Now here’s a bit of news that would suck for anyone else who got hit bad by the recession. The world’s rich got even richer last year despite the recession.
This is thanks to the stock market rebound and the recovery of hedge funds from the 2008 crash that helped boost the world’s millionaires to jump up 19% for a whopping collective total of $39 trillion.
North America’s rich increased 17% and their total wealth grew 18% to $10.7 trillion. The US is still home to most of the world’s millionaires with 2.87 million.
This data suggests that a recovery is on its way. If only the Average Joe can feel the recovery too.
“We are already seeing distinct signs of recovery and, in some areas, a complete return to 2007 levels of wealth and growth,” said Bank of America Corp wealth management chief Sallie Krawcheck.
Same ole story, the rich get richer, the middle class struggle, and the poor get even more benefits and support.