There is a growing consensus that the rich have lost about a third of their wealth. First came the U.S. surveys, which show millionaires down about 30%–both in wealth and population–as a result of the global financial crisis. Over the weekend comes news that the Sunday Times Rich List shows that the crisis has wiped out about 155 billion pounds ($227 billion), or a third of the wealth of Britain’s 1,000 people. Sir Elton John, for instance, is down 26%.
By Robert Frank, April 28, 2009, WSJ

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