We Lost Some Millionaires

(My Original Blog Post: http://www.minnesotainvestors.com/blog/we-lost-some-millionaires/)
Here is an interesting article  http://money.cnn.com/2009/03/11/news/economy/millionaires_2008/index.htm

"Research report shows the number of American households with $1 million net worth declined 27% last year."

It discusses how there are about 2.5 million fewer millionaires then there were last year due to the housing crisis and economic crisis.  They said it's due to all asset classes from stocks, 401k, ira's, houses, etc.  Millionaires surveyed said they lost 30-4o% of their networth.    Younger households are still buying cash.  Many of the older generation are moving to safer assets, and many don't feel as comfortable with their financial advisor.   It shows how much money can be lost from networth when it comes to paper assets.