The wealth of multimillionaires
The ranks of those worth at least $30 million swelled by more than 1,000 over the past year, to 187,380 people worldwide, according to a new report by research company Wealth-X. The collective wealth of these multimillionaires is $25.8 trillion, more than the combined size of the U.S. and Chinese economies. The number of billionaires also rose, by 9.4 percent, to 2,160 people.
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Improving home prices lift underwater homeowners
About 1.3 million underwater homeowners went from owing more on their mortgages than their homes were worth to a position of positive equity in the first six months of the year, thanks to improving home prices. There are currently 10.8 million underwater homes—about 22 percent of all U.S. homes with a mortgage.
Los Angeles Times
A first for the SEC
The New York Stock Exchange’s parent company has been fined $5 million by the Securities and Exchange Commission over allegations that the exchange gave valuable trading data to some customers ahead of others, in some cases by several seconds. It is the first fine ever levied against an exchange by the SEC.
The Wall Street Journal
Generation Z: Counting on an inheritance
Nearly 40 percent of so-called Generation Z—Americans ages 13 to 22—expects to receive an inheritance, according to a recent TD Ameritrade study. As a result, the young don’t believe they need to save for retirement.
USA Today
Investment banking revenue: Still down from 2009
Revenue from investment banking around the world is expected to hit $240 billion this year, down by almost a third from 2009.
The Economist