No, the growth in personal wealth that we're seeing today is taking place in emerging markets half way around the globe - far removed from the employment and debt problems plaguing the West.
Brazil, Chile, China, Colombia, India, Indonesia, Malaysia and South Africa over the past decade have all posted annual gains in individual wealth of more than 10% - and some well in excess of even that figure.
That compares to growth of just 5% in that period for the United States, Japan, and Europe.
What these growth ratessignal is a trend toward steadily increasing purchasing power - as well as consumption and investment - among the people in the world's emerging nations. That means growing markets and increased profits for businesses and financial institutions.
It also means more moneymaking opportunities for savvy investors with the foresight to ride the trends along with them.
Where's the Wealth Growing?To uncover the best ways to profit, we must first find where the wealth is growing the most - and where it will keep rising.
The McKinsey Global Institute (MGI), a consulting firm specializing in management and economic research, maintains an index of the world's leading urban centers, known as the City 600. MGI reports the 600 cities in that group - 380 of which are in developed nations, including 190 in North America - currently generate just more than half of global gross domestic product (GDP).
However, by 2025, that percentage will increase to 60% of global GDP, and 136 new cities will move into the top 600. All 136 will be located in developing nations - with 100 from China alone - displacing North American and European cities.