- By Joshua Keating
Joshua Keating is associate editor at Foreign Policy and the editor of the Passport blog. He has worked as a researcher, editorial assistant, and deputy Web editor since joining the FP staff in 2007. In addition to being featured in Foreign Policy, his writing has been published by the Washington Post, Newsweek International, Radio Prague, the Center for Defense Information, and Romania's Adevarul newspaper. He has appeared as a commentator on CNN International, C-Span, ABC News, Al Jazeera, NPR, BBC radio, and others. A native of Brooklyn, New York, he studied comparative politics at Oberlin College.
The number of Asians with at least $100 million in disposable assets overtook North America’s tally for the first time as the world’s “economic center of gravity” continued moving east, Citigroup Inc.’s (C) private bank said.
There were 18,000 “centa-millionaires” in Southeast Asia, China and Japan at the end of 2011, compared with 17,000 in North America and 14,000 in Western Europe, the bank said today in The Wealth Report 2012, published in partnership with Knight Frank LLP.
James Poulos notes that this might actually be dangerous for Asian countries since "a growing class of superwealthy might actually exacerbate class tensions at a moment when the promise of cherry-picking Western hypercapitalism could turn more sour than ever."
Still, if you’re in, say, the car elevator business, it’s prety clear where your new customers are going to be.
Hat tip: My eagle-eyed colleague Preeti Aroon
Clyde Prestowitz is the founder and president of the Economic Strategy Institute (ESI), where he has become one of the world's leading writers and strategists on globalization and competitiveness, and an influential advisor to the U.S. and other governments. He has also advised a number of global corporations such as Intel, FormFactor, and Fedex and serves on the advisory board of Indonesia's Center for International and Strategic Studies.| Prestowitz |