The global financial turmoil is set to hit the chosen 1000 too, in 2009.
According to 'The Oracle' BBC, the Forbes Billionaires list will shrink from 1062 to 720 in 2009. The program also predicted that atleast one of the sophisticated investors in Madoff's failed ponzi scheme will be selling apples at the Times Square by 2010. See Leherensuge's blog for working notes on the greatest ponzi scheme.
So being a billionaire is tough these days. However the 300 who slip out of this most exclusive of clubs would still be multi-millionaires and not much would change as far as their lifestyle is concerned.
The worrisome aspect of the global meltdown is companies owned and promoted by these 1000 and more individuals sinking. 2008 saw over 2.5 citizens of the US losing their jobs, the largest number since 1945.
The fear/volatility index is the only index shooting North. These developments have cast serious doubts as to whether the US market will continue to be considered the safest investment zone in the world. China has taken a lead by increasing the convertibility of Yuan.
Time for Asia to emerge as the biggest and most potent economic and political zone? It is the biggest continent in more ways than one and if China and India can come together at this point, if not a more just world, an alternative power centre is certainly possible.
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it obvious.. no billionaires and only millionaires exit
ReplyDeleteHi Jack. Sorry cudn't get ur message. English is not my first language.
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