Wealthiest People in the World Getting Poorer

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slumdogThe financial crisis is apparently not skipping the rich. A recent report by the Boston Consulting Group says that the gap between the wealthy and non-wealthy has narrowed, and that in just one year, the number of millionaire households worldwide fell from 11 million in 2007 to 9 million in 2008. More to it, if the global wealth in 2007 accounted for $104.7 trillion, one year later it was down to $92.4 trillion. And if you were wondering, the steepest decline was in North America and Europe, even though Singapore had the highest concentration of millionaires. Meanwhile we can only wish Peter Damisch, a BCG partner and a coauthor of the report, is right when he says “wealth will begin a slow recovery in 2010 but may not reach its pre-crisis level until 2013″.

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