Who wouldn’t want to be a millionaire? Well, here’s news. A host of ultra-affluent individuals may actually be losing sleep over becoming millionaires or baby-billionaires, after having already enjoyed the status of super-billionaires when the markets had taken personal fortunes to dizzying heights. September 29th 2008; marked the worst one day fall for US stock markets since 1987. It's been called the subprime mortgage crisis, and it may have been the leverage Barack Obama needed to edge over John Mccain in the polls. Apart from the bear onslaught on stocks of companies they promote, these ex-billionaires have also had to contend with a weaker dollar. The relentless bear attack shows no signs of petering out; with record-high oil prices, high inflation and a non-conducive global macroeconomic environment adding fuel to the fire. That’s only set to swell the ranks of these reluctant millionaires.
Chinese BillionairessYang Huiyan: She was considered the wealthiest person in Mainland China, and she had an estimated net worth of 16 billion. Today she's at about 2.2 Billion, plummeting after taking a big hit during the market meltdown. She's 26 years old, and was ranked around #125th in Forbes.
Kirk Kerkorian: plunked down $1 billion in Ford Motor in the spring, ending with a 6.4% stake in the automaker. In a bit more than four months, he's seen $700 million, about two thirds of the value of that investment vanish as Ford and all the automakers have struggled with high gas prices and the crummy economy. His net worth was estimated at $11.2 billion by Forbes magazine in September; it's now much less than that. And there are many many more stories like this...people who've felt the tip of the sword during these hard economic times. Let this serve as a lesson to all of you that the rich are not always getting richer. I'd suggest you invest some money in Latin America and other emerging markets like Africa, as I believe these places will be where the baton is picked up by developing countries. I continue to hold UK investments, because I don't believe in the Euro anymore then I do the American dollar (our money is only as good as the belief that we have in it).
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