Market crash won't hurt the super wealthy. Oh no! My assets went to 60m down from 100m!
Day to day spending pressure is what tanks. Economy depends on money flow. Most of that flow is necessities (shelter, food)
Day to day spending pressure is what tanks. Economy depends on money flow. Most of that flow is necessities (shelter, food)
This is not necessarily the case, due to leverage. For some, it can be "oh, no, my assets went to -200M down from 100M". In particular, it's somewhat common for rich people to fund their lifestyles, and sometimes fund business ventures (this is really playing with fire, but it happens) by borrowing against the stuff they own, which is usually mostly equity. In a really big crash, this can unwind rather messily, as some overstretched super-rich discovered in the previous financial crisis.