Comment: Billionaires may be recession-proof but millionaires should worry
Research shows a sharp slowdown in the number of new millionaires in the US
Forbes magazine's annual billionaire list made headlines last week as Warren Buffett overtook Bill Gates as the world's richest person - Gates having been number one for 13 years.
Arguably the more interesting fact was that the ranks of the super-rich swelled dramatically last year, despite the onset of the credit crunch.
The number of dollar billionaires grew by 18% to 1,125 last year and their wealth surged by $900bn, taking their combined worth to a staggering $4.4 trillion, said Forbes.
While the pace of growth in the number of billionaires slowed from the 26% increase seen in 2006 there was little to suggest the super-rich are being squeezed by the credit crunch.
In contrast, a study published this week by the Chicago-based Spectrem Group said the number of individuals in the US worth a $1m or more grew just 2% last year to 9.2m households. That compares with 8% growth in 2006, 11% in 2005 and 21% in 2004.
Those worth $5m or more also grew by 2% last year, said Spectrem.
Millionaires, and even multi-millionaires, will not be immune to the US's economic troubles and it seems likely their numbers could actually fall in 2008.
But the Forbes list suggests it will take a deep and prolonged recession before the billionaires begin to feel the pinch.
One only has to look at the top end of the private jet market, where there is a four-year waiting list for the top Gulfstream and Bombardier aircraft, to appreciate that the billionaires really do live in a different world.
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