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Pandemic Could Erase More Global Wealth Than Financial Crisis
The rich are still getting richer, but the coronavirus crisis may slow the breakneck pace of wealth accumulation for years to come. Volatile markets and the economic fallout from the virus could wipe out as much as $16 trillion of global wealth this year and hinder growth for the next five years, according to a study by Boston Consulting Group. By comparison, the 2008 financial crisis erased $10 trillion. A decade-long bull run in equities has helped the millionaires and billionaires of the world increase their wealth at double the rate of middle-income and poor people. Now that same dependence on markets can put ... (full story)
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- Jun 18, 2020 8:34am Jun 18, 2020 8:34am
- Hurst
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- Edited 10:31am Jun 18, 2020 9:45am | Edited 10:31am
- RossEdwards
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