Still breathing?
“The richest people in the world have gotten poorer, just like the rest of us.” Forbes
The financial crisis has spared no one. Even the big boys were called in to play and I guess the bigger you are, the harder you fall. Right? Wrong! So what if your networth dropped from 60 billion to 35 billion? You can still afford to spoil a couple of dozen generations! Look at the poor millionaires (no pun intended) and how they’re coping with all of this.
Look at the chart above, it’s an actual chart of the index performance of the Kuwait Stock Exchange.
Mr. Dananeer walks into a bank on July 1st, 2008, he uses his portfolio of shares worth 4 million Dinars as collateral and borrows 3 million Dinars from the bank. Mr. Dananeer used that money to buy more shares, he now has 7 million Dinars worth of shares in the Kuwaiti Stock Exchange. On March 1st, 2009, his portfolio shrinks to be worth only 2,625,000. The bank sells his shares and takes the money to settle his loan, plus interest, plus fees and he now owes the bank over 400,000 Dinars.
Now that, is a sad story.
