Daily Update 10-23-2019

To all our Compass Friends and Family in the Dallas Texas area, we wish you all the very best through the recovery from the horrific tornado damage that ripped through North Texas on Sunday night. It is tragic to see the extent of the damage but miraculous that no lives were lost or seriously injured. Around 100,000 homes lost power.

DID YOU KNOW? Increasing your Credit Line will increase your credit score by decreasing your utilization rate. Some banks require a hard pull for this (Chase, Barclays) and some only require a soft pull (American Express, Bank of America, Capital One.) Business credit cards do not report on your personal credit report and it is rather easy to get business credit cards!

DID YOU KNOW? The world’s 46.8 million millionaires are now worth a combined $158.3 trillion – or 44% of the world’s total wealth. The USA has about 18.6 millionaires or about 5.6% of the population. A half a billion people are worth $100,000 to $1 billion. The number of people in the world worth between $10,000 and $100,000 has seen the biggest growth of any wealth segment, tripling since 2000 to 1.7 billion people. For the first time, China now accounts for 100 million of the richest 10% of people in the world. There are 99 million Americans in the same category. The share held by the bottom 90% accounts for 18% of global wealth, up from 11% in 2000. (CNBC)

DID YOU KNOW? It appears the data confirm what we have all known for a while: Higher real estate transaction taxes curtail sales activity. Luxury deals in Manhattan plummeted from 640 in the 14-week period before the new mansion and transfer taxes were implemented on July 1, 2019, to just 242 since July 1st, a 62% plunge. (Mansion Global)

DID YOU KNOW? As around $70 trillion will be transferred between generations within the next three decades, most studies suggest that 80% or more of heirs will look for a new financial advisor after inheriting their parents’ wealth. Will the same be true as it relates to real estate agents? (CNBC)

DID YOU KNOW? A 59-page McKinsey report published today finds nearly 35% of banks globally are “sub-scale” and will have to merge or sell out to a bigger company if they are to survive another downturn. Consolidation seems to be happening in all industries. (FN)