Gold changing role as wealth moves East
In the last five years, we have seen the start of the decline of the developed world and the real impact of the economic rise of China on that world. What lies ahead? James Wolfensohn, the ex-president of the World Bank gave a short lecture recently in which he forecasts what the world’s cash flows would be like in 2030:
For the last century and far more, 80% of the world’s cash flowed to what we know as the developed world where 20% of the people lived. Twenty percent of the cash flow went to the underdeveloped world where 80% of the world’s population lived.
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