45 percent of the world’s wealth has been destroyed

Quote of the day, March 10, 2009: Private equity company Blackstone Group LP CEO Stephen Schwarzman said that up to 45 percent of the world’s wealth has been destroyed by the global credit crisis.

“Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” Schwarzman told an audience at the Japan Society. “This is absolutely unprecedented in our lifetime.”