Suddenly everyone is talking about disappearing millionaires.Tuesday there was the WSJ article talking about the vanishing Maryland millionaires. Now comes word that Britain has lost about half its millionaires.The reason isn’t emigration or tax revolts. It is personal finances.As I have been writing for the past year, the rich have been hammered by this crisis, largely because of the plunge in the value of their investments and real estate. As a result, the millionaire population (especially the lower end) is taking a dive. Early estimates say the millionaire population in the U.S. fell 30% last year. Now, it seems Britain’s millionaire population has fallen an astounding 50%.
By Robert Frank, May 27, 2009, WSJ

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