Katherine Clarke
speaker
40 appearances
1 recordings
1 series
first heard Oct 2020
last heard Oct 2020
Katherine Clarke’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · How the Wealthiest Americans Recovered Their Pandemic Losses · 9 Oct 2020
podcast
Well, America has really fared the best in terms of the ultra high net worth set.
The next best performer was Asia and then Africa, where ultra high net worth portfolios recovered 4% below their end of 2019 levels.
The worst performers that we saw as of the end of August were countries in Western Europe.
With the UK coming in at the bottom, they're really having some Brexit difficulties.
And their ultra high net worth population experienced a 17% fall.
And their collective net worth dropped by 20% as of the end of August.
So far, it's been a very mixed bag.
So in New York City, for instance, the luxury real estate market is really on its deathbed.
If you ask most developers, we've only seen a couple of major deals since the onslaught of the pandemic.
Most of the deals we're seeing are in a much lower price category.
A lot of the very wealthy people, as soon as this started, headed for Palm Beach, the Hamptons, the suburbs, and they have not come back.
In other parts of the country, it's a completely different story.
In Los Angeles, we're seeing huge deal after huge deal, $50 million, $100 million.
So people are saying that some of these changes might be permanent.
We might be seeing some of the richest people decamp from Manhattan to other parts of the country.
Yeah, to some extent, I think you could argue that we're seeing a huge transfer of wealth in this country, further widening the income gap.
I mean, the average American is potentially losing their job, being furloughed, really struggling to sustain their normal lifestyle.
And a lot of these super wealthy people just through their stock market portfolios have gained millions and millions of dollars in the last few months.
So it really is just, you know, widening that gap.
Thanks for having me.
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