World's rich lost 20 pct of wealth in 2008

World's rich lost 20 pct of wealth in 2008

NEW YORK (Reuters) - The world's rich lost a fifth of their wealth in 2008 and the number of people with fortunes of more than $1 million (609,000 pounds) fell 15 percent as the financial crisis wiped out two years of growth, a study showed on Wednesday.

The total value of the world's wealthy -- people with net assets of more than $1 million excluding their main home and everyday possessions -- dropped below 2005 levels to $32.8 trillion, the 13th annual Merrill Lynch/Capgemini World Wealth Report found.

Nearly 35 percent of that wealth belongs to so-called ultra rich people with fortunes of more than $30 million, who account for 0.9 percent of the rich population. In 2008 the number of ultra-rich people and their value dropped by nearly a quarter.

Who do you feel more sorry for, these guys ot the millions of normal folk who have lost their jobs or houses?

US unemployed relying on benefits, savings, spouses

NEW YORK, June 24 (Reuters) - Nearly a quarter of U.S. laid-off workers are relying mostly on unemployment benefits or financial aid, and almost as many are cutting back spending to get by, according to research released on Wednesday.

Asked to list their primary means of making ends meet, a sixth said they are using savings and a fifth said they are relying on a spouse or partner to support the household, according to a survey of unemployed workers by CareerBuilder.com, an online jobs site.

The most common answer was unemployment benefits, at 23 percent, and cutting back spending to just necessities, at 20 percent, it said.

Six percent said they sold some belongings, 5 percent are taking odd jobs, 4 percent are living on credit and 3 percent moved home or added a roommate.

Roughly 14.5 million people were unemployed in the United States as of May, according to government statistics. Since the start of the recession in December 2007, that figure has risen by 7 million people, according to the U.S. Bureau of Labor Statistics.

I know who I feel most for!

I feel for those who are losing their homes and jobs and everything else and have nothing else to rely on. I know a few of these "rich" and they drove me nuts with what they would have to give up. I looked at them and said be happy you have a job, a place to live and food to feed yourself. They complain about less vacations and stuff like that and it just makes me a little sick when people are starving and living in tents! If I had millions I would help those who were less fortunate than me for sure!

Originally posted by mblahnikluver
I feel for those who are losing their homes and jobs and everything else and have nothing else to rely on. I know a few of these "rich" and they drove me nuts with what they would have to give up. I looked at them and said be happy you have a job, a place to live and food to feed yourself. They complain about less vacations and stuff like that and it just makes me a little sick when people are starving and living in tents! If I had millions I would help those who were less fortunate than me for sure!

Well said. I always am amazed at how the very rich act. I don't begrudge someone working hard, being successful, and having money. But it seems to me that with money comes something else. It's as if money corrupts the human spirit or something.

I don't know, it's a bit of a crazy idea!



[edit on 24-6-2009 by kiwifoot]

reply to post by kiwifoot


If the rich lost 20%, who gained it?

It's got to go somewhere.

reply to post by heffo7


It never existed. It was all on paper.

And sure the "rich" have to give up some luxury's in life, but not feeling bad for them is not the right attitude.

They worked hard for where they have. Sure some people are losing their houses and stuff, but its bad for both of them.

I see some people are heavily involved in the class warfare that has been waged.

Man, I gotta say, who cares if the rich lost 20% of their money? The poor lost the rest of what little they had, and outnumber the rich a million to 1. Yeah you can buy a house with $100 down in Detroit. Whoopee. You'll lose the hundred bucks, and the house a couple months later when you can't find a job- or a grocery store. And top of that be in debt for the other $20,000 or so.

People always say how they never got a job from a poor man. But I've never gotten a decent paying one from a rich man either. There's a reason for that, and it wasn't my education.

reply to post by TrueAmerican


Who cares???

Anyone who has lost their job is because someone somewhere lost enough to decide they don't need you.

Sad truth is... the poor and middle class alike need the rich to be rich... else we will all be poor..

Originally posted by heffo7
reply to post by kiwifoot

 

If the rich lost 20%, who gained it?

It's got to go somewhere.

Bankers Probably. Nah, not probably...it definitely went to the bankers.

Well I've lost 100% of my wealth so I bet they are still in a much better situation than me.

I like how some people here are actually trying to defend them. They don't work hard. They got where they are by twisting the system against the "little people". Big corps bribe congress to pass taxes on small businesses to push them out of business (while they themselves, the super-rich, get TAX CUTS) and use patent law to prevent competition. If we had a competitive market, billion-dollar corporations wouldn't exist. Free market competition prevents any single business from pooling that much wealth in the first place. God no I don't feel bad for the CEO's and politicians. In fact, I'm laughing my ass off at them. They deserve this. What gets me the most - when they come around and tell us that we NEED them, that we can't live without them. Please listen to me when I say - *I don't need you*

reply to post by Rockpuck


I agree completely.

Doesn't matter how they got rich. The fact is that they own the companies you work for.

They lose money, you lose a job. So you better start caring that they are losing money.

reply to post by kiwifoot


This is only the visible and documented rich. Overall the elite just earned $350 billion. And more are coming as the American public keeps puckering up and bending over.

Some of the world's poor got richer out of thin air last year. Many more are waking up and printing u-know-what.