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Sep 16

As western societies choke innovation with high taxes and government controls, Asia’s millionaires become world’s richest group

prosperity

Europe and its colonies–especially British colonies–led the way in global prosperity and innovation between the 1600s and the 1900s. Small governments, constitutional law, and the industrial revolution led the people of the West to lead the world.

Now a new report indicates that Asian societies–especially those in southeast-Asian nations that have mostly rejected socialism and high taxation–are producing most of the world’s millionaires. See here.

“The combined wealth of Asia Pacific’s super rich will surpass its 2014 total of $15.8 trillion and overtake that of their North American counterparts — currently the world’s richest group with a shared wealth of $16.2 trillion last year, the study said.”