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.
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.
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!