Connect with us

Economy

Portugal with over 19,430 millionaires a year of the pandemic. The richest 1% owns a fifth of the fortune – Observer

Published

on

Portugal with over 19,430 millionaires a year of the pandemic.  The richest 1% owns a fifth of the fortune - Observer

Even despite the pandemic and its impact on the national economy and household incomes, Portugal has won millionaires over the past year. According to the latest World Wealth Reportreferring to 2020 – a year marked mostly by Covid-19 -, There are 136,430 millionaires in Portugal., 19,430 more than in the 2019 report

In fact, the number of millionaires – people with fortunes exceeding one million dollars (about 840 thousand euros) – in Portugal has been growing in bank accounts since 2015, when 51,000 people were counted with more than a million wealth. dollars. That year there was a decrease compared to 2014 (76,000), possibly due to the effects of the financial crisis. In a report published in October 2019, with data up to the middle of this year, Credit Suisse identified 117,000 millionaires in the country, which rose to 136,430 in 2020. The bank has just started publishing data for Portugal on the number of millionaires since 2014.

Disaggregated data from Credit Suisse show that in 2020 128,772 people with a condition between million and five million dollars, 5.505 as between five and ten million, 2,056 with wealth between 10 out of 50 million… In the richest group they 72 as between 50 and 100 million e 24 between 100 and 500 millionA person have a fortune more than $ 500 million

PUB • CONTINUE READING BELOW

This estimate differs from other rankings such as Forbes (which counted at least ten Portuguese with fortunes of over € 500 million in 2019). Credit Suisse takes Forbes’ calculations into account because, “although they can be criticized in some respects,” they apply “consistent practices across countries.” But there are a few more factors that need to be weighed in bank accounts.

See also  T2 used in Lisbon costs 10% more and in Porto it costs 15%. Real estate prices rise, sales fall - Executive Digest

Credit Suisse notes that there are other reports with numbers below those the bank has published and explains the discrepancy: it says that many ratings only take into account “investment assets” (which include bank balances, certificates of deposit, mutual funds, stocks and bonds), which in turn “do not include owner-occupied homes.” Thus, the bank weighs both financial and non-financial assets as well as debt.

Estimates are also based on data from national household income statistics agencies. “The goal is to provide comprehensive coverage of assets that people would recognize as part of their personal wealth: housing, land, savings, investments, etc.,” Including pension funds.

According to the report, in percentage terms, the group grew the most from 5 to 10 million (an increase of 19%, more than 885), but in absolute terms, this was the range from one million to five million, which received the richest (there were plus 18,075, an increase of 16%).

This growth was enough to compensate for the gap in the richest groups (among the richest). For example, in 2019 there were two people with fortunes of over 500 million; by 2020, that number had halved. Another example: in states of 100 to 500 million, the number of millionaires fell by 14%, from 28 in 2019 to 24 in 2020.

These figures are in stark contrast to poverty, which has increased in Portugal over the past year. One study Information released on Tuesday by the Catholic University shows that more than 400,000 people have fallen below the poverty line due to the pandemic crisis, which has exacerbated the gap between the rich and the poor in Portugal.

COVID-19. Pandemic crisis has thrown 400,000 people into poverty, study

In addition, 8.3 million Portuguese adults each have an average net worth of $ 142,537, up from $ 131,088 recorded in 2019. This is almost three times more than at the beginning of the millennium (52,357). In terms of debt, data from Credit Suisse show that there is an average of $ 20,389 for every Portuguese adult.

See also  Green Pipeline Project. Green hydrogen will be injected into the natural gas network in Portugal - O Jornal Económico

According to Credit Suisse, there are over five million millionaires worldwide, with a total of 56.1 million.

The numbers also allow us to see how much of an inequality Portugal remains. In 2020, a limited portion of the richest 1% owned 20.1% of the country’s wealth, one tenth more than in 2019. The richest 10%, in turn, concentrate more than half of the wealth – 56.2%. At the other end of the scale, half of the population has only 6.5%, and that number is declining: in 2019, before the pandemic, the figure was 7.2%.

Globally, the data is even more worrisome: “We estimate that 50% of the world’s poorest wealth together account for less than 1% of global wealth at the end of 2020. In contrast, the richest decile (richest 10%) has 82% of the world’s wealth, while only the highest percentile (richest 1%) has nearly half (45%) of all assets, ”writes Credit Suisse.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

These are the 10 most expensive products in the last week.

Published

on

These are the 10 most expensive products in the last week.

An analysis of the applied values ​​by DECO Proteste shows that the price of the basic food basket “is €207.80 this week, €24.17 more than it was on February 23rd”, but €1.21 less than in the previous month. a week.

From February 23 to September 21, meat has risen in price by 17.82% (up 5.75 euros), while pork chop today costs 25% more, that is, 1.11 euros.

As for fish, the consumer protection association points out that it is now 14.97% more expensive than before the Russian war against Ukraine, 9.03 euros more expensive.

The Consumer Protection Association monitors weekly prices for a basket of 63 staples, which includes items such as turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar. , ham, milk, cheese and butter.

This week, in the period from 14 to 21 September, the top ten products with the largest price increases were zucchini (up 10%), spiral pasta (up 8%), cereals (up 7%), plus 6%), Flemish cheese . (plus 5%), Biscuit Maria (plus 5%), orange (plus 5%), flour for cakes (plus 5%), tomato pulp (plus 5%) and horse mackerel (another 4%).

Looking at the period since February 23 this year, DECO Proteste shows that all food categories have shown price increases, with meat (up 17.82%) and fish (up 14.97%) standing out the most. However, there is also an increase in fruits and vegetables (up 14.65%), food products (up 10.23%), dairy products (up 11.15%) and frozen foods (up 2.48%).

In addition, the top 10 products that rose the most between February 23 and September 21 were broccoli (up 55%), cabbage (up 49%), whole chicken (up 33%), fresh hake (up 30%). %), cakes. flour (30% more), turkey steak (28% more), Maria cookies (27% more), pork chops (25% more), vegetable oil 100%, vegetable oil (plus 24%) and tomato pulp (plus 23%).

See also  Netflix Hikes Prices In Portugal From Thursday | streaming

This increase is explained by the fact that Portugal is “heavily dependent on foreign markets to guarantee the supply of cereals needed for domestic consumption”, which currently “represent only 3.5% of national agricultural production, mainly corn (56%), wheat ( 19%). %) and rice (16 percent).”

“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and forces the country to import about 80% of grain. , notes DECO.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union come from, and Portugal has thus put even more pressure on the sector, which has been struggling for months with the effects of a pandemic and drought with a strong impact on production and stockpiling.

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

In addition, he points out that “a consistent increase in consumer prices, namely for such products as fuel and food, contributes to an increase in the rate of inflation.”

Continue Reading

Economy

Luxury Algarve Resort Changes Owner Two Years Before Opening – Turismo & Lazer

Published

on

Luxury Algarve Resort Changes Owner Two Years Before Opening - Turismo & Lazer

Singapore’s sovereign wealth fund GIC, one of the world’s largest investors, has bought a majority stake in SIG, owner of a €2.3 billion luxury resort chain, Eje Prime reported.

SIG manages the Sani and Ikos Resort brands, which will debut in Portugal in 2024 with the opening of the country’s first resort in Albufeira. It will be the group’s sixth hotel in Europe with active resorts in Spain and Greece.

According to a Spanish real estate newspaper, the Singapore fund’s deal included the purchase of British Oaktree, Goldman Sachs and Hermes GPE shares in SIG. The deal is expected to close in the last quarter of the year, with Andreas Andreadis and Mathieu Guillemin continuing to lead the company as CEO and Managing Partner, with Stavros Andreadis as Honorary Group Chairman.

The entry of the Singapore Fund will allow SIG to fulfill its plans for the next five years, which include investments of more than 900 million euros in new units in the Mediterranean.

SIG was established in 2015 and today owns ten resorts in Greece and Spain, with a total of approximately 2,750 rooms and suites.

See also  Man arrested in Hong Kong with 256 Intel processors tied to body
Continue Reading

Economy

Do you have a diesel car and need to fill up? wait for monday

Published

on

Do you have a diesel car and need to fill up?  wait for monday

From this Monday, fuel prices will fall again, but this time only in the price of diesel fuel: in the main national oil companies, “the evolution of quotations in euros indicates a drop in prices to 2 cents per liter of diesel fuel, while 95th gasoline will maintain the registered price,” an industry source told Multinews.

The trend is also being replicated at private brand gas stations, which usually operate near hypermarkets, with “a sharp drop of 0.0187 euros per liter for diesel, while gasoline 95 will register the same trend, albeit slightly, 0.0025 euros – another source said.

So after all, filling a tank with 60 liters of diesel fuel costs 1.2 euros cheaper. In the petrol version, there is no change in the travel time to the service station.

According to official figures from the DGEG (Directorate General of Energy and Geology), both diesel and petrol 95 have been declining for four consecutive weeks. Recall that last week diesel fuel kept a higher price than gasoline 95 (1727 euros/l against 1695 euros), and this week this difference will disappear.

Also, according to DGEG data, the average price of regular diesel this Thursday was 1.752 euros per liter, while the average price of regular gasoline 95 was 1.693 euros per liter, indicating a downward trend. Average prices are based on data provided by over 2,400 stations across the country and include discounted prices.

This fuel price update takes into account the cost of a barrel of Brent oil on international markets. A barrel of oil has been trading at a low level for several weeks now. After peaking in the early days of the war in Ukraine, when oil hit $140 a barrel, fuel prices soared to record highs, the price of this “black gold” is now lower.

See also  "Perpetuating" credit defaults is "negative," defends Centeno.

Continue Reading

Trending