By definition, a decrease in average asset value decreases the net worth of those with assets more than those without.
Which isn't to say it's more painful to the wealthy, as they have the excess assets to buffer, but is to say that millionaires and billionaires don't have a magic "avoid recession impact" button.
Re:Is the U.S. Descending into Recession?
by riku_iki on Tuesday March 08, 2022 @02:32PM
(#30605253)
> By definition, a decrease in average asset value decreases the net worth of those with assets more than those without.
That's if decrease is equal and linear for all verticals, which I don't believe is the case.
> billionaires don't have a magic "avoid recession impact" button.
They have many buttons: lots of intelligence which allows them to relocate assets before average folks, political lobbying which allows them to bailout troubled businesses in expense of national debt.
It is already very painful for large share of population, but they have no idea what to do with this.