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Rich American wallets to take historic hit from US slump
(MENAFN) Millionaire and Forbes Media’s boss cautioned that rich wallets may already be taking "big hits" from an inevitable financial recession coming in 2023.
"The big hits are going to come in 2023," Steve Forbes told FOX Business’ Stuart Varney Monday.
"In terms of an asset recession, I think you're going to see it and you're going to see it even more as the year wears on. That doesn't mean you should shed tears, but they're taking a proportionate hit in a way they haven't done in past recessions. This whole era we're in now is so different from anything we've had before."
On "Varney & Co.," Forbes weighed in on his namesake magazine’s latest op-ed indicating that the U.S. economy is going toward a "richcession," expecting the richest Americans could lose the most capital amid instable markets.
"When a recession is on the horizon, the rich usually don’t have to worry too much. They’re usually in a good position to ride out the rough economic times, the last to be affected and the first to recover value," according to the Forbes article. "But in the case of a richcession, wealthy Americans could feel a unique pinch on their budgets."
"The big hits are going to come in 2023," Steve Forbes told FOX Business’ Stuart Varney Monday.
"In terms of an asset recession, I think you're going to see it and you're going to see it even more as the year wears on. That doesn't mean you should shed tears, but they're taking a proportionate hit in a way they haven't done in past recessions. This whole era we're in now is so different from anything we've had before."
On "Varney & Co.," Forbes weighed in on his namesake magazine’s latest op-ed indicating that the U.S. economy is going toward a "richcession," expecting the richest Americans could lose the most capital amid instable markets.
"When a recession is on the horizon, the rich usually don’t have to worry too much. They’re usually in a good position to ride out the rough economic times, the last to be affected and the first to recover value," according to the Forbes article. "But in the case of a richcession, wealthy Americans could feel a unique pinch on their budgets."
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