Recession So far:

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oi-Staff

By Staff

Tuesday, April 28, 2009, 17:24

Of late, everybody seem to be engulfed with the smoke of recession that hovers around us. The kind of talks one get to listen will some how have proximity with the on going recession - no matter what the talk is about. It has reached to such an extent that it has even pierced through the four walls of every class room today. So, here you go. This will give you just another reason to talk about the on going recession, but, with a different perspective.

How do you define recession? To many it must be when things become unaffordable, But has ever anybody thought about what's the kind of loss a person with a huge pocket has to incur. Let's take one such person; just like a drop of water in the huge ocean of millionaires, Lakshmi Niwas Mittal.

Indian origin steel magnate, Lakshmi Niwas Mittal, is said to have lost as much as 23.5 billion pounds in the last one year due to the ongoing financial crisis world over. Mittal, still the richest man in the UK, has seen his wealth plunging to 10.8 billion pounds from 33 billion pounds last year. He dropped 1.9 million pounds an hour.

How much money are we talking about? Any guesses?

Figures compiled for the Sunday Times Rich List 2009 reveal that the number of billionaires has fallen from 75 to 43 in the past 12 months. Is anybody surprised? Mind you, it doesn't end here. Figures compiled for the Sunday Times Rich List 2009 reveal that the number of billionaires has fallen from 75 to 43 in the past 12 months. Talking about others, the figures go some thing like this: The Chelsea owner, 42, saw his fortune dive by 4.7 billion pounds to 7 billion pounds. Kirsty Bertarelli stuill remains Britain's wealthiest woman. The former Miss UK and biotechnology tycoon husband, Ernesto, both 37, share a 5 billion pounds fortune despite losing 650 million pounds. Other big losers include F1 One supremo, Bernie Ecclestone, 78.

The current estimates suggest that the 1,000 wealthiest people in the UK have seen over half of their cumulative wealth wiped out by the recession, from 412 billion pounds in 2008 to around 200 billion pounds today, The Daily Telegraph reported. As in the words of Harry S Truman, the 33 rd President of United States, "It's a recession when your neighbour loses his job; it's a depression when you lose yours."

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