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How the Super Rich Buy Coins
BAJJERFAN
Posts: 31,278 ✭✭✭✭✭
There are more super-rich people in the world today than ever before. According to a new survey from Wealth-X and UBS. The number of people with more than $30 million dollars in assets jumped 6% to hit a new record of 211,275 in 2014. Among them, they hold a staggering $30 trillion dollars. To put that in some perspective, that is nearly twice the size of the entire U.S. economy, which was $16.8 trillion in 2013.
Those 211,275 people account for .004% of the world’s population and hold 13% of the world’s wealth.
What may come as a surprise is that nearly two-thirds of those people didn’t make their money the old fashioned way – they made it the hard way. 64% of the world’s ultra high net worth population is self-made. Just 17% fully inherited their wealth.
How does the self-made crowd protect its wealth? By hoarding cash. The report found the wealthiest .004% hold nearly 25% of their net worth in cash.
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Those 211,275 people account for .004% of the world’s population and hold 13% of the world’s wealth.
What may come as a surprise is that nearly two-thirds of those people didn’t make their money the old fashioned way – they made it the hard way. 64% of the world’s ultra high net worth population is self-made. Just 17% fully inherited their wealth.
How does the self-made crowd protect its wealth? By hoarding cash. The report found the wealthiest .004% hold nearly 25% of their net worth in cash.
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theknowitalltroll;
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Comments
When I see stats like that I suspect some socialist thief is at work laying the "moral" groundwork for their dirty deeds.
Also, I thought the old fashioned way was to earn it the hard way. I guess it depends on where you come from.
<< <i>
Also, I thought the old fashioned way was to earn it the hard way. I guess it depends on where you come from. >>
I had the same thought.
They have their people handle it.
<< <i>The super uber rich don't buy coins.
They have their people handle it. >>
Or maybe their people's people. You know-inflation.
collect...not so much...
mind you though...that was a general reference as
there are some very notable people who do "collect" coins with respect
<< <i>Those 211,275 people account for .004% of the world’s population and hold 13% of the world’s wealth.
When I see stats like that I suspect some socialist thief is at work laying the "moral" groundwork for their dirty deeds.
Also, I thought the old fashioned way was to earn it the hard way. I guess it depends on where you come from. >>
You nailed it!
I suspect that some of these people are "collectors" (of art, coins, books, cars, and other material possessions) who want to learn everything that they can about the area that they collect in. I suspect that other such people do not give a second thought to learning about the things they purchase and instead simply like to accumulate stuff, show it off, and tell others about their latest acquisition.
As far as the idea of socialist thieves at work to redistribute wealth, there is no doubt that this is present in our society today. The thing that is irritating about it is the tendency of those who seek to have property and money taken away from the owners of same so that it can be redistributed to others who are less fortunate, with it always being set up to where the property and money so taken does not go directly to the others who are less fortunate. The property and money take a detour into the coffers of those who cause it to be taken and once in those coffers a large portion of it is siphoned off (to and for the benefit of those who take on the burden and responsibility of making sure the property and money is put to good use) before the crumbs are distributed to those who are less fortunate.
Reminds me of protections rackets where the "mob", "organized crime" and/or "La Familia" would extract monthly payments from local businesses (which would protect the local business from bad things that happen without protection).
That said, some information is better than no information. I find the information absolutely fascinating. Some have more money than they could ever spend. I am glad some folks like Bill and Melinda Gates share their wealth for good causes. So what kind of coins would these folks buy?
It's interesting to see that much being held in "cash". You would think they would be more savvy than that.
I'm missing the coin connection........
39% of the people know that.
<< <i>Your statistics would seem to indicate that the 'socialist thieves' are doing an exceptionally poor job. >>
Maybe but like leaches, they are always sucking at or on something.
Unique Patek Phillippe uber-watch made in 1925 fetches $24+ MILL at auction
A bad and expensive choice is now a mandate.
Funny. They almost make it sound like the wealthy are doing something wrong by only risking 75% of their capital on non-cash investments. (Never mind that, in the long run, cash is one of the riskiest assets of all.)
Anyway, we don't know the extent to which the "cash hoards" are funds on the sidelines, waiting for an opportunity, or the extent to which the cash is simply part of a diversified portfolio. In other words, we haven't learned much.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Anyway, we don't know the extent to which the "cash hoards" are funds on the sidelines, waiting for an opportunity, >>
...or stuffed into steamer trunks, anticipating a quick getaway.
If 17% inherited their wealth and a full 83% are self made you can bet your ass that there was a good amount of "seed money" that got them rolling. I remember hearing stories about Mitt Romney being self made and kinda believed it until I looked at the facts.
I'd love to know where the author of those statistics got his facts?
I'm sure the super rich buy rare coins as part of a diversified portfolio however, I'd doubt there are many into the hobby in the traditional sense.
<< <i>$30M is not "super-rich", not even close. >>
Maybe not super-rich but it is pretty stinking rich. Yes your S65 will be upstaged by the phantom in the country club's parking lot but at least you're a member.
Problem is that when you are well off it is no fun looking at the billions of people who have it worse, just the handful of people in our similarly sheltered super zip enclaves. I find it comical that we are talking about "the rich" in an abstract & disassociated context when there are many, many millionairs present and participating on a forum dedicated to a hobby that attracts mostly upper middle class and up.
<< <i>Waiting for Longacre. >>
Patience....those cigars he smokes have a long, slow burn!
or maybe have a dealer connection?
<< <i>
<< <i>$30M is not "super-rich", not even close. >>
Maybe not super-rich but it is pretty stinking rich. Yes your S65 will be upstaged by the phantom in the country club's parking lot but at least you're a member.
Problem is that when you are well off it is no fun looking at the billions of people who have it worse, just the handful of people in our similar sheltered super zips enclave. I find it comical that we are talking about "the rich" in an abstract & disassociated context when the are many, many millionairs present and participating on a forum dedicated to a hobby that attracts mostly upper middle class and up. >>
True dat.
$30M in NYC of LA may not make you super rich but in many others places it will go a lot further.
One thing you need to realize is many people may be worth that kind of money but much of it is locked into business interests they don't want to sell. It is not liquid cash, I would say for someone worth $30 to have $5-6M in cash is not really odd but a comfortable cushion for a rainy day. Even the best business has its rainy day.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
Successful BST deals with mustangt and jesbroken. Now EVERYTHING is for sale.
<< <i>Man - I'm feeling pretty poor....
It's interesting to see that much being held in "cash". You would think they would be more savvy than that.
I'm missing the coin connection........ >>
IIRC it has been posed here once or twice in the past about how those who win multi-million dollar coins [or other art or collectibles at auction] pay for their purchases. Looks to me like there are plenty of well heeled collectors/buyers who can simply wire the funds. That's what I was getting at as far as the coin connection.
That would buy all the coins I ever wanted!!
<< <i>>>>$30M is not "super-rich", not even close.<<<
That would buy all the coins I ever wanted!! >>
That and a lot of other niceties of life. Pretty sure there are no million dollar per year membership quality country clubs around here.