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> Even rich and established people are scared and trying to sell off assets to cover cash flow Having less vastly excess wealrg than before? That's a massive s

• DoreenMichele 7y ago
  If you take someone who weighs 300 pounds and chop them in half to get them down to 150 pounds, you probably have killed them. Millionaires and billionaires don't live in mansions because they are greedy pigs. They do so because they need security. You can't just go move into a local apartment building and live like a normal person. (Also: If everyone is downsizing, who do you sell your mansion to?) Even with security, Kim Kardashian was held at gun point in her own apartment at one point. In the news recently was the fact that a barrel of oil was selling for less than the price of an actual barrel. Oil wealth has been a big thing for a long time now. We may see quite a few people utterly ruined. When the stock market crashed in 1929, some people who had just been wiped out in a single day elected to jump out the window rather than face the future.
  • icedchai 7y ago
    Due to inflation over the past 30 or 40 years, "millionaire" doesn't mean as much as it used to. I know several single digit millionaires living in regular apartments and homes. You wouldn't know most of these people are millionaires.
    • nikanj 7y ago
      In most cities, if you own that regular apartment, you are a millionaire