people in the entire region with more than US$100 million in disposable assets (excluding property, for example) has increased by 80% in the past five years. Between 2010 and 2011, the number of these centa-millionaires grew 13% — higher than the global average at 6% — and will grow by 44% by 2016. Correspondingly, some Southeast Asian cities have seen property prices increase significantly in the past year, including the Indonesian island of Bali where property prices increased 15% and Jakarta, where they increased by 14.3%.

 

There are now 18, 000 people with US$100 million or more in disposable assets in Southeast Asia, China and Japan, according to Knight Frank’s estimates – more than North America, which has 17, 000, and Western Europe with 14, 000

 

/more: http://blogs.wsj.com/searealtime/2012/08/15/singapore-home-to-the-worlds-richest-people/

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Trillions Stashed in Tax Havens : 10% of World Wealth, maybe more

 

by Stephen Lendman

 

A new Tax Justice Network (TJN) USA report reveals an estimated $21 – $32 trillion of hidden and stolen wealth stashed largely tax-free secretly.

 

Titled “The Price of Offshore Revisited,” it explains what financial insiders know but won’t discuss. Many of them have their own hidden wealth.

 

TJN describes a “subterranean” systemic “economic equivalent of an astrophysical black hole.” The higher estimate above exceeds US GDP twofold.

 

It’s mind-boggling. It’s hard imagining a tiny percent of privileged elites control this much wealth secretly. It’s worse knowing it’s largely tax free. It’s appalling that governments let them get away with it.

 

Wall Street and other major banks manage it. Their business is fraud and grand theft. Private banking operations yield huge profits. Keeping funds secreted tax free attracts rich clients. Private capital globally is attracted. It’s welcome from anyone, “no questions asked.”

 

Government policies protect them. Societal costs are huge. Tax justice is absent. Hotel magnate Leona Helmsley once said only little people pay taxes. TJN’s report bears her out.

. . .

It’s impossible to estimate total lawful and illegal wealth from all sources. It’s vastly more than estimates within the parameters of TJN’s study. Credit Suisse tried.

 

Through mid-2011, it puts total financial and non-financial global wealth at $231 trillion. It’s a best guess. It’s tenfold TJN’s top figure. It’s mind-boggling. It’s roughly 3.5 times global GDP. In 2011, it was about $65 trillion.

 

/more: http://www.veteranstoday.com/2012/08/25/trillions-stashed-in-tax-havens/

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contract.jpg

 

/source:

 

This is nonsense...

 

Apples (derivative face values*) should not be mixed with Oranges (gold ounces) this way.

 

It obscures rather than reveals meaning

===

 

*Since they are generally all "Contracts for differences", they could theoretically all settle at zero, and have zero value at maturity

 

But an ounce of Gold is an ounce of Gold, right?

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More Wealth in China revealed ...

 

Wen Jiabao Family Linked to Billions in Assets, NYT Reports

 

By Bloomberg News - Oct 26, 2012 12:38 AM PT

 

Chinese Premier Wen Jiabao’s extended family has controlled assets worth at least $2.7 billion, the New York Times reported, citing corporate and regulatory records and unidentified people familiar with the family’s investments.

 

Among them is a holding in the name of Wen’s mother, Yang Zhiyun, in Ping An Insurance Co. (2318) that was valued at $120 million in 2007, the newspaper reported, citing public records, government-issued identity cards and an ownership trail to three investment entities. Cecile Zhang, a public relations official at Ping An, said she couldn’t immediately comment, and Ping An spokesman Sheng Ruisheng didn’t answer a call to his mobile phone.

 

Wen’s son, Winston, founded private equity firm New Horizon Capital, which has returned about $430 million to investors, a fourfold profit, since it began operations in 2005, the newspaper reported, citing SBI Holdings, a unit of Softbank Corp. (9984) Winston Wen has handed over day-to-day operations of the fund, according to the report. Horizon Capital didn’t immediately respond to an e-mail seeking comment.

 

“Relevant press reports are intended to tarnish China’s image and have ulterior motives,” Foreign Ministry spokesman Hong Lei said at a briefing in Beijing today.

 

/more: http://www.bloomberg...yt-reports.html

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Move to Acore section (?)

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Western "Cabal Capitalism" system needs a reboot

 

I mean the present system which concentrates Income and Wealth in the Top 1%, and Top 0.1%.

This is what needs a change.

 

Take a look at these charts

top-1-share-of-income-us.png : no.2

 

saezfig1.png

 

I find it interesting that the Income share of these Top Groups is back to near/above what it was in 1928/1929,

on the Eve of the great crash.

 

Real GDP growth has been reasonable in the last few decades...

After recovering to new highs, from a big drop in 2008-9

image048.gif

GDP-us-real_zps5weiffcf.png

 

But the income is not getting to the average person.

There has been little or no growth in Real Median incomes - it is back to the levels of pre-2000.

 

real-median-household-income.png

 

Meantime, the baby boomers are getting older, and many of them are facing retirement with very little savings. And taxes on the middle class are rising too, thanks to new legislation, like Obamacare.

 

The result of these trends, is that the average person is spending less, because they haven't got the income to spend, and/or they feel they need to put away much of the income that they are making for retirement... And many people are going on working in low paying jobs (at Walmart. etc.) because they cannot afford to retire.

 

Meantime, the rich just go on getting richer... and are paying the corporate-controlled media to tell the public that "all is well."

 

Overall Demand for most products and services is impaired by wealth concentration - Most people have less and less to spend. The wealthy put much of their income into investment, not consumption. This is an important reason why economic growth is slow. and inflation is declining

==

> new thread: http://www.greenenergyinvestors.com/index.php?showtopic=19988

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Revealed; The Men Who Own and Run the U S Government

 

Published on Jul 25, 2013

Discover the truth about the men behind the curtain who own and run the U.S. Government.

 

These men are totally evil, ruthless, greedy and vicious individuals who will stop at nothing to gain control of the world and the enslavement of us all.

 

They are now taking steps to control and shut down the internet because it is the last means for people to come together, and voice their opinions freely.

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People need to use some common sense in assessing wealth claims

This comes from the "world's richest man" thread:

http://www.greenenergyinvestors.com/index.php?showtopic=17558

 

n_pg16kamal.jpg

 

A Tanjung Malim-born Dutch citizen claims he is a descendent of the Emperor of China and that his bloodline is linked to royal families in India, Java and Siam.

IT is not every day that you get to meet a trillionaire. So when I was invited to interview Kamal Ashnawi, a person I've never heard of, I said yes.

On Saturday morning, at a Kuala Lumpur hotel coffee house together with two of Kamal's aides, I waited for the so-called trillionaire.

Wearing a baseball cap, long-sleeved shirt and jeans, he sauntered over to our table. The two aides bowed, pressed their palms together to their forehead as if greeting royalty and kissed his hands.

“We call him Tuanku as he is a sultan from Indonesia,” one of the aides whispered to me.

. . .

“He said I was the reincarnation of Emperor Nurhaci (1661-1626) of China. He felt an energy on my head which was superhuman because an emperor, unlike an ordinary human, has to think more.

“I'm the reincarnation of two emperors of China,” Kamal added.

He elaborated that a few years ago, the royal family decided he would be the sole administrator of the royal wealth kept in secret accounts in about 1,000 banks worldwide.

“This means that 86.7% of the world's money belongs to me,” he said.

Taking out several folders, Kamal said: “You're lucky, I brought documents.”

He produced an A4-sized paper with the photographs of the national treasure, the immortal couple and several “official-looking” letters allegedly from HSBC certifying he has an account of five trillion euros (RM20tril).

 

> http://www.thestar.com.my/story/?file=%2F2012%2F1%2F26%2Fnation%2F20120126072339

 

You have to be dumb, really dumb, to believe such outrageous claims.

 

Why?

Because HSBC itself does not have that much money. Check it out !

=

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Forbes List of the World's Richest

 

> http://www.forbes.com/billionaires/list/#version:realtime

 

Rank Name-------------- Net Worth Change Age Source Country of Citizenship
#1 Bill Gates------------ $80.3 B $1.3 B | 1.6% 59 Microsoft United States
#2 Carlos Slim Helu--- $75.6 B $150.2 M | -0.2% 75 telecom Mexico
#3 Warren Buffett----- $70.1 B $81.3 M | -0.1% 84 Berkshire Hathaway United States
#4 Amancio Ortega--- $67.1 B $409.2 M | 0.6% 79 Zara Spain
#5 Larry Ellison-------- $53.0 B $484.3 M | -0.9% 70 Oracle United States
#6 Charles Koch------ $42.5 B $0 79 diversified United States
#6 David Koch--------- $42.5 B $0 74 diversified United States
#8 Liliane Bettencourt $42.5 B $163.8 M | 0.4% 92 L'Oreal France
#9 Jeff Bezos ---------- $40.1 B $4.6 B | 13.3% 51 Amazon.com United States
#10 Christy Walton----- $39.6 B $230.6 M | 0.6% 60 Wal-Mart United States

=====

Others on the list
#16 Mark Zuckerberg $35.9 B $375.1 M | -1.1% 30 Facebook United States
#17 Li Ka-shing $35.6 B $401.2 M | 1.2% 86 diversified Hong Kong
#22 Sheldon Adelson $29.2 B $56.1 M | 0.2% 81 casinos United States
#30 George Soros $24.2 B $0 84 hedge funds United States
#33 Prince Alwaleed Bin Talal Alsaud $23.1 B $37.4 M | 0.2% 60 investments Saudi Arabia
#34 Jack Ma $23.1 B $278.9 M | 1.2% 50 e-commerce China

 

Richest Malaysian?

#105 Robert Kuok $12.2 B $249.4 M | 2.2% 91 diversified Malaysia

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I used to be quite friendly with a Greek billionaire (he must have been one) some years ago.

 

I once asked him why he and his family were not on the Rich list.

He said that it was because he valued his privacy, and did not want people prying into his business.

 

He also said that he had threatened to sue the publisher if they put him on the list.

"We work for our principle investors in Switzerland," he said

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I used to be quite friendly with a Greek billionaire (he must have been one) some years ago.

 

I once asked him why he and his family were not on the Rich list.

He said that it was because he valued his privacy, and did not want people prying into his business.

 

He also said that he had threatened to sue the publisher if they put him on the list.

"We work for our principle investors in Switzerland," he said

 

Yes, bit like the Nazi Queen of England, one shouldn't flash ones true wealth around, my subjects might get pissed off and I'd have to set the dogs (police) on them

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