Monday, June 29, 2009
The newest World Wealth Report, which is produced by Merrill Lynch and Capgemini, shows that the current financial crunch has impacted the wealthy as well as those living paycheck to paycheck. The number of "ultra high net worth individuals," those with at least $30 million to invest, decreased by almost 15% last year. The number of "high net worth individuals," those worth $1 million without their home, decreased by 15 percent.
Whether the super-rich are experiencing "hard times" is debatable, but they have been affected by the general economic downturn.
See Megan Murphy, Credit crunch takes toll on super-rich, Fin. Times, June 24, 2009.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.