- Global downturn hits German trade surplus
- BASF warns of job cuts
- Thousands set to lose their jobs this year
- VW idles 92,000 as BMW cuts production
- Economy Ministry to drastically reduce growth forecast
- Famed East German MZ motorcycle factory to close
- Recession creating Karneval cutbacks
- German software giant SAP to cut 3,000 jobs
- Crisis forces Porsche to throttle production
- Bankruptcy derails toy train maker Märklin
Germany's 20 wealthiest families have lost about €40 billion in the economic crisis in share values alone, the financial magazine WirtschaftsWoche reported in its latest edition.
The richest families have lost "an average of 30 percent" of their fortunes since the summer of 2007, leading asset manager Joachim Paul Schäfer told the magazine. "It is clear now that the present crisis has inflicted much deeper wounds on big family fortunes than the last four or five recessions combined," he said.
How has this economic slow down effected you and or your friends?The richest families have lost "an average of 30 percent" of their fortunes since the summer of 2007, leading asset manager Joachim Paul Schäfer told the magazine. "It is clear now that the present crisis has inflicted much deeper wounds on big family fortunes than the last four or five recessions combined," he said.
What do you think the near future holds for the masses?