Word: booming
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...years in almost every country except Germany, these homeowners have enjoyed big increases in the value of their total assets. But in many cases, the rise has pushed their net worth over the national minimum thresholds for inheritance tax, which haven't been adjusted in step with the housing boom. The result: almost anyone owning a detached house in London or southeast England is already well over the U.K. tax-free limit on estates of $540,000. France is even tougher. There, inheritance tax is levied in theory from the first euro passed on, but a series of tax-free...
...last tournament of his career. But a stunning American meltdown at Wimby--for the first time in nearly a century, no U.S. man or woman reached the quarterfinals--underscored the fact that U.S. tennis is on a downswing. Blame the lack of matchups, the Tiger Woods--inspired golf boom or the rise of extreme sports to occupy kids' time--bottom line, tennis in the U.S. is looking to Roger and Rafa. "We need something," says famed tennis coach Nick Bollettieri, sculptor of greats from Agassi to the Williams sisters to Maria Sharapova. "It's far too dry. And the common...
...growth. The wealth of millonaires in the region is expected to grow 6.7% a year through 2010, according to the report, compared with 3.7% for Europe. Roman Scott, a vice president at Boston Consulting Group (BCG) in Singapore, says the soaring economies of China and India are behind the boom: "If you open up economies for two billion people in 10 years, multiplied by strong market performance and fewer capital controls, you get a phenomenal amount of wealth creation...
...Although the current scramble for Asian clients is driven by the region's growing wealth, the seeds of the boom were sown not by prosperity but by adversity. In the past, Asians have tended to manage their money without professional help, and to stash a lot of it conservatively in cash, savings deposits and real estate. "The Asian rich have had a high propensity to hold cash," says Scott of BCG. "That was why private banking didn't take off for a long time in Asia." But several economic shocks?including the tech-stock crash of 2000 and the 9/11...
That optimism helps explain why construction along the Gulf Coast of Mexico and both coasts of Florida continues to boom, even though hurricane season is an annual affair. Keep in mind that dense coastal construction is the main reason storms are causing more and more damage every year in the U.S. More than 50% of Americans live in coastal areas, which means heavy weather increasingly runs into people and property. Also, the elimination of wetlands to make room for development means there's less and less of a buffer zone to absorb storm surges and mitigate damage. So our biggest...