Shocking news from Forbes, where it appears that the latest economic developments have led to the culling of 332 people from its list of the world’s billionaires, close to 30% percent. Collectively, the top ten losers lost $238 billion, or Ireland’s GDP.
While you ponder your own meagre wealth, spare a thought for those who are left with mere millions left to keep them warm at night. They are already causing suffering: sluggish sales at Bulgari are only the start. The low numbers of of Russian billionaires could devastate the Moscow nightclub scene. This morning I heard the plaintive wails of Bugatti dealers and yacht brokers who no longer have a way of feeding their families. What this means for the “How to Spend It” section of the Financial Times, I shudder to contemplate.
Of course, most of these losses are based on the performance of investments, and we can only guess at how much ready cash the erstwhile billionaires have in their wallets. We can only hope that they don’t have to suffer the indignity of disposing of assets in a fire sale to pay the Gulfstream bills. In the meantime we, the little people, can only offer them our sympathy and support, now that they share our pain.
[Image by Tstadler]