A sobering fact indeed. The richest got richer in 2017. Their total wealth went up by A$1 trillion. (RM3.14 trillion) The full article in sbs.com.au here. According to the Bloomberg Billionaires Index, the world’s richest grew their wealth by 23 percent because of global stock market gains and they now control a combined fortune of A$5.3 trillion. Meanwhile, the world’s average wage growth was just over 2 percent. (If our wealth grew higher than 2 percent in 2017, do consider ourselves to be above average. Nope, can’t use ringgit as a scapegoat as it grew 10 percent in 2017 versus 2016) Economist Jim Stanford from think-tank the Australia Institute said, “There’s almost no forward progress in real wages for the people in the world who work for a living as opposed to those who own vast amounts of financial wealth.” (Frankly, unless we minimise our expenses and maximise our investments, we will face almost the same situation. Working for a living will mean just continue living…) The second richest Australian is property developer Harry Triguboff with a total net worth of $7.51 billion. (RM23.56 billion). He is the sole owner of Meriton and has overseen construction of more than 75,000 apartments Sydney and Brisbane, according to Bloomberg. (WOW….Developers really can do very well) Here’s that full article for reference in startsat60.com
That’s Australia. What about the country which is helping to prosper the property market in Sydney and Melbourne? China. Well, the richest woman in China Yang Huiyan has a total wealth of US$29.7billion (RM118 billion) She is the controlling shareholder of Country Garden Holdings Co (Yes, that’s the same developer which is building LOTS of units in Iskandar JB. Some media say it’s scary? ) There are other real estate related tycoons including Hui Ka Yan, the chairman of developer China Evergrande Group, and Wang Jianlin, who leads Dalian Wanda Group Co. Evergrande’s Hui has an estimated wealth of US$39.3bil (RM156.61 billion) while Wang has US$28.7bil RM114.7 billion). Beyond just the richest woman, Yang is also China’s youngest billionaire. (Yes, of course there are many more other billionaires who are not property related lah. kopiandproperty.com is focusing mostly on real estate…)
So, since we know there’s no way most of us could ever keep up with them, how about keeping up with them in terms of the direction that they are going? The only reason why they are building is because people are buying. The only reason why people are buying is because of gains from property. With the gains from their property investments, they could upgrade or buy more units and this is where these property tycoons come in and build more units. I know, property prices are TOO expensive… right? Seriously, when the prices become too expensive, all these tycoons would have to do something else. Till then, they could still build smaller so that the people could continue to afford and thus buying them. What if everything becomes unaffordable? Happy believing.
written on 11 Jan 2018
Next suggested article: 4.4 times the median income.SO it’s seriously unaffordable. Tomorrow?