It was interesting to note that in their latest issue of High Net Worth, the folks at Ledbury Research included snapshots of what they call “over-looked markets”: ie, markets that could provide luxury brands with potential windfalls if only they were smart enough to exploit them.
In the latter, the population of ultra-high net worth individuals (UHNWIs) – people with more than $30m – grew by 6.7 per cent in 2012 to 3,350 and “their combined wealth rose 5.1 per cent to $410bn”. While in the former there are 4,660 UHNWIs, 44 per cent of which live in Ontario. So why this sudden boom in millionaires? Well, it’s commodities: oil, gas and mining. These countries are rich in them, and even tertiary industries (banking) are benefiting. Read more