Madinat al-Muslimeen Islamic Message Board
|02/01/02 at 07:23:26|
|Number of millionaires falls|
The UK's millionaire community has lost a few friends over the last two years because of volatile stock markets and plummeting tech stocks.
Between 2000 and 2001, the number of people with more than £1m in liquid assets fell by 1.4% from 69,600 to 68,700.
High net worth individuals with assets of more than £100,000, especially those who had piled into the tech sector, were also hit according to a report by Datamonitor.
The seriously rich, however, have used their wads of cash to insulate themselves from the worst with a broad spread of investments.
Despite the decline in number of millionaires over the last two years, the number of people with £1m or more in liquid assets is expected to exceed 100,000 for the first time by 2006.
Much of this growth is expected to be from high net worth individuals - and the elderly.
Datamonitor said that this "new generation" of high net worth individuals were more interested in performance than offshore banking.
"High net worths are aware that the competition for their custom is being fought at home in the UK, and it is likely that their money will increasingly stay onshore," says Nicholas Stephens, Datamonitor's global wealth analyst and author of the report.
UK millionaires are also expected to become more flash with their cash and give money to imitate famous American philanthropists, such as John Paul Getting Jr.
The number of Muslim millionaires is identified as an area of growth over the next few years.
Datamonitor estimates that there are about 5,400 high net worth Muslims in the UK, with potential liquid assets of £3.6bn.
It expects an increase will fuel a demand for Islamic banking services in the UK.
"The market for Islamic (Sharia-compliant) finance in the UK is set to grow hugely," the report said.
A huge gap in the market exists for Sharia-compliant equity and mortgage products.
Muslims have historically been underserved by UK financial institutions, but this is set to change," said Mr Stephens.[/color]
|02/01/02 at 14:52:53|
SubhanAllah, there are that many Muslim millionaires? I haven't heard of that many, Masha'Allah. Insha'Allah they are spending their money for the cause of Islam and helping fellow Muslims and communities.
Actually I've heard of a Turkish donating $1 M (US dollars) to MIT a couple years back. I don't know if the donator was Muslim or not but it was anonymous. SubhanAllah, that much money could have helped so many other places, like suffering Muslim countries, or even to support Muslim communities in the US.
May Allah (SWT) guide us so that we make the right decisions and work to only attain his pleasure. Ameen.
|02/14/02 at 22:18:40|
Just curious...anyone know of any Muslim millionaires???...like personally...I sure haven't met any ;)
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