Wealth Blog | UBS disclaimer reaches new heights of nuttiness
The super rich keep getting richer, in a nutshell. Asia will produce more ultra high net worth individuals than both the United States and Europe in the next five years. Asia has 44,505 UHNW individuals worth US$6.5 trillion (HK$50.4 trillion), up 5.4 per cent from last year.
Most are self-made: 65 per cent, 88 per cent are men and they are worth, on average, US$139 (HK$1,078) each million, up US$1.8 million (HK$13.9 million) from last year.
That’s according to Swiss Bank UBS and Wealth X, which studies such things. The rich of North America and Europe lead the charge, as Asia rebounds, while surprisingly, Latin America Slips.
The press release announcing this new Inaugural Wealth-X and UBS World Ultra Wealth Report comes with a bizarre disclaimer. I’ve no idea how long Wealth X has been in bed with UBS , but it’s a first to receive a press release which states that although it’s a UBS document, “the information and opinions expressed were obtained from sources believed to be reliable and in good faith, neither representation nor warranty, express or implied, is made as to its accuracy or completeness.” Let me get this right, they are sending a notice to journalists saying their own information is obtained from possibly dodgy sources and they don’t stand by it?
It continues. “This press release… should not be deemed as the giving of investment advice. It has no regard to the specific investment objectives, financial situation or needs of any recipient. All information and opinions indicated are subject to change without notice.” Now they may come from cloud cuckoo-clock land – though they claim that’s really Austria - but these Swiss chaps must be spending too much time yodelling if they think hacks get investment advice from press releases. Or that they have any spare cash to invest.
“You should obtain relevant and specific professional advice before making any decision.” About whether to use their press release?
Do not reproduce press release