Needless to say, the annual World Wealth Report from Capgemini and Merrill Lynch Wealth Management is out.
Among other things, it reflects the average age of high net worth individuals (defined as people with more than $1m in investable assets) around the world. We have reproduced this graph below.
For those who can't see the graph due to firewalls, the salient point is this: 83% of rich Europeans are aged 46 and over; 41% of rich people in Asia (excluding Japan) are aged 46 and below. Where would you prefer to be a young person right now?
UBS is cutting 500 IT jobs; 200 are in Switzerland, 180 are in the US. (Financial News)
Anxiety, ecstasy and tranquillity are experienced at London Business School by an emotional MBA student. (LondonEdu)
BarCap is contesting the amount it was supposed to pay ex-Lehman staff in bonuses. (Bloomberg)
Nick Clegg wants to give every British voter shares in RBS and Lloyds. (Financial Times)
If protecting bondholders from bad debt really is the primary objective of the supervisors, then the supervisors have become the problem. (LondonBankerSpot)
Germany owes €575bn to Greece for WWII. (Les Echos)
Trichet says risk signals in the euro area are flashing 'red' and that debt crisis is threatening banks. (Bloomberg)
People living in cities are especially emotional and anxious. (Guardian)
The future of food: faeces. (MB)