Money Report from Credit Suisse: The number of millionaires in Germany has increased

17:22  22 october  2020
17:22  22 october  2020 Source:   handelsblatt.com

Trump taxes: A 'fundamentally unfair' system?

  Trump taxes: A 'fundamentally unfair' system? What do Donald Trump's tiny tax bills say about the taxes of the wealthy?"Like every other private person, unless they're stupid, they go through the laws, and that's what it is," he said during last month's presidential debate, when confronted over the New York Times report that he had paid just $750 in income taxes to the federal government in 2016 and 2017, and for 10 years, paid nothing at all.

Despite the corona crisis, private assets have continued to grow. One reason for this was the limited opportunities to spend money.

In Deutschland hätten sich zu den 2,1 Millionen US-Dollar-Millionären von Januar bis Juni 58 000 Millionäre hinzugesellt, schreibt die Schweizer Bank Credit Suisse in ihrem Wohlstandsbericht. © dpa In Germany, the 2.1 million US dollar millionaires from January to June were joined by 58,000 millionaires, writes the Swiss bank Credit Suisse in its prosperity report.

According to a bank analysis, the wealth of private households rose on average this year despite the corona crisis. In Germany would have joined the 2.1 million US dollar millionaires from January to June 58,000 millionaires, writes the Swiss bank Credit Suisse in its prosperity report on Thursday.

The wealth per adult had risen by 1.8 percent in Germany during the period and should rise by 3.9 percent for the year as a whole. In China, the number of millionaires rose from 5.8 million at the end of 2019 by 365,000 by mid-2020.

Why US election matters so much to Germans

  Why US election matters so much to Germans Trump has singled out Berlin for repeated criticism but some say it was a much needed wake-up call.American sport, culture and, many would say, values pump through the veins of Germany. Which is why so many people here - including the players tackling each other with enthusiasm - are also keeping a close eye on the upcoming US presidential election.

Although there was a sharp slump with the store closings from January to March, the recovery was striking, writes Credit Suisse .

At the end of June, the wealth of private households worldwide was around 0.3 percent or one trillion dollars (840 billion euros) higher than at the end of 2019. Last year, the wealth was a total of ten percent or 36.5 trillion dollars to 399.2 trillion grown.

The bank assumes that the income gap has widened further in many countries because workers with low incomes and insecure jobs are the most likely to have lost their jobs or income during the Corona crisis.

In Germany, the wealth difference is particularly pronounced: the one percent of the richest people own 29 percent of the wealth, compared to 22 percent in France and Great Britain. The number of people with more than $ 100,000 in assets is 40 percent, four times the global average.

Support for an nationwide 'circuit breaker' lockdown spreads to Tories

  Support for an nationwide 'circuit breaker' lockdown spreads to Tories The PM has hitherto resisted demands from Sir Keir Starmer and regional mayors to impose a nationwide lockdown and is pressing ahead with a targeted battle plan of local restrictions. More than 28 million people are now living under tighter measures, with people in London among those plunged into Tier 2 last night which bans two households from meeting indoors. But former health secretary Jeremy Hunt this morning ratcheted up pressure on the PM to go further and indicated his support for a short circuit-breaker.

The fact that household wealth was higher in June than at the end of 2019 is due, among other things, to the fact that consumption was restricted and that governments with large economic stimulus packages pumped money into the private sector and thus also into households.

The prospects for a further increase in prosperity are not so rosy, among other things, because governments would probably have to recoup their expenditures later through tax increases and because interest rates would rise.

According to the study, at the end of 2019 the Germans had total assets of 14.8 (2018: 14.5) trillion dollars (currently a good 12.5 trillion euros). Worldwide, people's wealth increased by ten percent to around 399.2 trillion dollars within a year.

In contrast to other wealth studies such as Deutsche Bundesbank , which add up cash, bank deposits, securities and claims against insurance companies, Credit Suisse also takes real estate into account in its calculations.

According to Credit Suisse calculations, real assets such as real estate account for 57 percent of the gross wealth of German private households. In recent years the prices for houses and apartments have risen significantly in many regions. Investors also benefited from rising prices on the stock exchanges.

More: When will I be rich? That's what economists say.

'We're facing a war': Italy's frontline doctors fear losing control as cases mount .
Watching Dr Silvana Di Florio ready herself to enter an intensive care ward where every bed currently set aside for COVID-19 patients is already full reminds you of the seriousness of the virus. With the help of another staff member she layers herself in protective clothing; a mask, overalls, and then a vast hood with a clear visor, looking other-worldly to the untrained eye.She is the head of ICU nursing at the Tor Vergata Hospital in Rome and is feeling the intense pressure of a second wave of COVID.

usr: 3
This is interesting!