WSJ: Asians lost more last year than the West - Spear's Magazine

WSJ: Asians lost more last year than the West

HONG KONG — After years of easy money, Asia’s elite suffered worse financial pain last year than their counterparts elsewhere, according to a study released Tuesday.

HONG KONG — After years of easy money, Asia’s elite suffered worse financial pain last year than their counterparts elsewhere, according to a study released Tuesday.

The region’s richest individuals lost 35% of their wealth amid the financial turmoil of 2008, compared with a 24% decline for the richest people world-wide, the study by Merrill Lynch Global Wealth Management and consulting firm Capgemini said.

Within Asia, Hong Kong’s wealthy lost the most. The ranks of those in Hong Kong whose net worth totaled US$1 million or more shrank by 61% from a year earlier, the study said.

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