Do you remember Ted Turner, the media mogul who founded CNN? At the turn of this century, he lost 90% of his wealth, leaving him with just $1 billion. “Boo hoo!” you might say. “He was still a billionaire.” That is true, but no matter how much wealth you have, losing that much money is a punch to the gut.
And it’s about to happen again, to a whole lot more millionaires and billionaires. In fact, it’s already started happening. A recent survey of 2,500 millionaires revealed how their net worth fell by $2 trillion in 2018. The hardest hit were those in China and the U.K.
The big question is: Is this loss an anomaly, or are we staring at the canary in the coalmine?
I answer that question, and another, more important one – why you should even care? – in today’s video.
Looking at a recent survey of 2,500 millionaires reveals their networth has dropped for the first time since 2011. How are their financial losses going to affect the rest of the world? Harry shares his thoughts and takes on a few questions from subscribers…
Posted by Economy and Markets on Friday, July 12, 2019
I also answer a question from a 70-year old subscriber. Ken and Carol are wondering what they should do with their house: reverse mortgage or sell?
Watch today’s video to hear what I think about that situation.