As we watch, night after night, the collapse in the Indian Rupee (and the nation's stock market); whether driven by an unwind of Fed liquidity slooshing around the world or Europe's austerity-driven surplus imbalances, it is easy to 'feel sorry' for the highly dispersed nation. However, we shouldn't feel too bad for the 'elites' since, as the chart below shows, in the last few years - as central bank largesse was in full swing, the number of household dollar millionaires surged by a stunning 21% in India (closely followed by China and Singapore).
[5]
It is perhaps even more ironic that the nations that benefitted most ffrom the 'wealth effect' creation of central banks to make the rich richer and also facing payback time in another way as the G-2 (via The Globe and Mail) [6]:
Leaders of the world’s major economies are planning a co-ordinated crackdown on people and corporations that evade taxes and shortchange public coffers.
The Group of 20 countries agreed to share tax records by 2015 as part of a pledge to crack down on individual tax cheats and global corporations that use complicated arrangements aimed at paying as little tax as possible.
So, whether by market forces, or government hand, the uber wealthy are about to see their inert wealth confiscated by the very same mechanisms that made them wealthier.