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Credit Crisis Snips Ranks of Super Rich

Millionnaires' club gets smaller as investments plummet in value

By Rob Quinn,  Newser Staff

Posted Jun 25, 2009 3:15 AM CDT

(Newser) – Won't somebody think of the poor millionaires? The global financial crisis has hit the world's "super rich" hard and left many of them merely extremely wealthy, the Financial Times reports. The number of "ultra high net worth individuals" with over $30 million to invest shrank by nearly a quarter last year, and the group's collective wealth shriveled by a similar amount, according to the latest World Wealth Report.

The number of high net worth individuals shrank by a fifth last year.
The number of high net worth individuals shrank by a fifth last year.   (Getty Images)
The financial crisis has wiped out years of gains among the world's poor super rich.
The financial crisis has wiped out years of gains among the world's poor super rich.   (Shutter Stock)
Stock market falls erased much of the wealth of the world's mega-rich last year.
Stock market falls erased much of the wealth of the world's mega-rich last year.   (AP Photo/Eugene Hoshiko)
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