Quote from: Rruchi man on November 02, 2024, 09:53:05 PM

Quote from: MrEazyLife on November 02, 2024, 11:28:28 AM

Personally I’m finding it difficult to believe a billionaire can go broke due to the worse state of an economy. When I mean broke. To the extend of selling off properties and barely afford a living.

The economy can definitely affect anyone no matter your financial class in the society. For a billionaire, an unfavorable economy will not have an immediate effect, a bad economy will slowly bankrupt a billionaire overtime. Billionaires who have industries, make sure they site it in countries where their economies are more stable to avoid being cut up by economic crisis.

A billionaire can be going broke, if he doesn't try to change his situation, he can get broke to the extent of him not being able to feed.

When the economy is bad, it will certainly affect many things besides the government, the poor, the middle class and of course the billionaires themselves, especially if they have businesses in industries that are closely related to the global economic downturn. There are many examples when the economy is bad, making rich people go bankrupt, the closest example is when Covid occurred, in my country there are several billionaires who suffered huge losses but luckily they did not go bankrupt to the point of not being able to eat anymore.

However, there are also times when the economy is down, it actually makes the rich richer, this also happens a lot. Even though the economy is difficult, the rich are actually getting richer. Because they are smart at taking advantage of the situation or can take advantage of opportunities, when economic growth slows or worsens they take advantage of or divert their funds to the crypto market because they understand that at times like that there will be inflation, then there will be an increase in the price of crypto assets. They have a mindset and habits that support their financial growth, so they prefer to invest their money in assets that appreciate, such as bitcoin, stocks, bonds, property, and gold.