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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God Bless The Child That Has His Own

"Mama may have, Papa may have but god bless the child that has his own..."
Billie Holiday

More and more Canadians do have their own. They've built their wealth on a foundation of hard work, education and drive.

"According to the 2007 Carriage Trade Luxury Properties Poll (conducted byIpsos Reid), of high net worth Canadians, almost half (46%) cite hard work as
the main driver to attaining wealth, followed by the drive to succeed (27%)
and a higher education (18%). Only four per cent (4%) of respondents chalk
their success and their financial stability to being born into the right
family, while a mere one per cent (1%) attribute it to plain old luck."

It's not really news, I mean Rags To Riches stories are what North America is made of. Your background is irrelevant as only 3% of high net worth Canadians came from affluent families.

"Rags to riches stories are being played out in the kitchens of some of Canada's best neighbourhoods. The poll results revealed that the majority of the high net worth individuals surveyed started from modest beginnings. When asked, "What was your economic status growing up?" only three per cent (3%) of
respondents reported they were raised in wealthy/affluent households, while 79
per cent of respondents came from lower middle class and middle class
upbringings. Four per cent (4%) of wealthy homeowners have risen out of
poverty and now live in a home worth at least $500,000."

The best way to become wealthy is to act and think like wealthy people. So what do the wealthy think about real estate?

"Prosperous Canadians see real estate as an important element in their investment portfolios. Demand for well-appointed properties remains strong with a trend of affluent Canadians owning more than one home. In fact, one-quarter (25%) of wealthy homeowners own two properties, and six per cent (6%) own three residences while two per cent (2%) own more than five properties."

DIY Investing

Many people don`t want to JV partner when investing in real estate. That is okay, if they are willing to put in the time and work in finding properties and building a trustworthy team to represent you in the real estate world.

If you are one of those people take a look at our Real Estate Investing Tools page. There is an excellent range of books, courses and home-study programs that will start you on your path to wealth.

They are all part of the REIN investment course that was produced by Canada`s Number 1 Bestselling writer Don R. Campbell.

Oh, Canada - Spare Me A Million?

"Canadians are among the richest two per cent of the global population who control more than half of the world's wealth, a United Nations study released Tuesday has found."

Canada was ranked in at number 11 in the wealthiest countries in the world study.

"Building up wealth in the form of your house, (for example), is very important, but that's very difficult to do in a lot of countries." Canadians are very lucky to be able to easily buy properties, obtain mortgages and hold assets.

"The World Institute for Development Economics Research of the United Nations University, the UN agency that undertook the study, said it's the first time that household wealth - rather than just income - has been measured in a global study."

With house prices appreciating in many parts of Canada, many Canadians are house rich.

"If you hit a recession, or a drought, your income disappears, but if you have assets, savings and so on, you're in a much better position......."

Canada is a stable G7 country, it has a strong economy and a great social system and infrastructure.

"Still, there are many countries in the world where you can't depend on the bank on the corner - maybe it's not going to be there next year."

We are lucky to live, be born or to become Canadian. Now we have to start giving back or tithing our wealth back to those who are in the other 98%