Recession? Not Among World's 8M Millionaires

Ranks of rich, able to weather market woes, rose 4.5% last year
By Sam Gale Rosen,  Newser Staff
Posted Apr 21, 2008 4:19 PM CDT
The growth of the net worth of the very rich is outpacing the growth of many country's GDPs.   (AP Photo/Paramount Vantage)
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(Newser) – The credit crunch isn't such a big deal if you're rich, the Financial Times reports. New figures show the number of millionaires grew quickly last year, to 8 million worldwide, and that the wealthy are getting richer relative to their compatriots.

"There is an indication here that the plutonomy model retained its strength through 2007 and is in rude health," the report states. The rich can deal better with the crunch because they generally have a wider and more diverse group of investments.