Billionaires get richer, many millionaires lose ground

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http://news.yahoo.com/billionaires-richer-many-millionaires-lose-ground-report-093635031--sector.html


Hardest hit globally were those in the $200 million to $499 million range, whose numbers dropped 9.9 percent and whose fortunes shrank 11.4 percent, the World Ultra Wealth Report said, using data for the year through July 31.

But the really, really rich got even richer as the number of billionaires rose 9.4 percent to 2,160 people and their wealth grew 14 percent to $6.2 trillion.

"Even at a billion or two billion, they have a much larger entourage, they have much more in the way of investment advice. They certainly get the attention of every major bank," Mykolas Rambus, Wealth-X's chief executive officer, told Reuters.

"This was the issue about that mid tier, the $100- to $500-million risk land. I don't think it appears these guys employ enough talent to help their own portfolios plus their holding companies to be successful."



It's a winner-take-all economy these days. Those in the middle class who vote against their own economic interests need to wake up. The billionaires don't even want to be associated with those pesky millionaires so they sure as hell won't be welcoming any middle classers into their club.

George Carlin summed it up best: "It's a big club and YOU"RE not in it!"