The rich got poorer in 2011: report
Quick: who’s tougher to drum up sympathy for right now, rich people or Hosni Mubarak?
Okay, well, likening the affluent to a deposed Egyptian tyrant that was briefly declared dead in jail this week might not be totally fair, but the point is clear: in this economic climate, led by Jamie Dimons and “London Whale” rogue traders, the wealthy are the enemy.
So if you’re the kind that’s out for blood, here’s a bone for you.
Last year, for the first time since the recession hit, the world’s rich people lost money.
According to a joint report from consulting firm Capgemini and RBC Wealth Management, the planet’s richest saw their wealth dip by 1.7 per cent in 2011.
Who are the planet’s richest? By the survey’s measure, they’re any individual with investible assets of US$1 million or more. Investible means cash or other liquid funds.
Last year’s 1.7 per cent drop is the first decrease since 2008, when such millionaires slugged through a year in which their overall worth plummeted 19.5 per cent.
Of course, these are rich people we’re talking about here. Not all the news is bad.
While as a collective worth fell for the world’s wealthiest, the number of high net worth individuals – those with investable assets of $1 million or more, remember – increased by nearly a per cent (0.8 per cent) across the globe.
That’s offset a bit by the number of ultra high net worth individuals – those with investable assets in excess of $30 million – declining 2.5 per cent last year, but hey, who’s counting pennies?
By Jason Buckland, MSN Money