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porca misèria

Property Billionaires Getting (Relatively) Poorer

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A little nugget.

There are ten property billionaires in the top 100 in Forbes's worldwide rich list. Yes, that includes a Grosvenor. But not The Donald, who is at #324.

But the longer-term trend is downwards. When Forbes first published that rich list in 1987, there were twenty property billionaires in the top 100.

Conclusion: contrary to appearances, property is becoming less important in the world's wealth!

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Or the rich are not parking all their wealth in property any more - there are more financial assets to invest in and choose from. There is much more sophistication about balancing risks and lowering volatility these days....but it all rests at the end of the day on burgeoning debts.

We know a few of the names of those at the very top. Bill Gates, Warren Buffet, or Carlos Slim, for instance, have stupendous fortunes tied up in their respective businesses. Ditto the proprietors of those family-owned businesses that are in competition with FTSE giants: the Lidl and Aldi owners are both there, not having opened up their empires to the public like Messrs Cohen or Sainsbury (the Waltons perhaps merit special mention for being in both camps).

Point is, those super-rich have fortunes which are also their life's work - or generations of family fortune. They are absolutely not fully diversified portfolios like an individual with a pension fund.

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