Plutonomy: Buying Luxury, Explaining Global Imbalances by Citigroup Research
By Citigroup Research
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CGM Canada"), CGM Canada has approved this publication. This report may not be distributed to private clients in Germany. This report is distributed in Germany by Citigroup Global Markets Deutschland AG & Co. KGaA, which is regulated by Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin). , Citibank Tower, Citibank Plaza, 3 Garden Road, Hong Kong. Citigroup Global Markets Asia Ltd. is regulated by Hong Kong Securities and Futures Commission. , Citibank Tower, Citibank Plaza, 3 Garden Road, Hong Kong.
S. is not alone. Un-equal societies abound in the Anglo-Saxon world. This income inequality, we have called Plutonomy. Outlandish it may sound, but examined through the prism of plutonomy, some of the great mysteries of the economic world seem to look less mystifying. As we showed, there is a clear relationship between income inequality and low savings rates: the rich are happy to run low or negative savings given their growing pool of wealth. In turn, those countries with low/negative household savings rates tend to be the countries associated with current account deficits.
Outlandish it may sound, but examined through the prism of plutonomy, some of the great mysteries of the economic world seem to look less mystifying. As we showed, there is a clear relationship between income inequality and low savings rates: the rich are happy to run low or negative savings given their growing pool of wealth. In turn, those countries with low/negative household savings rates tend to be the countries associated with current account deficits. So why should we equity strategists care about this?