Poor Billionaires

I thought i was alone!

The number of billionaires has dropped for the first time since 2003, going from 1,125 to 793. The average billionaire is worth $900 million less than last year. Anthony Mason reports.
The number of billionaires has dropped for the first time since 2003, going from 1,125 to 793. The average billionaire is worth $900 million less than last year.


[edit on 12/3/2009 by GEORGETHEGREEK]

reply to post by GEORGETHEGREEK

Poor Billionaires

Holy oxymoron...





Most are not philanthropists; so, you know what - good...F 'em.

Awww. So sad.
A single tear drips slowly down my cheek.

I am glad we share the same feelings!
However that quite natural.
I wish economics were to go to a better balance spread spread....

Id rather see more millionaires than more billionaires....then again thats just me.

And a select group of international TRILLIONAIRES get even richer

Made my point so please allow this one line post.

Originally posted by Grey Magic
And a select group of international TRILLIONAIRES get even richer

Made my point so please allow this one line post.

Very nicely an thorougly put!

The anti-billionaire classism I'm seeing on this site is appalling.

I'd be pretty depressed if I lost $900 million in a year. Anybody who would make fun of that is a hypocrite.

Originally posted by vcwxvwligen
The anti-billionaire classism I'm seeing on this site is appalling.

I'd be pretty depressed if I lost $900 million in a year. Anybody who would make fun of that is a hypocrite.

Wrong Pledge..!


Anyone that thought they could make that much money in a lifetime, yet never be susceptible to losing it in the SAME market is a hypocrite as well as ignorant...

Though I do have a little bit of glee in others' misfortune...

It is the billionaires who own things: companies and really neat expensive stuff.

The billionaires who own companies are usually heavily invested in those companies. When they lose massive amounts of money, it shows businesses, themselves, collapsing.

Billionaires are an effective barometer of the larger economy. To see a drop in that list sees a marked drop in prosperity of major companies that have come to define the United States and her allies.

Most billionaires are not Scrooge McDuck with a room full of money.

Problem is that the top 1% wealthiest pay 90% of the taxes. That's slightly exaggerated but this will result in a tax revenue loss which supports those that are a burden.

That revenue loss will result in a tax shift as states and fed look to 'other sources' of revenue, which means new schemes to take your money.

www.msnbc.msn.com...

U.S. Millionaires Shrink 27% to Lowest Level Since 2003
Number of Millionaire Households Totals 6.7 Million in 2008, Spectrem Group Reports; Households Worth $5 Million or More Down 28% to 840,000


updated 5:00 a.m. PT, Wed., March. 11, 2009
CHICAGO, IL - The economic crisis has taken a big bite out of America's millionaires.

The number of U.S. households with a net worth of $1 million or more, not including primary residence (NIPR), fell 27% to 6.7 million in 2008, down from a record 9.2 million the year before, according to the new report, "Affluent Market Insights 2009," released today by Spectrem Group (www.spectrem.com).

That is the lowest number of millionaires since 2003, when the millionaire population stood at 6.2 million. Similarly, the number of Ultra High Net Worth households, those with a net worth of $5 million or more (NIPR), dropped 28% to 840,000 in 2008, down from 1.16 million in 2007....

That means fewer wealthy people to hire people, purchase large item products, and invest in growing companies.

reply to post by Dbriefed




That is the point I was going to make as well. Nice post. While we may not like them, the way things work today we actually need them. Unless you want our taxes to go up and I mean way up.

I highly doubt that the big heads will be the solution to the problem though.
Its always the normal people taking most burdens....

I wish it weren't so, that some of these guys are down to their last billion. Despite all the abuses we see, someone has to invest in new industries and technologies to keep things moving.

So now these guys will just withdraw and live quiet lives spending a modest million or two a year instead of seeking their next billion.


Mike F

Originally posted by chapter29

Originally posted by vcwxvwligen
The anti-billionaire classism I'm seeing on this site is appalling.

I'd be pretty depressed if I lost $900 million in a year. Anybody who would make fun of that is a hypocrite.

Wrong Pledge..!


Anyone that thought they could make that much money in a lifetime, yet never be susceptible to losing it in the SAME market is a hypocrite as well as ignorant...

Life isn't about Autobots and Decepticons.

Got a chip on your shoulder?

reply to post by GEORGETHEGREEK


The typical symptom is the poor getting poorer while the wealthy get wealthier. However, it seems that all three classes are taking a hit in general (although there are those profiting from events). It's very easy for us to moan, groan, and roll our eyes at their situation but when even the wealthy take a hit, this is indicative of a very serious economic problem.

On the other hand:

[atsimg]http://files.abovetopsecret.com/images/member/4e1f89bf9063.jpg[/atsimg]