“Any major shift in the financial status of the rich could have big implications…..Over the last century, the worst years for the rich were the early 1930s, the heart of the Great Depression.” — New York Times, August 21, 2009
On Friday, the New York Times had a cover story, “After 30-Year Run, Rise of the Super-Rich Hit a Sobering Wall.”
The financial crisis has hit the rich hard — the net worth of rich Americans has fallen an average 24% in the past year, according to a new Merrill Lynch Wealth Management report. The number of people with investable assets over $1 million has fallen from 3 million to 2.5 million. They have lost big money in real estate and stocks, their two biggest holdings. Even the price of Mei Moses Art Index has fallen 32% in the past six months.
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