For the first time since 2008, economists say global wealth declined, falling 2.4 percent, notes Grumpy Editor.
Americans were hit hardest as stocks and bonds declined in value. However, that was partly offset by rising house prices and other assets.
This resulted in about 1.7 million American adults are no longer millionaires.
Another 17,260 people drop out of the ultra-high-net-worth category, meaning they are no longer worth $100 million or more.
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE…
MORE WEAPONS FOR NORTH KOREA. Never quiet North Korean leader Kim Jong Un calls for an increase in weapons production as the U.S. and South Korea strengthen military cooperation. Last week he toured munitions factories and ordered a major increase in production of missiles and other weapons.
CLASSIC CAR HAS HIGH ASKING PRICE FOR AUCTION. Sotheby’s this fall in New York will auction a red 1964 Ferrari 250 GTO with an asking price of $60 million.
OPERA NEWS TO CEASE PUBLICATION. Opera News, an 87-year-old publication focused on the Metropolitan Opera and spotlighting the art form, prints its final issue in November.
GRAY WOLVES APPEAR. A new pack of gray wolves is spotted in California’s Sierra Nevada, several hundred miles away from any other known population of the endangered species, say wildlife officials.
COCOA COSTS SOAR. Hershey and Mondelez and other chocolate makers face tougher trading conditions over the next year as they seek to pass on soaring Cocoa Costs to consumers who are cutting back.
AUTHORS DISLIKE AI. For a vast number of book writers, artificial intelligence is a threat to their livelihood. More than 10,000 writers endorsed an open letter from the Authors Guild, urging AI companies not to use copyrighted work without permission or compensation.
AMERICANS SLEEP ATOP EIFFEL TOWER. Two American tourists are found sleeping off a heavy night in the upper part of Paris' Eiffel Tower. Security guards found them in the early morning before the 9 a.m. opening.
HARRISON FORD TRIBUTE. A new snake species — tachmenoides harrisonford — in containing the name of actor Harrison Ford, is intended to be a fun play on Indiana Jones’ hatred for scaly creatures.
