Hundreds of Greeks Have Fortune of Nearly 60 Billion

Hundreds of Greeks Have Fortune of Nearly 60 Billion

    by -

    M-_money1_euro_469672592According to data from Wealth-X, 505 Greeks have a fortune of nearly 60 billion euros in total. This data shows that the economic crisis not only has not affected the wealth, but is also an ideal environment for its growth.

    In Greece there are 505 Greek millionaires whose fortune increased by 20% compared to last year. In fact, their fortune reached 60 billion euros.

    In Greece, according to the survey, the millionaires are expected to increase. In our country the millionaires with a fortune of more than 1 million are estimated to be 8,000 by the Private Banking departments, and only 2,678 people in the Athens Stock Exchange have stocks that exceed 1 million euros.

    The millionaires and billionaires of the world are investing 22% in properties, 15% in shares, 15% in corporate bonds, while maintaining 13% cash. Their investments in state bonds reach 8 %, in currencies 7% and in gold 6%.

    • TheWorldFixer

      THIS WHY THEY ARE RICH!! ……. READ from Kathimerni today below…..

      “Wisdom of Privatizations is Under Question”
      ekathimerini.com
      , Sunday October 20, 2013 (20:37)

      The approach of a new budget year in crisis-hit Greece has rekindled talk of
      more spending cuts, along with a renewed EU-IMF creditor push for a breakthrough
      in the country’s clogged-up privatization programme.

      But after three years of effort, with paltry results, worries are growing on
      the wisdom of state asset sales made on the quick and on whether they will
      ultimately benefit Greeks themselves.

      Unions have long warned that the planned offloading of stakes in utility and
      transport companies will impose higher water and gas prices to a population
      already struggling through a six-year recession.

      Wages have fallen by over 22 percent since 2010 according to state
      statistics, and unemployment has soared to over 27 percent of the active
      workforce.

      Right now, the agency tasked with the privatisations, the problem-prone
      Hellenic Republic Asset Development Fund (TAIPED), is pushing a laundry list of
      Greek state holdings.

      Up for sale: Greeces main oil refiner, a cluster of land developments, a
      motorway, a dozen ports, the national post office and a trio of struggling
      defense and mining firms.

      And reports in the last few days said a plan to divest up to 55 percent of
      Athens International Airport was being sped up.

      But economists are divided on the net effect of privatizations carried out
      under a tight time pressure and in a depressed market environment, with some
      critics fearing the potentially corrupting power of vested interests.

      “The privatization of ports and airports will help build credibility, create
      positive investor sentiment and, more importantly, will start delivering
      benefits in terms of quality services to the population,» said Gikas
      Hardouvelis, chief economist at Eurobank.

      “The net sum for Greeks will be negative,» countered Costas Melas, a
      professor of economics at Athens’s Panteion University.

      “When the troika leaves, the wealth of the Greek people will have sustained a
      major blow. Not only in terms of public corporations but also in terms of their
      own assets,» he said.

      “Anything that moves, flies or walks in Greece has sustained a devaluation of
      30 percent on average,» Melas told AFP.

      The privatization program is far behind schedule and planned sales have
      repeatedly been delayed.

      Athens recently revised its estimated asset sales for this year down to 1.6
      billion euros from an initial target of 2.6 billion euros.

      And in August, the privatization agency’s head was sacked after travelling
      with a businessman who was part of a consortium which had just bought state
      gaming group OPAP for 652 million euros.

      The chairman job at the agency has already changed hands three times this
      year.

      His removal was the second blow to Greeces privatization drive, following the
      sudden withdrawal in June of Russian gas giant Gazprom from a deal to buy the
      country’s state gas operator DEPA.

      Meanwhile, the OPAP deal has raised broader questions on whether standards
      are being compromised to secure a quick sale.

      OPAP, in whose locations thousands of Greeks gamble everyday, is a key
      sponsor of the country’s soccer clubs, and the businessman who now partly owns
      the gaming company also controls AEK Athens, one of the most popular teams in
      the country.

      A few days after the OPAP deal was announced, the gaming company announced a
      new AEK sponsorship of 1.9 million euros, a sum deemed overly generous for a
      club that was relegated to the third division this year over unpaid debts.

      Questions on the issue were sent to the offices of the European commissioners
      for finance and competition, but there was no response.

      TAIPED likewise did not respond to a request for an interview.

      The OPAP case «proves that vested interests still operate, the economy is not
      free…or transparent», said Melas, who also castigates a recent EU decision to
      approve a takeover by Greece’s Aegean Airlines of its main rival, Olympic.

      “Perhaps the EU does not take this into account because they want to see
      immediate privatization progress…and get their money back,» he said.

      European officials have barely been able to contain their impatience towards
      the sluggish pace of state asset sales.

      Earlier this week, European Central Bank executive board member Joerg
      Asmussen once again urged Athens to focus on its privatization program to make
      up a looming financial gap in 2014.

      And Prime Minister Antonis Samaras was forced last month to deny rumours that
      the privatisation programme would be transferred to a European holding company
      to achieve better results.

      “(TAIPED) will remain in Greek hands,» Samaras said in a newspaper
      interview.

      “If we fix the economy first, and potential investors see Greece growing,
      asset prices will rise,» says Hardouvelis, the economist.

      “This is why we should tell the (creditors), let’s stabilize the economy
      first and then privatize. Or sell some asset first, to persuade them we mean
      business, and then sell the rest after the economy stabilises.

      [AFP]

      ekathimerini.com
      , Sunday October 20, 2013 (20:37)

    • 68040

      Sounds like what the Oligarchs did to Russia after the Soviet Union.

    • MagicLady

      That’s like $81B USD. Wish I had that kind of $$$

    • nkastel

      Praise the anarchy of capitalism..predominantly in Greece the feudal system has prevailed over the years and the soil is extremely fertile when it comes to this brutal and vulgar situation:my crisis is someone else’s opportunity..an artificial crisis designed and executed by the same traitors who abuse the country for 40 years now..