10/13/09 Stockholm, Sweden – The year 2008 was rife with financial losses worldwide, but the groups that suffered most were the wealthy in Asia.
Compared to a 24 percent decrease in net worth for elites in general, the richest people in Asia saw the values of their holdings drop by greater than a third, at 35 percent.
Due in part to the Hang Seng’s 48 percent decline last year the Hong Kong rich were the hardest hit. Relatively-speaking, Japan faired best in Asia, with a somewhat less painful 17 percent decline in the holdings of its wealthy.
The study, conducted by Merrill Lynch Global Wealth Management and consulting firm Capgemini, includes more specifics that are available in The Wall Street Journal article on the rich getting poorer.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.
Start your 100% FREE subscription to The Daily Reckoning today and you’ll get a free research report, “How to Survive the Fall of Social Security.” Simply enter your email address below to get your free report and join over 495,000 worldwide Daily Reckoning subscribers!
We Respect Your Privacy and We will
Never Share or Sell Your Email Address
