Renaissance of the rich. Now we all feel much better.
Thanks go to our colleagues at our sister publication Financial Director for bringing this particularly tragic (sob) story to the attention of TS.
A Merrill Lynch Capgemini World Wealth Report reveals that the aggregated funds held by the world’s 8.6 million high net worth individuals has fallen to $32.8 trillion (£20 trillion) – a level not seen since 2005. Given the gargantuan pay deal that TS has, that’s clearly no laughing matter. The recession affects us poor rich bods too you know. These are scary times.
But there’s good news on the horizon because the report’s authors believe we can rebuild rich folks’ funds back to $48.5 trillion in the next four years. As our esteemed FD oppos point out: ‘There is some good news in the world’. You’ve got to love the rich. And the advisers who feed off, er, help them.