The Cities and Countries with the Most Super Rich

According to a report from Bloomberg, Hong Kong surpassed New York City with the highest population of people worth at least $30 million:

The former British colony saw its number of ultra-wealthy increase 31 percent last year, to about 10,000, research firm Wealth-X found, higher than the nearly 9,000-strong population of the U.S.’s largest city. Tokyo came third, while Paris beat out London to take the European crown as Brexit weighed down the U.K. capital.

The number of ultra-rich worldwide rose 13 percent last year, according to Wealth-X, totaling about 256,000 people with combined assets of $31.5 trillion. Asia saw the fastest growth, driven by mainland China and Hong Kong, the study’s authors wrote. Reflecting the region’s rise, its share of the global population of people with at least $30 million rose to just over one-fourth, up from around 18 percent a decade ago.

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Women accounted for about 35,000 of the ultra-rich last year, a record-high share of nearly 14 percent, the study found.

While Hong Kong topped the city rankings, nowhere in mainland China made the top 10, despite the country being third in the list of nations. That’s because China’s wealthy are widely dispersed, illustrated by the fact it was home to 26 of the 30 fastest-growing cities for the ultra-rich.

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Although the world’s wealthiest tend to concentrate in major cities — since they are centers of global trade, politics, and commerce, as well as leisure and recreation — they are dispersed enough to change the results when one looks at a national level: for example, countries like Canada and Germany are home to some of the world’s largest communities of millionaires, even though none of their cities are in the top ten:

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Similarly, no city in mainland China made the top ten, despite the country being third in the list of nations. That is because China’s wealthy are widely dispersed throughout the numerous economic and metropolitan hubs across the country — in fact, all but four of the 30 fastest-growing cities for the ultra-rich are Chinese.

Moreover, Bloomberg notes that the sheer scale of wealth is being pushed ever upward: though billionaires are of course still rare, they are less so than they used to be; the same goes for millionaires of all levels.

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One should ask how it is that the global economy can produce such unfathomable concentrations of wealth into a sliver of individuals and communities, when literally half the world remains mired in poverty (and most of the remaining half teetering). Around the same time that Hong Kong climbed to the top spot as home to the ultra-wealthy denizens, its poverty rate has increased to one out of five residents.

As Rich as Croesus

The Iron Age Kingdom of Lydia, located in what is today western Turkey, is hardly a household name, especially compared to its neighboring Greek and Persian contemporaries. Yet as far as we know, the Lydians were the first and only people to invent money as we know it: a standard, universally-accepted medium of exchange whose value is backed by a recognized authority.

Invented sometime in the seventh or sixth centuries B.C.E., Lydian coins were of high quality and stamped with the sigil or image of their ruler, allowing even the illiterate to recognize them as legitimate legal tender. They facilitated commerce between strangers by allowing them to make transactions without needing to barter goods or weigh some commodity like gold. Coins also made it far easier to travel long distances to buy things, rather than lug around cattle, gold, wheat, or some other valuable commodity. Continue reading

The Marvels of Globalization

Globalization is something. The laptop where I am typing this is Chinese (Lenovo), and the antivirus software I use to protect it is Russian (Kaspersky). The world wide web I am using was invented by a Briton (Tim Berners-Lee) and first tested in Swiss-based lab operated by a consortium of 22 mostly-European countries (CERN). My browser of choice, Chrome, was developed by a firm co-founded by a Russian Jew (Google). The messaging system I use most was invented by Swedes, Danes, and Estonians (Skype). The gas station I use most is a British-Dutch conglomerate (Royal Dutch Shell). Continue reading

Americans Won’t Take Back the Jobs that Immigrants “Stole”

All these Americans talking about foreigners taking their jobs, and they still won’t walk the walk about filling those jobs, according to Bloomberg:

American farmers have been complaining of labor shortages for several years now. Given a multi-year decline in illegal immigration, and a similarly sustained pickup in the U.S. job market, the complaints are unlikely to stop without an overhaul of immigration rules for farm workers.

Efforts to create a more straightforward agricultural-workers visa that would enable foreign workers to stay longer in the U.S. and change jobs within the industry have so far failed in Congress. If this doesn’t change, American businesses, communities and consumers will be the losers.

Perhaps half of U.S. farm laborers are undocumented immigrants. As fewer such workers enter the U.S., the characteristics of the agricultural workforce are changing. Today’s farm laborers, while still predominantly born in Mexico, are more likely to be settled, rather than migrating, and more likely to be married than single. They are also aging. At the start of this century, about one-third of crop workers were over the age of 35. Now, more than half are. And crop picking is hard on older bodies.

One oft-debated cure for this labor shortage remains as implausible as it has been all along: Native U.S. workers won’t be returning to the farm.

Continue reading

Fifty Cents to Avoid a Lifetime of Debilitation

Some weeks ago, I read a piece in The Economist that has stayed with me. It was about the efforts of Sierra Leone, among the world’s poorest countries, to combat “neglected tropical diseases” (NTD), a family of 17 diverse communicable diseases that afflict over 1.5 billion in tropical and subtropical areas worldwide.

It featured one victim named Hannah Taylor, who woke up one day with a fever, followed by her legs swelling up to four times their normal size. The physical damage was irreversible, and the subsequent appearance and putrid smell led to her being ostracized by her community. She was a victim of lymphatic filariasis (a.k.a. elephantiasis), a mosquito-borne infection that could have been treated safely with a pill costing no more than fifty cents before it progressed.

But instead, the microscopic worms infested her body, debilitating her. For years she thought she had been a victim of evil witchcraft and was deeply depressed.

Eventually, Taylor put on a brave face and campaigned to raise awareness about the disease, its causes, and why victims shouldn’t be stigmatized. She passed away some weeks prior to the publishing of the article; she was quoted as expressing  happiness that her children would not suffer the way she would, thanks to Sierra Leone’s remarkable progress in fighting the disease.

Progress or not, it is incredible to think that billions of lives are negatively impacted by something as mundane to most of us as a mosquito bite. It is even more incredible that a mere fifty cents – spare change we’d throw in a tip jar without a thought – is all that stands between someone and a debilitating disease. It is utterly senseless that in a world with so much wealth and resources sloshing around that we have not been able to address this vast disparity in health outcomes and quality of life.

 

Where Most Sporting Goods Are Made

The Pakistani city of Sialkot may not be a household name, but it is the source of the Adidas footballs that are being used in the World Cup (as they had been in the last one).

In fact, Pakistan’s twelfth-largest city — with less than 700,000 residents — is the world’s largest producer of footballs, manufacturing of 40-60 million footballs annually, about 60% of global production. Sialkot is also the world’s biggest maker of surgical tools. Even Germany’s iconic lenderhosen are best crafted by the leather-workers of the city. Unlike many other manufacturing hubs, most of this work is done by family-owned small and medium sized enterprises, often clustering together to pool their resources. Continue reading

The Countries That Give (And Receive) the Most Government Aid

In a world with vast disparities between rich and poor, tens of billions of dollars worth of aid is exchanged between nations. Citing 2014 data from the OECD, an international organization comprised mostly of wealthy countries, The Economist provides an interactive map showing which governments are donating to the most countries and how much they give to each recipient.

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Among the 41 donor countries that provided data in 2014 to the OECD, Japan leads as the broadest provider of support, sending development aid to 141 countries and territories. The U.S. is second, with 132 beneficiaries, though it donated the most overall (given that it is the richest country by a wide margin). Continue reading

Americans Have Less Free Time Than Medieval Peasants

It probably goes without saying that we Americans have a lot more going for us nowadays than our ancestors did several centuries ago: public health and sanitation, plentiful food and water (for the most part), democracy and free press (of a sort). But this article from Business Insider points out one big area in which we resoundingly (and perhaps surprisingly) lose out: vacation time. Continue reading

The Impact of Vaccines

Most of developed world take vaccines for granted. Indeed, there is a growing number  of people in wealthy countries, often the most privileged, who outright fear and dislike vaccines. Yet the data are overwhelming: vaccines have not only been pivotal to virtually extinguishing all sorts of previously common diseases (measles, polio, pertussis, etc.), but they have continued to reap dividends for the millions of human who live in the developing world, where public health otherwise remains weak.

As reported in IFLS:

Vaccines are well regarded as one of the most cost-effective health care actions that a country can pursue, and since 2001 the United Nations has been running a program in 73 low and middle-income countries to prevent 10 diseases. It is now expected that when the project is completed in 2020, it will have resulted in averting around 20 million deaths, while at the same time saving a staggering $820 billion.

“Our examination of the broader economic and social value of vaccines illustrates the substantial gains associated with vaccination,” explained Sachiko Ozawa, who led the research, in a statement. “Unlike previous estimates that only examine the averted costs of treatment, our estimates of the broader economic and social value of vaccines reflect the intrinsic value that people place on living longer and healthier lives.”

And these economic benefits, it turns out, are huge. The researchers have calculated that when the vaccination program comes to an end in 2020, it will have saved around $350 billion when it comes to health, but overall this balloons to an astonishing $820 billion across the 73 low and middle-income countries in which Gavi is operating.

This is not only through reduced health care costs as diseases are prevented before they become an issue, but also due to those who are vaccinated being healthier and so working for longer and thus increasing productivity in these nations over their entire lifetimes.

Social and economic benefits aside, the most important results are the human ones: the prevention of over 500 million illnesses, 20 million child deaths, and 9 million cases of long-term disabilities. So much pain and suffering and loss will be unknown — and unfortunately unappreciated — because of such a cheap and relatively easy intervention.

The Clout of Countries

The term “soft power” was first coined by American political scientist Joseph Nye to describe a country’s ability to exercise influence abroad without the “hard power” of military force, sanctions, and the like. It is an idea I had encountered often during my undergrad studies of political science and international relations, but its inherent fuzziness made it difficult to assess and measure; you can count tanks, troops, missiles, etc., but how do you determine something as categorically intangible as “soft power”?

To address the paucity of data on the subject, in 2015 London-based PR firm Portland teamed up with the University of Southern California’s Center on Public Diplomacy to create an index of soft power: The Soft Power 30, the most recent update of which was released last month. Countries are ranked based on a combination of two sets of data: polls measuring how the countries are perceived abroad, and quantifiable variables such as the number of diplomatic missions abroad, the size of foreign-aid budgets, the number of intergovernmental organizations they are members of, and so on. Continue reading