Monday, August 26, 2013

Devere Group - How much does it take to be wealthy?

"How much does it take to be wealthy? Would others consider you wealthy? That would depend on where in the world you live, reveals a new poll carried out by the world's largest independent financial advisory organisation.
The deVere Group survey finds that in Hong Kong the average level of wealth someone would need to have to be deemed 'wealthy' would be 2.8 million USD (21.7m HKD*), in the United Arab Emirates it would be 2.6 million USD (9.5m AED*), in the United States it would be 1.4 million USD, in the United Kingdom it would be 1.3 million USD (837,000 GBP*), and in South Africa it would be 1.2 million USD (11.9m ZAR*).
More than 900 deVere clients throughout June and July, across these five territories - from where the international financial consultancy runs some of its largest operations - were asked 'At what level of personal wealth would you term someone wealthy?'
In Hong Kong, UAE, USA, UK and South Africa, the overall average level of wealth that people would need to have acquired, according to those surveyed, would be 1.86 million USD."

The end of this article closes with the following: "In addition, as the findings reveal, it is widely believed that money can bring happiness.  Many things can make us happy, but I suspect the reason why most people insist money is a major contributor to happiness is because it provides a wider scope of opportunity."

I'd add that you can be 'rich' or 'poor' and still be happy.  However, if you are already unhappy no amount of money can change that. The flip side is that money could magnify happiness by enabling you to live at a higher level by freeing up more time, having potentially more power to donate and possibly the ability to amplify your happiness for the greater good.

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