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Market crash won't hurt the super wealthy. Oh no! My assets went to 60m down from 100m! Day to day spending pressure is what tanks. Economy depends on money f

• milch 2y ago
  Isn't it kind of sad that 100M doesn't even count as super wealthy anymore? That's missing 3 zeros. Yes 100M is enough that you never have to work again and can basically go anywhere and do anything you want in boundless luxury, but it also doesn't even cover the cost of one (1) boat purchased by the actual super wealthy
• rsynnott 2y ago
  > Market crash won't hurt the super wealthy. Oh no! My assets went to 60m down from 100m! This is not necessarily the case, due to leverage. For some, it can be "oh, no, my assets went to -200M down from 100M". In particular, it's somewhat common for rich people to fund their lifestyles, and sometimes fund business ventures (this is really playing with fire, but it happens) by borrowing against the stuff they own, which is usually mostly equity. In a really big crash, this can unwind rather messily, as some overstretched super-rich discovered in the previous financial crisis.