Is there any proof that having more millionaires per person is better for the poor?

Welcome to Finance and Fury, The Say What Wednesday edition. Where every week we answer your questions.

Question from Anton - In your recent podcast you mention countries that have more millionaires and billionaires have more gdp and a higher quality of life. I am interested if you have research that shows the relationship of quality of life for the lower quartile of the population (by net total worth) against the number of millionaires in a Country.

Today:

• Research on quality of life
• More millionaires per capita helps
• For the lower quartile also

St Vinnies CEO Sleepout on the 20th of June – Donation Link

Recap of what I said in that ep

"countries with the highest number of millionaires/billionaires per capita, have higher levels of GDP per capital and higher quality of life scores, even for the poor"

• Per capita is important – shows output
• Concentration of millionaires per capita
• There really isn't a lot published about quality of life and number of wealthy people
• Little research showing benefits in anything
• Took some time to compile the research

Resources will be shared to subscribers

Where would you prefer to be in the lowest quartile?

• Where would you get a better pension income, social support, infrastructure/transport, healthcare?
• What about an OECD country instead – Live in India, or China?
• Where does government support come from? Taxpayers. Who pays the most in taxes? Millionaires and high-income earners.
• The more millionaires there are per capita – the more money the Gov can collect
• Millionaire's money is more volatile due to deriving income from companies
• From 2007 and 2011, the income of the bottom 10% increased by 2% while incomes at the top declined by 1%

Who has the most millionaires per capita?

• Switzerland (8.5%), Taiwan, US, Aus, Belgium, UK, Canada, France, Norway
• What about in regards to relative poverty lines?

What about other countries with millionaires? But not per capita

• China, India, how do they compare?
• How do their qualities of life compare?

How do you measure quality of life?

• Standard of living?
• No universally objective measurement
• Rising global incomes? Rising disposable income?
• What about India's costs of living?
• Main source of income of lower income earnings is government support

I haven't gone over other indexes, but all point towards more millionaires per capita being a good thing

• These statistics change all the time
• Look at my example for perspective
• Equality of opportunity is a good measurement of quality of life
• Freedom index is a great indicator
• They show the mobility of income potential

I will be compiling the research and sending it out to subscribers

If you want to get in touch, you can do so here.

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