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.