Credit crunch takes toll on super-rich The ranks of the world's super-rich have been shredded by the credit crunch, undermining the theory that the wealthy are better at holding on to their money. The global population of "ultra high net worth individuals" - defined as those with at least $30m (€22m) to invest - shrank by nearly 25 per cent in 2008 to 78,000, according to the latest World Wealth Report produced by Merrill Lynch and Capgemini. The collective net wealth of these super-rich slumped by 24 per cent after a year of bank crises, government bail-outs and stock market routs. High net worth individuals - worth $1m, excluding their homes - fared poorly as well but not quite as severely, suffering a 19.5 per cent decline in their wealth. The population of these individuals fell by 15 per cent. The unprecedented declines wiped out two years of robust growth, reducing both the total number of rich people and their wealth to levels last seen in 2005.
The ranks of the world's super-rich have been shredded by the credit crunch, undermining the theory that the wealthy are better at holding on to their money.
The global population of "ultra high net worth individuals" - defined as those with at least $30m (€22m) to invest - shrank by nearly 25 per cent in 2008 to 78,000, according to the latest World Wealth Report produced by Merrill Lynch and Capgemini. The collective net wealth of these super-rich slumped by 24 per cent after a year of bank crises, government bail-outs and stock market routs.
High net worth individuals - worth $1m, excluding their homes - fared poorly as well but not quite as severely, suffering a 19.5 per cent decline in their wealth. The population of these individuals fell by 15 per cent.
The unprecedented declines wiped out two years of robust growth, reducing both the total number of rich people and their wealth to levels last seen in 2005.
2005? Poor things. In the long run, we're all dead. John Maynard Keynes
