The ranks of the world's super-rich have been shredded by the credit crunch, undermining the theory that the wealthy are better at holding on to their money.
The global population of “ultra high net worth individuals” – defined as those with at least $30m to invest – shrank by nearly 25 per cent in 2008 to just 78,000, according to the latest World Wealth Report produced by Merrill Lynch and Capgemini. The collective net wealth of these super-rich slumped by 24 per cent after a year of bank crises, government bailouts and stock market routs.
High net worth individuals – worth a mere $1m, excluding their homes – fared poorly as well but not quite as severely, suffering a 19.5 per cent decline in their wealth. The population of these individuals fell by 15 per cent.