Billionaires' fortunes grow, millionaires' dip over the past year
If you've been following this NHL lockout, or any other sports labour dispute of the past 30 years, you’re familiar with one derisive phrase.
In technicality, this is correct; pro sports’ labour spats often pit millionaire players against billionaire owners, all in the quest of divvying up some exorbitant pie of cash. Truly, it is fans that are locked out, not players.
But while millionaires and billionaires are the same breed to the average consumer, they’re much different in the eyes of the world’s super wealthy.
Wealth-X is a firm that tracks the fortunes of the planet’s affluent, measuring wealth as it grows, or shrinks, year-to-year.
And what’s happened over the past 12 months?
According to Wealth-X’s latest report, millionaires have gotten poorer in the last year, while billionaires have padded their pockets in a big way.
By Wealth-X’s numbers, the total fortunes of people worth at least $30 million dipped over the past 12 months, dropping 1.8 per cent. That’s right, today they’re only worth a woeful $25.8 trillion combined.
The hardest hit were those worth between $200 million and $499 million, whose fortunes dropped a not-insignificant 11.4 per cent in the past year.
Of course, it’s much better being a billionaire.
Those with the largest fortunes in the world instead saw theirs grow over the past year, in stark contrast to their millionaire cousins.
According to Wealth-X, those with fortunes $1 billion or above saw their wealth grow 14 per cent.
Now there are 2,160 billionaires in the world, worth a total of $6.2 trillion. That’s more than 3.5 times the entire GDP of Canada.
By Jason Buckland, MSN Money