When the Rich Get Poorer, Look Out Below — Mark Skousen, Human Events

The financial crisis has hit the rich hard — the net worth of rich Americans has fallen an average 24% in the past year, according to a new Merrill Lynch Wealth Management report. The number of people with investable assets over $1 million has fallen from 3 million to 2.5 million. They have lost big money in real estate and stocks, their two biggest holdings. Even the price of Mei Moses Art Index has fallen 32% in the past six months.

The real question is: What is the impact of less wealth on the average American? The answer is: serious.

The wealthy, including business entrepreneurs such Bill Gates and independent investors such as Warren Buffett, have led the global economy to astonishing new heights over the past generation.

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