Unlocking
Word Meanings
Read
the following words/expressions found in today’s article.
1. predict (v.) [pri-dikt] – to tell
something in advance (especially with a basis)
Example: The skies are gray this morning, so he predicted that it is going to rain later
in the afternoon.
2. recession (n.) [ri-sesh-uhn] – breakdown or
downfall
Example: Many people lost their jobs during the economic recession.
3. asset (n.) [as-et] – something one owns
which can be exchanged for money
Example: A house can be an asset
if it is still in good condition.
4. project (v.) [proj-ekt] – to calculate or
estimate something in the future based on present data
Example: The company officials are trying to project next year’s expenses based on
the increasing number of employees.
5. real estate (n.) [ree-uhl] [ih-steyt] – it refers to a land property including resources and structures like
buildings or houses on it
Example: The price of real
estate in the US dropped during the great recession.
Article
Read the text below.
A recent study on economy predicts the
number of millionaires in the world to double by 2020 despite the financial recession which
affected countries worldwide.
Most of the millionaires
will come from the US and Europe, but developing economies like China, Brazil
and Russia will also produce household millionaires. China and South Korea will
be part of the top 10 countries with most number of millionaires within the
next decade. Andrew Freeman, the main author of the study, claims that there
will be a rapid growth in these regions.
US will remain to be on
top of the list with 10 million household millionaires by 2020 despite the fact
that 3 million millionaire families lost their assets during
the great recession. The report projects that by 2020 the number of millionaires will
reach 20.6 million. By then, US will have 43% of the world’s wealth, which is
slightly higher from 42% this year.
Japan will be on the
second spot, owning 9% of the world’s wealth. But with 8.6 millionaire
families, their figure will still be far from US. China is expected to be on
the seventh spot with 4% of the world’s wealth by 2020.
Within the US, California
will likely have the most number of millionaires, while Wyoming will have the
least. New Jersey, with one fourth of households worth more than $1
million, will have the most number of millionaires in one place.
The report defines wealth
by the financial and non-financial assets such as real estate, cars and art.
Viewpoint
Discussion
Enjoy
a discussion with your tutor.
Discussion A
·
What
do you think are the advantages of being a millionaire?
·
Do
you think success can only be measured by how much money you have?
Discussion B
·
Do
you think wealthy countries should help poor countries financially? Please
explain your answer.
·
In
what ways can wealthy countries help poor countries?
