Wealth
45 percent of world's wealth destroyed: Blackstone CEO
Mar 10, 2009
By Megan Davies and Walden Siew
NEW YORK (Reuters) - Private equity company Blackstone Group LP CEO Stephen Schwarzman said on Tuesday that up to 45 percent of the world's wealth has been destroyed by the global credit crisis.
"Between 40 and 45 percent of the world's wealth has been destroyed in little less than a year and a half," Schwarzman told an audience at the Japan Society. "This is absolutely unprecedented in our lifetime."
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AND
U.S. household wealth falls $11.2 trillion in 2008
Thu Mar 12, 2009
WASHINGTON (Reuters) - U.S. households suffered a record 9 percent drop in wealth and pared debt in the fourth quarter as a deepening recession battered confidence and finances, Federal Reserve data showed on Thursday.
Household net worth dropped by $5.1 trillion from the prior quarter to $51.5 trillion. For the full year, net worth dropped by $11.2 trillion, reflecting steep declines in the housing and stock markets.
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