Fear Long-Term
A report from Spectrem Group, a consulting firm specializing
in the affluent and retirement markets, shows that American
millionaires have seen their wealth fall by more than 30%.
90% of those polled fear a long slowdown.
The report was based on online polling in November of
750 households with more than $1 million of net worth and
from focus groups.
The downturn has also hit the world`s billionaires
as well. After 13 years on top, Warren Buffett
dethroned Bill Gates as the world`s richest man in
Forbes annual list last March. Since
that time, Buffett had seen the value of his Berkshire
Hathaway stock jump, giving him an estimated fortune
of $62 billion. Since then the stock has fallen
from $143,000 per share to a mere $100,000 per share,
down about 30%.
Gates` Microsoft stock has also fallen from $36 per share
in early 2008 to a little over $20 per share on Tuesday.
That`s a fall of over 30%, so Buffett may have held
on to his lead.
Gates may have jumped back to second place, as Carlos
Slim Helu and his family`s company, America Movil,
has seen its stock plunge almost 50%. Helu owns
America Movil, a Mexican communications company.
Wealthiest Down as Well
Wednesday: A chance of showers before 1pm. Mostly cloudy, with a high near 57. West wind between 10 and 20 mph, with gusts as high as 30 mph. Chance of precipitation is 40%.
Thursday: Mostly sunny, with a high near 57. West wind between 5 and 15 mph, with gusts as high as 25 mph.