The luxury brands are reporting losses, and the figures are out for the upper strata of society who were presumed to be recession-proof. Forbes reports an article on the losses incurred by the high net worth individuals. If last year there were 1,125 billionaires who featured on the Forbes list of the World’s Billionaires, this year there are just 793 people that made it to the list, a 30% decline from the previous year. As contrary to the presumption that the uber-rich will continue spending on frivolous luxuries, some of them have been badly bit and have become a lot poorer. “Their collective net worth is $2.4 trillion, down $2 trillion from a year ago. Their average net worth fell 23% to $3 billion.” Though what differentiates them from the masses is they ultimately tend to bounce back like Bill Gates, who reportedly lost $18 billion but regained his title as the world’s richest man, followed by Warren Buffett and Mexican telecom titan Carlos Slim Helú. India’s Anil Ambani lost $32 billion—76% of his fortune—as shares of his Reliance Communications, Reliance Power and Reliance Capital all collapsed. Though the wealthiest of consumers are still spending on frivolous luxuries, as a whole the upper-stratum of the society has bore the brunt of it.

Via: Forbes

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