June 23rd, 2010at 11:26am Posted by Eli
Hooray, the recession is over!
Great Recession? What recession? The world’s millionaires and billionaires — now totaling 10 million — saw their overall wealth jump 18.9 percent last year, to $39 trillion.
The surge in the stock market in 2009 restored many people back to the ranks of the rich as the financial crisis abated. The number of people with at least $1 million in assets beyond their homes and household goods climbed 17 percent, according to a report on the world’s wealth by Merrill Lynch and Capgemini, a Paris-based business consulting firm. Their total wealth approached the 2007 peak of $40.7 trillion, after a 20 percent plunge to $32.8 trillion in 2008.
“We are already seeing distinct signs of recovery, and in some areas a complete return to 2007 levels of wealth and growth,” Sallie Krawcheck, president of global wealth and investment management at Bank of America, said in a statement.
The very rich — those with disposable assets exceeding $30 million — did even better, increasing their wealth by 21.5 percent, the report said. The very rich, however, took a bigger hit in 2008, losing 24 percent of their fortunes.
I guess we don’t need another stimulus after all! I’m so relieved.
Entry Filed under: Economy